PIB Summary- 17th May, 2022 | PIB (Press Information Bureau) Summary - UPSC PDF Download

Buddha Purnima

Why in News?
Prime Minister attended the 2566th Buddha Jayanti Celebration at International Convention Center and Meditation Hall at Lumbini, Nepal.

About Gautama Buddha:

• He was born in Lumbini, near the Indo-Nepal border, as Siddhartha Gautama to a royal family in around 563 BCE.
• His ancestors belonged to the Sakya clan, which governed from Lumbini’s Kapilvastu.
• At the age of 29, Gautama left home and abandoned his affluent lifestyle in favour of asceticism, or intense self-discipline. Gautam gained Bodhi (enlightenment) under a pipal tree in Bodhgaya, Bihar, after 49 days of meditation.
• Buddha preached his first sermon in Sarnath, Uttar Pradesh, near Varanasi. Dharma Chakra Pravartana is the name given to this occurrence (turning of the wheel of law).
• He died at the age of 80 in 483 BCE at Kushinagara, Uttar Pradesh. The event is known as Mahaparinibban or Mahaparinirvana.
• He is believed to be the eighth of the ten incarnations of Lord Vishnu (Dashavatar).

Employees’ Provident Fund Organisation (EPFO)

Why in News?
EPFO now offers an annual interest rate of 8.5 percent.

About Employees’ Provident Fund Organisation (EPFO)
Nodal: Ministry of Labour & Employment

• It is a government organization that manages provident fund and pension accounts of member employees and implements the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
• The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 provides for the institution of provident funds for employees in factories and other establishments.
• It is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.

Employees Pension Scheme (EPS):

• It is a social security scheme that was launched in 1995. It offers pension on disablement, widow pension, and pension for nominees.
• The scheme, provided by EPFO, makes provisions for pensions for the employees in the organized sector after the retirement at the age of 58 years.

Main features:

• Employees who are members of EPF automatically become members of EPS.
• Both employer and employee contribute 12% of employee’s monthly salary (basic wages plus dearness allowance) to the Employees’ Provident Fund (EPF) scheme.
• EPF scheme is mandatory for employees who draw a basic wage of Rs. 15,000 per month.
• Of the employer’s share of 12 %, 8.33 % is diverted towards the EPS.
• Central Govt. also contributes 1.16% of employees’ monthly salary.
• Maximum service for the calculation of service is 35 years.
• No pensioner can receive more than one EPF Pension.