Pension Scheme : Why does the government want to change the rules of the pension scheme, this is how the EPFO ​​portal will work

EPFO News: If an employee wants after retirement that all the money deposited in his PF account be converted into a pension fund so that he can get more pension. The government is seriously considering this.

EPFO News: Union Labor and Employment Minister Dr. Mansukh Mandaviya said on Monday that changes are being considered in the rules of the EPFO ​​pension scheme. Under this, employees can be given the option to convert the total amount deposited in the PF account as pension. Mandaviya said that more options need to be given to employees under the Employees Provident Fund for social security.

He said that if an employee wants that after retirement, all the money deposited in his PF account be converted into pension fund so that he can get more pension. The government is seriously considering this. There is ample possibility of changes being made in the rules after discussing all the aspects in the future.

20 lakh employees joined EPFO ​​in July

About 20 lakh new employees have joined EPFO ​​in July. The highest number of people started jobs in the current financial year in July. A total of 19.94 lakh people registered with EPFO ​​after starting a job. Out of these, 10.52 lakh employees are those who have started a job for the first time.

EPFO portal will work like a bank website

On being asked about the problems related to EPFO ​​portal, the Union Minister said that we are working towards making EPFO ​​portal like a banking website. In the next six months, there will be a lot of improvement in it. Our effort is to make all the services available to the employees on one click on the EPFO ​​portal on the lines of the banking portal. For this, the entire system is being improved.

Employment generation opportunities in the semiconductor sector

Mandaviya said, we are also identifying new areas in which employment opportunities can be created rapidly. Semiconductor industry is also one of these areas. In future, huge employment opportunities are likely to be created through this because a large number of companies in India are excited to install semiconductors.