UAN activation deadline: Employees must activate their Universal Account Number (UAN) and link their Aadh ...More

UAN activation deadline: Employees must activate their Universal Account Number (UAN) and link their Aadhaar to their bank accounts. This mandatory step must be completed by November 30, 2024. ...Less

PF balance trasnfer: When changing jobs do remember to transfer your provident fund balance to the new co ...More

PF balance trasnfer: When changing jobs do remember to transfer your provident fund balance to the new company using the Employee Provident Fund Organisation website. ?Bishen Jeswant, Partner, Cyril Amarchand Mangaldas, says applying for transfer of EPF when switching employment is a fairly routine process if the individual employee’s UAN (Universal Account Number) is active on the EPFO portal ...Less

In a statement issued on Wednesday, the Employees’ Provident Fund Organisation has for the last time exte ...More

In a statement issued on Wednesday, the Employees’ Provident Fund Organisation has for the last time extended the window for employers till January 31, 2025 to process and upload about 3.1 lakh applications pending with them for validation of option or the joint options under the pension scheme on higher wages. ...Less

The Employees' Provident Fund Organisation (EPFO) reported a significant increase in outstanding dues, re ...More

The Employees' Provident Fund Organisation (EPFO) reported a significant increase in outstanding dues, reaching ?25,821 crore in March 2024, a 69.3% rise compared to the previous year. While recoveries also increased by 55%, a substantial portion of the dues is currently unrecoverable due to court stays. EPFO has initiated a special recovery drive to address the growing backlog. ...Less

The retirement fund body EPFO is upgrading its systems. Subscribers will soon access services like banks. ...More

The retirement fund body EPFO is upgrading its systems. Subscribers will soon access services like banks. They can withdraw claims using ATMs. This includes amounts up to Rs 7 lakh under the EDLI scheme. Heirs of deceased subscribers can also withdraw funds. Dedicated cards may be issued. The new system will roll out after a hardware upgrade. ...Less

ELI under EPFO: The deadline for activating Universal Account Number (UAN) and linking of bank account to ...More

ELI under EPFO: The deadline for activating Universal Account Number (UAN) and linking of bank account to Aadhaar for getting Employement Linked Incentive Scheme (ELI) benefits has been extended again. The original deadline was November 30, 2024 which was later extended to December 15, 2024. This deadline has now again been extended. ...Less

EPFO defaults soared to a record ?25,820.88 crore in 2023-24, a 69.3% jump. Exempted establishments drove ...More

EPFO defaults soared to a record ?25,820.88 crore in 2023-24, a 69.3% jump. Exempted establishments drove the surge, with Telangana leading in arrears. The EPFO is taking steps to recover dues, including seeking state government assistance and publicizing defaulters. ...Less

EPF pension alert: TThe Employees' Provident Fund Organization (EPFO) has declared that pensioners under ...More

EPF pension alert: TThe Employees' Provident Fund Organization (EPFO) has declared that pensioners under the Employee's Pension Scheme (EPS), managed by the EPFO, will receive their pension ahead of Diwali. ...Less

Over 1.7 million Employees' Provident Fund Organisation (EPFO) members have applied to base their pension ...More

Over 1.7 million Employees' Provident Fund Organisation (EPFO) members have applied to base their pension contributions on their full salary, following a Supreme Court ruling. The court allowed existing employees to opt for a higher pension under the Employees' Pension Scheme (EPS), 1995. ...Less

...More

...Less

New EPF claim settlement rule: The EPFO has announced changes in Para 60(2)(b) of the EPF Scheme, 1952. T ...More

New EPF claim settlement rule: The EPFO has announced changes in Para 60(2)(b) of the EPF Scheme, 1952. The changes announced in the Employees Provident Fund Scheme will help EPF members to get more interest in claim settlement and faster claim settlement. Know all about the new rule, when it is applicable, and which EPF claims it will impact. ...Less

Provident fund (PF) contributions experienced their slowest growth in a decade, excluding the COVID-19 ye ...More

Provident fund (PF) contributions experienced their slowest growth in a decade, excluding the COVID-19 year, rising by just 6.5% to ?2.6 lakh crore in 2023-24. This slowdown is attributed to fewer new subscribers and a contribution cap linked to tax changes. The end of the Atmanirbhar Bharat Rojgar Yojana, a job creation scheme, also contributed to the decline. ...Less

