EPFO's Pension Division Plans To Hire More Staff

The Employees' Provident Fund Organisation's (EPFO) pension division plans to expand its personnel in order to handle the increasing workload. It has also been decided to establish an actuary within EPFO so that future pension work on higher wages may be handled more efficiently.

While an actuary is currently working to establish the impact of the Supreme Court's ruling on the pension fund, the process is expected to take time. Therefore, the EPFO believes it is best to have an in-house actuarial facility.

Following the Supreme Court's decision, demand notifications have been issued to retirees and EPF members who are eligible for higher-wage pensions. The pension amount will vary depending on the individual. Since a large number of members who are entitled to select the higher pension option are still in service, the effort linked to pension on higher pay is clearly ongoing. As a result, EPFO believes it is necessary to have separate people to process the influx of applications.

Union Minister of State for Labour and Employment Rameshwar Teli stated in December 2023 that the pension fund was in deficit as of 31 March 2019, according to an actuarial review.