EPFO Current Affairs - 2019
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The Employees State Insurance Corporation (ESIC) payroll data released by the Central Statistical Office (CSO) suggests 2 crore jobs created in 16 months. The ESIC data is one of payroll numbers released by the Central Statistics Office (CSO) in its reports based on people joining various social security schemes run by Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA). The data shows that:
- During September 2017 and December 2018, as many as 1.96 crore new subscribers joined the scheme
- Employment generation in the formal sector almost trebled to touch a 16-month high of 7.16 lakh in December 2018 compared to 2.37 lakh in the year-ago month.
- Around 72.32 lakh new subscribers were added to social security schemes of the EPFO from September 2017 to December 2018.
- An estimated number of new NPS (National Pension Scheme) subscribers during the period of September 2017 to December 2018 is 9,66,381.
The report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.
Tags: Central Statistical Office • Central Statistics Office • CSO • Employees' State Insurance Corporation • Employees’ Provident Fund Organisation • EPFO • ESIC • National Pension Scheme • NPS • Pension Fund Regulatory Development Authority • PFRDA
The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) announced in the interim budget 2019 has been notified by the Ministry of Labour and Employment.
Features of the PM-SYM
PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government. The salient features of the PM-SYM are:
- Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
- If the subscriber dies during the period of receipt of the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension.
- If the beneficiary had died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
- The subscriber must not be a taxpayer.
The scheme is expected to benefit as many as 42 crore workers are estimated to be engaged in the unorganized sector of the country whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years who are not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
Tags: Employees' State Insurance Corporation • Employees’ Provident Fund Organisation • EPFO • ESIC scheme • family pension • interim Budget 2019 • Ministry of Labour and Employment • New Pension Scheme (NPS) • Pension Scheme • PM- SYM • Pradhan Mantri Shram Yogi Maan-Dhan • unorganized sector