The Employees' Provident Fund Organization (EPFO) has announced an advance payment of the Productivity Li ...More

The Employees' Provident Fund Organization (EPFO) has announced an advance payment of the Productivity Linked Bonus (PLB) for eligible employees of the EPFO for the year 2023-24. Check who can take advance on PLB. ...Less

Higher EPS pension: The EPFO has given one last chance to the employers to upload wage details of the emp ...More

Higher EPS pension: The EPFO has given one last chance to the employers to upload wage details of the employees to process the higher EPS pension application. If all the employers (old or new) do not accept the pension application, an individual will not be eligible to receive higher pension. ...Less

All employees who wish to claim benefits of the employment-linked scheme (ELI) must activate their UAN an ...More

All employees who wish to claim benefits of the employment-linked scheme (ELI) must activate their UAN and complete Aadhar verification by November 30th, 2024. ELI is classified into three categories and will cover first-time employees by offering them Rs 15,000 in 3 instalments, jobs in the manufacturing sector, and employer support. ...Less

The Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation are explorin ...More

The Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation are exploring options for subscribers to access claim settlements through e-wallets. The Labour Ministry is in discussions with banks and the Reserve Bank of India to develop a practical mechanism for direct transfer of funds, potentially bypassing traditional bank accounts. ...Less

Higher EPS pension deadline: The EPFO is giving one last chance to the employers to upload wage details o ...More

Higher EPS pension deadline: The EPFO is giving one last chance to the employers to upload wage details of the employees by January 31, 2025, so that 3.1 lakh pending applications can be processed. If you are EPF member or EPS pensioners who have applied for the higher EPS pension, then here is a step by step guide to track your application status. ...Less

The EPFO has extended the deadline for employers to upload pending higher-pension applications to January ...More

The EPFO has extended the deadline for employers to upload pending higher-pension applications to January 31, 2025. This final extension follows previous deadlines and aims to address over 3.1 lakh pending applications and 4.66 lakh cases requiring clarification. Employers are urged to complete the process to comply with the Supreme Court's order. ...Less

EPFO ELI deadline: The last date for UAN activation to get benefits under the ELI Scheme expired on Novem ...More

EPFO ELI deadline: The last date for UAN activation to get benefits under the ELI Scheme expired on November 30, 2024. If you are an EPF member and are eligible for ELI benefit but missed the deadline, then you may wonder if you will get another chance. ET Wealth online asked experts if EPF members will get another chance to claim benefits. ...Less

In parliament, NK Premachandran urged the government to implement the Supreme Court-approved enhanced pen ...More

In parliament, NK Premachandran urged the government to implement the Supreme Court-approved enhanced pension scheme under EPS 1995. He highlighted the low disbursement rate of higher pensions despite numerous applications. Separately, Arun Govil advocated for standard contracts and social security benefits for film and television technicians and support staff to prevent exploitation. ...Less

Over 30 crore labourers registered on the e-Shram portal in three years, the government announced in the ...More

Over 30 crore labourers registered on the e-Shram portal in three years, the government announced in the Lok Sabha. The number of registrations with the Employees' Provident Fund Organisation has also increased, rising from 15.84 crore in 2014-15 to over 29 crore in 2023-24. Speaker Om Birla encouraged concise questions and answers to address more queries during the Question Hour. ...Less

The EPFO Amnesty Scheme 2024 has been approved, encouraging employers to resolve past compliance issues w ...More

The EPFO Amnesty Scheme 2024 has been approved, encouraging employers to resolve past compliance issues without penalties and promoting job creation. It will be rolled out with the ELI schemes. The central board of trustees also approved several proposals, including simplifying bank empanelment criteria and extending interest payment benefits for EPFO subscribers. ...Less

EPFO UAN: The Employees' Provident Fund Organisation (EPFO) to work in a campaign mode with employers and ...More

EPFO UAN: The Employees' Provident Fund Organisation (EPFO) to work in a campaign mode with employers and ensure the activation of the Universal Account Number (UAN) of employees. The activation process can be completed using an Aadhaar-based OTP ...Less

PF Withdrawal through ATM: Members of EPFO may soon be able to withdraw funds from their EPF account dire ...More

PF Withdrawal through ATM: Members of EPFO may soon be able to withdraw funds from their EPF account directly from ATMs. The EPF system is currently undergoing a major upgrade to offer 'enhanced services' to crores of employees, says Labour Secretary Sumita Dawra. How will this new facility work? When can you withdraw PF money through ATM? All your questions answered. ...Less

