Thanks to Nagpal's effort to point out the calculation errors, EPFO managed to spot some additional resources to increase the interest rate.
"The pension amount is too meagre. Even in some cases it is less than Rs 200 per month. There is serious discontent and industrial unrest among the workers, " HMS secretary A D Nagpal said in a letter to the labour minister M Mallikarjun Kharge. Asking the government to address the anomalies in the scheme, Nagpal demanded that pension amount should be reasonably increased and the benefits which were withdrawn should be restored.
The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
The decision to suspend this benefit will hit 32 lakh pensioners.
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