EPFO Latest Update: Funding Hiked for Employee Welfare Services Starting April 1st

The Employees Provident Fund Organization (EPFO), which provides its employees with a variety of welfare services, has enhanced the existing funding levels. 

The Central Provident Fund Commission/President, EPF Central Staff Welfare Committee (CSWC) has approved the increase in the prices of Memos, Staff Recreation Club, Special Award, Scholarship, and Book Awards, according to an EPFO circular dated March 14, 2023.

According to the circular, the current rate for retirement farewells and mementos has been raised from Rs 15,000 to Rs 20,000 per retiring employee. The special prize granted to a worker's child who achieves academic excellence in Class 12 in any State has raised from Rs. 10,000 to Rs. 15,000.

The scholarship awarded to dependents of employees earning 80% or more on the 12^th-grade exam has raised from Rs. 600 to Rs. 1000 per month. Also, the scholarship awarded to dependents of employees who receive 65% or higher in Arts, Science, or Commerce has been raised from Rs. 600 to Rs. 1000 each month.

The book reward amount, which is granted if the employee's child achieves a grade point average of at least 80% in classes 10 and 12, has been raised from Rs 1800 to Rs 3000. The scholarship amount for passing the MBBS/BDS exam has increased from Rs. 600 per month to Rs. 1000 per month, while the scholarship amount for achieving a 65% grade point average in a PG Degree (Arts, Science, or Commerce) has increased from Rs. 700 per month to Rs. 1200 per month.

The circular states that the new tariffs for welfare activities will take effect on April 1, 2023.

"The rates for the aforementioned welfare activities will increase effective March 1, 2003. Also, the aforementioned rate will rise annually and be in line with SPI's base rate. According to the EPFO, the improved rate will be rounded off to the next "0" or "5".