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EPFO schemes are expected to receive around ₹3 lakh crore in total contributions in 2024-25, 8% more than this year and 2.5 times higher than pre-pandemic levels. The expected increase is attributed to strong economic growth, employment generation, formal job creation, rising wages, inflation, and the government's vision to widen the social security net.
(File photo) NEW DELHI: Top labour ministry officials on Thursday told a parliamentary panel on labour that for pension fund like the EPFO to remain viable, it must move from the prevailing system of “defined benefits” to a system of “defined contributions”, where members draw benefits commensurate with their contributions. Sources said officials told the panel that EPFO had over 23 lakh pensioners drawing Rs 1,000 per month even when their contributions to the fund corpus had been less than a fourth of the benefits they were drawing. They also said this would be unviable for the gov...