The Employees' Provident Fund Organisation faces criticism for its slow processing of higher pension clai ...More

The Employees' Provident Fund Organisation faces criticism for its slow processing of higher pension claims. Lakhs of retirees await their rightful pensions. The government is urged to intervene and expedite the process. A more efficient system like ASBA is suggested. The current pension calculation formula needs an overhaul. ...Less

The Labour Ministry is enhancing its IT systems, enabling EPFO subscribers to withdraw provident funds di ...More

The Labour Ministry is enhancing its IT systems, enabling EPFO subscribers to withdraw provident funds directly from ATMs by January 2025. This initiative aims to simplify claims and improve ease of living. Plans are also underway to extend social security benefits, including medical coverage and provident funds, to gig workers. India's unemployment rate has decreased to 3. ...Less

The EPFO is preparing an amnesty scheme for companies evading or defaulting on employee contributions. Th ...More

The EPFO is preparing an amnesty scheme for companies evading or defaulting on employee contributions. The scheme, potentially launching alongside employment-linked incentives by year-end 2024, aims to boost enrollments and formalise the workforce. It may waive employee contributions and minimise employer payments for the default period between 2017 and 2024, pending approval. ...Less

Inoperative EPF accounts have seen a five-fold increase, reaching Rs 8,505.23 crore in FY24 compared to R ...More

Inoperative EPF accounts have seen a five-fold increase, reaching Rs 8,505.23 crore in FY24 compared to Rs 1,638.37 crore in FY19. The EPFO clarified these accounts are not unclaimed and will be returned to their rightful owners upon claim filing. Efforts are underway to raise awareness and improve fund utilization through various multimedia campaigns. ...Less

EPFO balance transfer: Changed jobs? Then remeber to transfer your Employee Provident Fund (EPF) balance ...More

EPFO balance transfer: Changed jobs? Then remeber to transfer your Employee Provident Fund (EPF) balance from the old company to the new company using the EPFO portal at epfindia.gov.in. If you don't do this then after a certain number of years the old EPF money will stop earning interest. EPFO said: "Updation of date of exit of previous job/employment is mandatory for applying online transfer. The date of exit can be updated only after two months of leaving a job." ...Less

As per the draft annual report of EPFO for 2023-24, approved by the labour secretary Sumita Dawra-led exe ...More

As per the draft annual report of EPFO for 2023-24, approved by the labour secretary Sumita Dawra-led executive committee of the central board of trustees of EPFO, the number of contributing establishments under the retirement fund body went up by 6.6% to 0.76 million as against 0.71 million in 2022-23. The CBT of EPFO will consider and approve the report at its upcoming meeting on November 23. ...Less

EPFO online services not available without active UAN: Universal Account Number (UAN) is a 12-digit numbe ...More

EPFO online services not available without active UAN: Universal Account Number (UAN) is a 12-digit number provided to each member of EPFO. The UAN acts as an umbrella for the multiple EPF Member IDs allotted to an individual. Employees should activate UAN to avail any EPFO services online. ...Less

India witnessed the creation of 1.88 million net formal jobs in September, marking a 9.3% surge compared ...More

India witnessed the creation of 1.88 million net formal jobs in September, marking a 9.3% surge compared to the previous year, as per government data. This growth is attributed to increased employment opportunities and EPFO's outreach initiatives, with a notable rise in youth employment and female workforce participation. ...Less

Bank of Baroda and EPFO partnered to disburse pensions in West Bengal. The agreement benefits pensioners ...More

Bank of Baroda and EPFO partnered to disburse pensions in West Bengal. The agreement benefits pensioners through the bank's extensive network. The bank has 300 branches and 400 ATMs across the state. This partnership simplifies pension withdrawals and documentation. The scheme supports retirees of central and state PSUs, municipalities, and industries. It also provides pensions for widows, children, and orphans. ...Less

India has been honored with the 'Good Practice Award for Asia and Pacific 2024' for its social security i ...More

India has been honored with the 'Good Practice Award for Asia and Pacific 2024' for its social security initiatives. The Employees' Provident Fund Organization (EPFO) received five certificates of merit, recognizing its efforts in areas like communication, e-proceedings, and pension payment processing. The awards were presented at the Regional Social Security Forum in Riyadh, Saudi Arabia. ...Less

