The excess payments made to pensioners will be recovered in installments from their future pension payouts.
Pensioners who have been affected by this decision have also received notices from the EPFO regarding the recovery of excess payments.
The notices have asked pensioners to pay back the excess amount received within 30 days, failing which the EPFO will initiate action for recovery.
Pensioner associations have criticized the EPFO for demanding the repayment of excess payments, stating that the pensioners had acted in good faith and should not be penalized for the EPFO’s mistake.
Some pensioners have also raised concerns about the impact of the decision on their financial situation, especially given the ongoing COVID-19 pandemic.
The EPFO has stated that it is sympathetic to the concerns of pensioners and is taking steps to address their grievances.
However, no clear timeline has been provided for the resolution of the issue.
- the EPFO had invested a large amount of money in two stocks belonging to the Adani Group, a conglomerate in India.
- Adani Ports and Special Economic Zone Ltd. and Adani Enterprises Ltd.
- These investments were made without the knowledge or consent of the subscribers.
- Many EPFO subscribers are concerned about their money being invested in these stocks.
- The subscribers have no choice but to invest in the EPFO, making them captive investors.
- The Indian government has also come under scrutiny for its perceived favoritism towards the Adani Group.
- It remains to be seen how this controversy will affect the EPFO’s investments and the Adani Group’s business practices in the future.
- According to a report by the Economic Times, the EPFO invested Rs. 2,838 crore (approximately $380 million USD) in Adani Ports and Special Economic Zone Ltd., and Rs. 1,350 crore (approximately $180 million USD) in Adani Enterprises Ltd.
- These investments represent a significant portion of the EPFO’s overall portfolio, which is valued at around Rs. 15 lakh crore (approximately $200 billion USD).
About Knocking News (नॉकिंग न्यूज़)
This is a analysis channel of Girijesh Vashistha. Girijesh Vashistha is a senior journalist; he has worked with India Today group, Zee Network, Dainik Bhaskar, Dainik Jagran and sahara samay like Prominent News organizations for 34 years at Editor Level
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