NEW DELHI: The labour ministry proposes to implement two crucial decisions by the previous UPA-2 Cabinet in the next 100 days. At the top of the ministry’s 100-day action plan is to notify Rs 1,000 monthly pension and raise the monthly wage ceiling to Rs 15,000 from the existing Rs 6,500 under the Employees’ Provident Fund Scheme. This was a long-standing demand of the central trade unions.
The UPA Cabinet had cleared the proposals on February 28. “They could not be implemented as elections were announced on March 5,” said an official. The Rs 1,000 monthly pension will benefit about 28 lakh pensioners, including five lakh widows. According to an estimate, the government needs to provide an additional amount of about Rs 1,217 crore to ensure the minimum Rs 1,000 pension starting 2014-15. Besides, the ministry plans to launch Universal Account Number (UAN) for contributing members of the EPFO in the next 100 days.
Other proposals include facility for establishments to electronically remit statutory dues from any bank account. Steps would be taken to enable online registration for establishments and generation of PF code number. Currently, about 94% PF payments are made electronically. The ministry aims to achieve 100% e-payment.
According to a ministry note, it proposed depositing EPF funds in special deposit account and public account in government securities for improving yields on these amounts. As part of its 100-day agenda, the ministry also plans to set up a central analysis and intelligence unit to ensure “transparency and accountability of all stakeholders in compliance and coverage”.