EPFO's 236th CBT meeting: interest until settlement date, EDLI benefits ratified, Amnesty Scheme 2024 recommended
On 30 November 2024 in New Delhi, the 236th meeting of EPFO's Central Board of Trustees, chaired by Labour Minister Mansukh Mandaviya, approved paying interest up to the date of claim settlement.
Summary
On 30 November 2024 in New Delhi, Union Labour and Employment Minister Dr Mansukh Mandaviya chaired the 236th meeting of the Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO). The CBT amended paragraph 60(2)(b) of the EPF Scheme, 1952: interest will now be paid to members up to the date of settlement, instead of only up to the end of the preceding month for claims settled till the 24th. The Board was told that the Centralised Pension Payment System (CPPS) was piloted in Karnal, Jammu and Srinagar in October 2024 and in 20 more Regional Offices in November, with ₹195 crore disbursed to 8.3 lakh pensioners; it is targeted to go live on 1 January 2025 for more than 78 lakh EPS pensioners. The CBT ratified the extension of EDLI benefits, with a minimum of ₹2.5 lakh and a maximum of ₹7 lakh. It recommended the EPFO Amnesty Scheme 2024 to the government, approved the 71st Annual Report for 2023-24, and approved guidelines for investing in units of PSU-sponsored InvITs and REITs. The auto-settlement limit had earlier been raised to ₹1 lakh from ₹50,000.
Key facts
- Meeting
- 236th CBT, 30 Nov 2024, New Delhi; chair Dr Mansukh Mandaviya
- Interest
- Para 60(2)(b), EPF Scheme 1952 — interest up to date of settlement
- CPPS
- Pilots: Karnal, Jammu, Srinagar (Oct) + 20 ROs (Nov); go-live target 1 Jan 2025; 78 lakh+ EPS pensioners
- EDLI
- Min ₹2.5 lakh, max ₹7 lakh
- Other
- EPFO Amnesty Scheme 2024 recommended; 71st Annual Report; PSU InvIT/REIT guidelines; auto-claim limit ₹1 lakh
Practice MCQs 3 questions
Consider the following statements about the 236th CBT meeting of EPFO (30 November 2024): 1. It amended paragraph 60(2)(b) of the EPF Scheme, 1952 so that interest is paid up to the date of settlement. 2. It was informed that the limit for auto claim settlement had been raised to ₹2 lakh. Which of the statements given above is/are correct?
Show answer
Correct answer: A — 1 only
PIB (Labour): the CBT amended para 60(2)(b) so that interest is paid up to the date of settlement (1 is correct). The auto claim settlement limit was extended to ₹1 lakh from ₹50,000, not ₹2 lakh (2 is wrong).
As ratified by EPFO's CBT on 30 November 2024, what are the minimum and maximum benefits under the extended EDLI scheme?
Show answer
Correct answer: D — ₹2.5 lakh and ₹7 lakh
PIB (Labour): the ratified EDLI extension provides a minimum benefit of Rs. 2.5 lakh and a maximum of up to Rs. 7 lakh.
The first pilot of EPFO's Centralised Pension Payment System (CPPS), completed in October 2024, was carried out in which places?
Show answer
Correct answer: B — Karnal, Jammu and Srinagar
PIB (Labour): the first CPPS pilot was completed in October 2024 in Karnal, Jammu and Srinagar; a second pilot covered 20 more Regional Offices in November.