The order will be issued this week and will be implemented with retrospective effect from July 1, 2019.
In a meeting with the representatives of employers the other day, the government authorities hinted about increasing the existing upper salary cap for the PF pension from Rs 15,000 to Rs 21,000.
The withdrawal of contributory pension scheme would not only incur unbearable financial liability but also would be impractical, stated the panel after an evaluation.
The Kerala government has issued an order increasing the social security and welfare pensions from Rs 1,400 to Rs 1,500 from this month.
The manifesto, which stresses on the slogan ‘One vote for development; one vote for social harmony’, also says that welfare pensions would be raised to Rs 1,500 from January 2021.
A higher pension would carry a huge financial burden even if the unclaimed amount in the EPFO is used for this purpose, EPFO officials said.
A service of above three months and less than nine months will be considered as half a year's service period.
Members who fail to pay up the defaults of rearrange their accounts within September 30 will have to pay a fine.
Participants will be eligible for pension once they turn 60 years. In case the applicant dies by then, the partner can receive the complete pension.
The commission had curtailed its activities, including visits to other states, as part of cost-cutting measures.