The Employees Provident Fund Organization (EPFO) is currently in the process of selecting an actuarial firm to serve as its consultant on matters pertaining to insurance and staff pension and gratuity.
The Employee Pension Fund (EPF) staff pension cum gratuity scheme, depart encashment, and any other scheme for EPFO employees that might have been applicable or introduced during the tenure were among the tasks that the statutory body in the Ministry of Labour & Employment published a request for proposals (RFP) to assign an actuary or an actuarial firm to carry out.
The deadline for interested actuarial firms to respond to the proposal is August 17. The request for responses was made public on Friday.
To study the Employee Pension Scheme (EPS)-1995 and recommend ways to improve benefits while maintaining the sustainability of the program, particularly in light of the impact of the Supreme Court's decision on higher pensions under the EPS from November 4, EPFO also issued an RFP earlier last year.
The 2014 modification to the EPS, which sets a limit on an employee's basic income at Rs. 15,000 per month for the purpose of calculating the pension component derived from it, was affirmed by the Supreme Court. However, it nullified the other amendment, which included a 1.16 percent additional employee contribution.
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