The Employees Provident Fund Organisation (EPFO) has increased the existing amounts of various welfare activities provided to its employees. In a circular dated 14th march 2023, the EPFO said that the Central Provident Fund Commission/President, EPF Central Staff Welfare Committee (CSWC) has approved the increase in the rates of Memntos, Staff Recreation Club, Special Award, Scholarship and Book Award.
As per the circular, the existing rate of mementoes/retirement farewell has been increased from Rs 15,000 per retiring employee to Rs 20,000 per retiring employee. The special award given to the ward of an employee who becomes a topper of any State in Class 12 has been increased from Rs 10,000 to Rs 15,000.
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The scholarship provided to wards of employees scoring 80% marks in Class 12 has been increased from Rs 600 per month to Rs 1000 per month. The scholarship provided to wards of employees scoring 65% marks in Arts/Science/Commerce has also been increased from Rs 600 per month to Rs 1000 per month.
The amount of book award, which is given if the ward of employee scores over 80% in class 10th and 12th, has been increased from Rs 1800 to Rs 3000. The scholarship for passing MBBS/BDS exam has been increased from Rs 600 per month to Rs 1000 per month while the scholarship amount for scoring 65% in a PG Course (Arts/Science/Commerce) has also been increased from Rs 700 per month to Rs 1200 per month.
According to the circular, the revised rates for welfare activities will be applicable from April 1, 2023.
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“The increase in the rates of aforementioned welfare activities will be applicable from 01.03.2003. Further, the above rate will increase every year and shall be aligned with SPI on the base rate. The enhanced rate will be rounded off to next “o” or “5”,” the EPFO said.