EPFO mandates offices to pay higher pension to eligible EPS members

SC directed EPFO to revise pension on higher wages in October 2016

by Nidhi Bhati

The employees’ provident fund organisation (EPFO) head office has mandated all its regional offices to give higher pension to those EPF members who are eligible for it based on a judgement by the Supreme Court (SC) in October 2016. The apex court’s judgement had directed the EPFO to revise the pension on higher wages of the petitioners under employees’ pension scheme (EPS). The circular was issued in the backdrop of many provident fund offices delaying sanctioning of higher pension due to non-availability of explicit instructions from the EPFO head office. EPFO’s circular issued on 8 June 2018 rests the liability on the regional provident fund commissioner (RPFC) if eligible cases get delayed.

References
1. https://economictimes.indiatimes.com/wealth/earn/epfo-directs-offices-to-pay-higher-pension-to-eligible-members/articleshow/64544789.cms
CMIE STATISTICS
Unemployment Rate
Per cent
6.2 +0.1
Consumer Sentiments Index
Base September-December 2015
100.6 0.0
Consumer Expectations Index
Base September-December 2015
99.7 0.0
Current Economic Conditions Index
Base September-December 2015
98.2 0.0
Quarterly CapeEx Aggregates
(Rs.trillion) Sep 17 Dec 17 Mar 18 Jun 18
New projects 1.25 1.51 3.42 2.32
Completed projects 1.25 1.16 1.56 0.91
Stalled projects 0.69 0.88 3.44 0.30
Revived projects 0.34 0.24 0.26 0.22
Implementation stalled projects 0.78 0.71 1.92 0.04
Updated on: 15 Aug 2018 9:20AM
Quarterly Financials of Listed Companies
(% change) Sep 17 Dec 17 Mar 18 Jun 18
All listed Companies
 Income 7.9 12.0 9.7 16.4
 Expenses 9.0 13.0 16.2 19.7
 Net profit -18.0 -14.3 -80.3 3.3
 PAT margin (%) 5.5 4.8 1.2 5.7
 Count of Cos. 4,508 4,503 4,338 3,297
Non-financial Companies
 Income 8.2 13.3 11.1 18.7
 Expenses 8.2 12.4 11.7 20.7
 Net profit -6.0 13.2 1.6 32.5
 PAT margin (%) 6.2 6.4 6.6 7.4
 Net fixed assets 9.2 11.8
 Current assets 2.9 7.2
 Current liabilities 11.0 10.4
 Borrowings 3.4 1.9
 Reserves & surplus 7.9 7.2
 Count of Cos. 3,464 3,471 3,357 2,595
Numbers are net of P&E
Updated on: 15 Aug 2018 9:20AM
Annual Financials of All Companies
(% change) FY15 FY16 FY17 FY18
All Companies
 Income 5.6 1.8 6.0 9.9
 Expenses 5.7 1.9 6.0 13.3
 Net profit 0.1 -9.7 25.8 -37.5
 PAT margin (%) 3.0 2.8 3.5 4.2
 Assets 9.5 10.2 7.5 13.2
 Net worth 8.5 11.3 7.7 12.8
 RONW (%) 5.8 4.9 5.8 5.7
 Count of Cos. 26,178 24,474 22,051 749
Non-financial Companies
 Income 4.9 1.0 5.8 8.5
 Expenses 5.1 0.4 6.1 8.0
 Net profit -9.4 19.9 20.7 6.6
 PAT margin (%) 2.0 2.4 3.0 9.3
 Net fixed assets 13.3 17.9 6.7 27.6
 Net worth 7.0 12.0 6.6 9.7
 RONW (%) 4.6 5.1 5.9 13.2
 Debt / Equity (times) 1.1 1.1 1.0 0.4
 Interest cover (times) 1.9 1.9 2.1 6.2
 Net working capital cycle (days) 66 65 62 8
 Count of Cos. 21,351 20,488 18,371 585
Numbers are net of P&E
Updated on: 12 Aug 2018 11:30AM