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Non-government pensioners will once again get the value of pension after 15 years

by Ganpat Prajapati
August 22, 2019
in Business
0
Non-government pensioners will once again get the value of pension after 15 years

Image Source: The Economic Times

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There is good news for pensioners under the Employees Provident Fund Scheme (EPFO), as the commuted value of the pension is to be restored after 15 years of drawing commutation. This will benefit over 6.3 lakh, non-government pensioners.

The Central Board of Trustees (CBT), the top policy-making body of the pension scheme, has approved a proposal to recommend amendments to the Employees Pension Scheme (EPS) 1995 for the restoration of the commuted value of the pension to pensioners for 15 years. Of drawing commutation. This was a long pending demand of pensioners. A CBT meeting chaired by Labor Minister Santosh Kumar Gangwar took place in Hyderabad on Wednesday.

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The converted value is the net present value of the future financial obligation. Total pension liability is a product of long-term interest rates and life expectancy based on mortality. To determine the age at which an employee differs from service, the number of years he or she is expected to be alive to receive pension payments and the assumed rate of return on a lump sum investment required to generate those payments — the value used for. On exit from service, a retired employee is given the option to take a lump-sum payment of the changed amount of pension.

Other key decisions: Selection of ETF manufacturers: The board approved the decision to choose Exchange Traded Fund (ETF) manufacturers through public bidding by October 30, 2019, extension of the term of the present ETF manufacturers (SBI MF and UTI MF) till then, and also authorised the Finance Investment & Audit Committee (FIAC) to conduct the exercise of choosing ETF manufacturers.

Allocation of investment in Nifty 50 and Sensex: The board approved the proposal for the even distribution of funds between Nifty 50 and Sensex ETFs, i.e., in the ratio of 50:50.

Appointment of a consultant in addition to CRISIL Ltd: The board approved the appointment of members from the employer’s and employee’s side in a committee constituted to select and appoint a separate agency/ consultant in addition to CRISIL Ltd, inter-alia, to review the working of portfolio managers (PMs) and assist the investment committee in redemption of ETFs, among others.

Appointment of Portfolio Managers for managing funds of Central Board, EPF: The Board accepted an Application for Proposal (RFP) document for selection of Portfolio Managers and recommendation of the FIAC on the appointment of Portfolio Managers.

Exercise of early redemption options available in DHFL bonds: The board accepted first redemption option in DHFL bonds, recommended by FIAC.

Consent for Transfer of Non-Convertible Debentures (NCDs) of GSPC to GSIL: EPFO has a total investment of Rs 2,300 crore in GSPC NCDs. The board has allowed the transfer of NCDs of GSPC to GSIL, a wholly-owned subsidiary of the Gujarat government and a better-rated company, which had proposed to take over the debt of GSPC with the budgetary support of the Gujarat government.

Reserving Investments in bonds of private sector organizations: The CBT has confirmed the decision to withhold any further investment in private sector companies’ bonds and to compulsorily consider one of the two required ratings necessarily from CRISIL, CARE, ICRA & India Ratings, for investment in the PSU bonds category.

The meeting also saw a program to redesign the EPF Grievance Management System 2.0 version, which would benefit more than five crore consumers and millions of employers through the quick and smooth resolution of complaints. EPFO has a customized portal EPFO ​​which aims to redress grievances on services provided by EPFO. Complaints can be lodged at any place and will land at the concerned office to which the charges relate. Complaints can be referred to the head office in New Delhi or 135 regional offices across the country.

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Ganpat Prajapati

Ganpat Prajapati

The idea of The Thus landed this businessman to the digital avenue. Ganpat brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in Top Stories, Business, and Health niche.

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