EPFO is selecting an actuary to provide consulting for its insurance and pension plans.

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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The Odisha government approves an additional 4.13 lakh recipients of Madhu Babu pension.

Odisha Chief Minister Naveen Patnaik has sanctioned Madhu Babu pension for additional 4.13 lakh applicants at one go.

Considering the grievances received during the visit of officials of Chief Minister’s Office (CMO) to districts across the state, and the feedback received from 'Mo Sarkar', the Chief Minister has included more people under the social security scheme—Madhu Babu Pension Yojana (MBPY).

With this, the target of Madhu Babu Pension Yojana has been enhanced to 32.75 lakh. Earlier 28.61 lakh beneficiaries were getting benefits under the scheme.

On August 15, 2023, or Janaseva Diwas, all newly approved recipients will receive their first pension payment at the ward or gram panchayat offices in front of elected officials, according to official sources.

According to the source, all collectors have been advised to make sure that beneficiaries get paid their pensions without delay while they are in camp mode.

28.61 lakh beneficiaries of MBPY receive social security pensions from the state government in the amounts of Rs. 500, Rs. 700, and Rs. 900 each month.

Beneficiaries supported by this program include elderly individuals, widows, disabled people, single mothers, cured leprosy patients, AIDS patients, divorcees and poor people, transgender people, widows, and orphan children of Covid-affected families, among other vulnerable people.

Beneficiaries of the MBPY receive a monthly pension of Rs. 500 for those aged 0 to 79 while those 80 years and beyond receive a monthly pension of Rs. 700.

Likewise, recipients with a disability of 40 to 59 percent receive a monthly pension of Rs 500, while those with a disability of 60 percent or more receive a monthly pension of Rs 700.

Additionally, recipients of this program who are 80 years of age or older and have a disability of at least 60 percent receive Rs 900 each month.

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