EPFO approves Rs 1,000 minimum monthly pension

February 28, 2014

PensionNew Delhi, Feb 28: Trustees of retirement fund body EPFO Thursday approved a proposal to provide a monthly pension of minimum Rs 1,000, a decision that will immediately benefit about its 28 lakh pensioners.

The Central Board of Trustees (CBT), the apex decision making body of EPFO also decided to raise the monthly wage ceiling to Rs 15,000 from Rs 6,500 by amending the EPF scheme, 1952, so that more workers can be brought under its various social security programmes.

"The board has decided to approve the proposed amendments in the schemes to ensure that Rs 1,000 minimum monthly pension under EPS-95 and also increased the wage ceiling to Rs 15,000 per month," Labour Minister Oscar Fernandes, who chaired the CBT meeting, told reporters here.

At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit of Employees' Provident Fund Organisation (EPFO).

According an EPFO official, the Labour Ministry will soon move proposal before the Union Cabinet for its approval for the Rs 1,000 minimum monthly pension as the government would have to make fund provisions for the purpose.

"We have also reduced the administrative charges paid by the employers. Their burden would increase with the increase in wage ceiling," the Minister said.

The board has also decided to reduce administrative charges from 1.10 percent of the basic wage, including basic pay and dearness allowance, to 0.85 percent.

Besides, the trustees have also approved a proposed change in the methodology of computing the pensionable salary.

The pensionable salary will be calculated on the basis of average salary of the last 60 months instead of 12 months as provided in the EPS-95.

However, the proposed change in the methodology for computing pensionable salary was approved with a dissent note from the trade unionist members of the CBT.

The Employee Provident Fund Organisation (EPFO) runs social security programmes Employees' Provident Fund Scheme 1952, Employees' Pension Scheme 1995 and Employees' Deposit Linked Insurance Scheme 1976.

"Unionists have opposed the proposed amendment to the methodology for computing pensionable salary. I have suggested use of average salary of 24 months for the purpose," D L Sachdev, a trustee, who is the All-India Trade Union Secretary said.

He said unionists also expressed reservations about the Finance Ministry suggestions to withdraw two year bonus under the EPS-95 provided to subscribers who render 20 years of pensionable service.

However, the CBT did not take any decision regarding bonus under Employee Pension Scheme, 1995 (EPS-95). The trustee also deferred a decision on the proposal to increase retirement age under the scheme to 60 years from 58 years.

At present, under EPS-95, the EPFO subscribers cease to be a member of EPS-95 after attaining the age of 58 years and can apply for fixation of his/her pension thereafter.

However, there is no age bar for contributing to the EPF and EDLI schemes run by the EPFO.

The government would have to provide an additional amount of Rs 1,217 crore to ensure the minimum pension of Rs 1,000 starting 2014-15. Pensioners are, therefore, expected to get benefit with effect from April 1 this year. The proposal has already been approved by the Finance Ministry.

The move to ensure Rs 1,000 minimum pension under EPS-95 will immediately benefit about 28 lakh pensioners including five lakh widows. There are about 44 lakh pensioners.

The decisions regarding wage ceiling, reduction in administrative charges for employers and change in the methodology for computing pensionable salary can be notified and implemented by the Labour Ministry.

The proposal for raising wage ceiling to Rs 15,000 is expected to bring in 50 lakh more workers under the ambit of schemes run by EPFO.

The minister also launched a software to monitor the compliance by the employers under the social security schemes run by the EPFO.

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News Network
June 18,2020

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday said he is "deeply grateful" for the overwhelming support shown by the global community for India''s membership of the UN Security Council.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

India garnered 184 votes out of the 192 ballots cast in the General Assembly to win the election for the non-permanent seat in the powerful Security Council.

India''s two year term will begin on January 1, 2021.

This is the eighth time that India will sit at the UN high-table, which comprises five permanent members and 10 non-permanent members.

"Deeply grateful for the overwhelming support shown by the global community for India''s membership of the UN Security Council," the prime minister wrote on Twitter.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

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News Network
June 27,2020

Jun 27: Alittle-known Indian IT firm offered its hacking services to help clients spy on more than 10,000 email accounts over a period of seven years.

New Delhi-based BellTroX InfoTech Services targeted government officials in Europe, gambling tycoons in the Bahamas, and well-known investors in the United States including private equity giant KKR and short seller Muddy Waters, according to three former employees, outside researchers, and a trail of online evidence.

Aspects of BellTroX's hacking spree aimed at American targets are currently under investigation by U.S. law enforcement, five people familiar with the matter told Reuters. The U.S. Department of Justice declined to comment.

Reuters does not know the identity of BellTroX's clients. In a telephone interview, the company's owner, Sumit Gupta, declined to disclose who had hired him and denied any wrongdoing.

Muddy Waters founder Carson Block said he was "disappointed, but not surprised, to learn that we were likely targeted for hacking by a client of BellTroX." KKR declined to comment.

Researchers at internet watchdog group Citizen Lab, who spent more than two years mapping out the infrastructure used by the hackers, released a report that BellTroX employees were behind the espionage campaign.

"This is one of the largest spy-for-hire operations ever exposed," said Citizen Lab researcher John Scott-Railton.

Although they receive a fraction of the attention devoted to state-sponsored espionage groups or headline-grabbing heists, "cyber mercenary" services are widely used, he said. "Our investigation found that no sector is immune."

A cache of data reviewed by Reuters provides insight into the operation, detailing tens of thousands of malicious messages designed to trick victims into giving up their passwords that were sent by BellTroX between 2013 and 2020. The data was supplied on condition of anonymity by online service providers used by the hackers after Reuters alerted the firms to unusual patterns of activity on their platforms.

The data is effectively a digital hit list showing who was targeted and when. Reuters validated the data by checking it against emails received by the targets.

On the list: judges in South Africa, politicians in Mexico, lawyers in France and environmental groups in the United States. These dozens of people, among the thousands targeted by BellTroX, did not respond to messages or declined comment.

Reuters was not able to establish how many of the hacking attempts were successful.

BellTroX's Gupta was charged in a 2015 hacking case in which two U.S. private investigators admitted to paying him to hack the accounts of marketing executives. Gupta was declared a fugitive in 2017, although the U.S. Justice Department declined to comment on the current status of the case or whether an extradition request had been issued.

Speaking by phone from his home in New Delhi, Gupta denied hacking and said he had never been contacted by law enforcement. He said he had only ever helped private investigators download messages from email inboxes after they provided him with login details.

"I didn't help them access anything, I just helped them with downloading the mails and they provided me all the details," he told Reuters. "I am not aware how they got these details but I was just helping them with the technical support."

Reuters could not determine why the private investigators might need Gupta to download emails. Gupta did not return follow-up messages. Spokesmen for Delhi police and India's foreign ministry did not respond to requests for comment.

HOROSCOPES AND PORNOGRAPHY

Operating from a small room above a shuttered tea stall in a west-Delhi retail complex, BellTroX bombarded its targets with tens of thousands of malicious emails, according to the data reviewed by Reuters. Some messages would imitate colleagues or relatives; others posed as Facebook login requests or graphic notifications to unsubscribe from pornography websites.

Fahmi Quadir's New York-based short selling firm Safkhet Capital was among 17 investment companies targeted by BellTroX between 2017 and 2019. She said she noticed a surge in suspicious emails in early 2018, shortly after she launched her fund.

Initially "it didn't seem necessarily malicious," Quadir said. "It was just horoscopes; then it escalated to pornography."

Eventually the hackers upped their game, sending her credible-sounding messages that looked like they came from her coworkers, other short sellers or members of her family. "They were even trying to emulate my sister," Quadir said, adding that she believes the attacks were unsuccessful.

U.S. advocacy groups were also repeatedly targeted. Among them were digital rights organizations Free Press and Fight for the Future, both of whom have lobbied for net neutrality. The groups said a small number of employee accounts were compromised, but the wider organizations' networks were untouched. The spying on those groups was detailed in a report by the Electronic Frontier Foundation in 2017, but has not been publicly tied to BellTroX until now.

Timothy Karr, a director at Free Press, said his organization "sees an uptick in breach attempts whenever we're engaged in heated and high-profile public policy debates." Evan Greer, deputy director of Fight for the Future, said: "When corporations and politicians can hire digital mercenaries to target civil society advocates, it undermines our democratic process."

While Reuters was not able to establish who hired BellTroX to carry out the hacking, two former employees said the company and others like it were usually contracted by private investigators on behalf of business rivals or political opponents.

Bart Santos of San Diego-based Bulldog Investigations was one of a dozen private detectives in the United States and Europe who told Reuters they had received unsolicited advertisements for hacking services out of India - including one from a person who described himself as a former BellTroX employee. The pitch offered to carry out "data penetration" and "email penetration."

Santos said he ignored those overtures, but could understand why some people didn't. "The Indian guys have a reputation for customer service," he said.

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News Network
April 17,2020

New Delhi, Apr 17: Prime minister Narendra Modi on Thursday held talks with Jordan King Abdullah II and discussed the challenges posed to the world by the COVID-19 pandemic.

"The two leaders discussed the challenges posed to the world by the COVID-19 pandemic, and the steps being taken in their respective countries to limit its impact," an official statement said.

Prime Minister conveyed his greetings to Abdullah II and the people of Jordan for the upcoming Holy month of Ramadan which commences late next week.

The leaders agreed that their teams would remain in touch on issues related to COVID-19, as well as on other regional and global issues.

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Wellwisher
 - 
Friday, 17 Apr 2020

Fit for only discuss and diya and to lit candles.Rest of world leaders are struggling to save their citizen and Nation from this pandemic. Till when -----?.

 

For India only the organisation's and social welfare group and well wishers are in the field and helping.

Definitely with the blessings of patriot Indians they will succeed and they all will continue with their noble cause.

Jai Hind

 

 

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