UAN Activation deadline extended: The Employees Provident Fund Organisation (EPFO) has extended the deadl ...More

UAN Activation deadline extended: The Employees Provident Fund Organisation (EPFO) has extended the deadline to activate UAN and Aadhaar seeding of bank account to December 15, 2024, from the original deadline of November 30, 2024. The extension was announced via a post on X. The EPFO has issued the circular for the same as well. ...Less

Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange traded funds (ETFs) during the Apri ...More

Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange traded funds (ETFs) during the April-October period this fiscal year, Parliament was informed on Monday. According to a written reply to Lok Sabha by Minister of State for Labour & Employment Shobha Karandlaje, the Employees' Provident Fund Organisation (EPFO) had invested Rs 57,184.24 crore in the ETFs. ...Less

EPFO clarified that members exempt from Aadhaar seeding can use alternative valid ID proofs for final set ...More

EPFO clarified that members exempt from Aadhaar seeding can use alternative valid ID proofs for final settlement processing. These alternative documents will be verified for authenticity. ...Less

The Indian government is considering raising the wage ceiling for the Employees' Provident Fund Organisat ...More

The Indian government is considering raising the wage ceiling for the Employees' Provident Fund Organisation (EPFO) to ?21,000 and lowering the employee count threshold for mandatory enrollment from 20 to 10-15. These measures aim to expand social security coverage for workers, aligning with the upcoming Social Security Code. ...Less

Taking a comprehensive review on the functioning of offices of Chief Labour Commissioner (Central), Emplo ...More

Taking a comprehensive review on the functioning of offices of Chief Labour Commissioner (Central), Employees’ Provident Fund Organization (EPFO) and Employees’ State Insurance Corporation (ESIC), among others, the secretary emphasised that the offices undertake faster resolution of pending cases of industrial disputes and claim cases, timely onboard the inspection reports on Shram Suvidha Portal and streamline the inspection process. ...Less

The Ministry of Labour and Employment has instructed the Employees' Provident Fund Organisation (EPFO) to ...More

The Ministry of Labour and Employment has instructed the Employees' Provident Fund Organisation (EPFO) to prioritize the activation of employees' Universal Account Numbers (UANs) using Aadhaar-based verification. This initiative aims to ensure seamless access to EPFO services and support the government's Employment Linked Incentive (ELI) Scheme, which intends to generate over 2 crore jobs within two years. ...Less

The Employees' Provident Fund Organisation (EPFO) is poised to relax regulations, enabling more private b ...More

The Employees' Provident Fund Organisation (EPFO) is poised to relax regulations, enabling more private banks to collect provident funds. This initiative aims to streamline business operations for companies, enhance convenience for subscribers, and expedite fund transfers for the retirement body. ...Less

Indian investors poured money into exchange-traded funds and index funds in October. Pension fund EPFO le ...More

Indian investors poured money into exchange-traded funds and index funds in October. Pension fund EPFO led the way, investing heavily during a market dip. Mutual funds remained active buyers, absorbing foreign investor sales. Mid-cap and small-cap funds saw record inflows. Investors favored sectors like MNCs, consumption, and infrastructure. ...Less

The Indian government is poised to approve employment-linked incentive schemes after assembly elections c ...More

The Indian government is poised to approve employment-linked incentive schemes after assembly elections conclude in Jharkhand and Maharashtra. The labor ministry aims to implement these schemes by 2024, aiming to transition a significant portion of India's informal workforce into formal employment, ensuring minimum wages and social security benefits. ...Less

EPFO wage ceiling limit hiked: According to The Economic Times report, the centre is planning to hike the ...More

EPFO wage ceiling limit hiked: According to The Economic Times report, the centre is planning to hike the EPFO wage ceiling limit to Rs 21,000 per month from Rs 15,000 per month currently. If the proposal goes through, this will be the third hike in the wage ceiling limit. A hike in the EPFO wage ceiling limit will impact salaried employees in various ways. ...Less

Higher EPS pension: Under the Employees' Pension Scheme, 1995, approximately 97,640 PF (Provident Fund) m ...More

Higher EPS pension: Under the Employees' Pension Scheme, 1995, approximately 97,640 PF (Provident Fund) members and pensioners nationwide are anticipated to receive pensions on higher wages (PoWH), according to a news report. ...Less

The government plans to launch three employment-linked incentive schemes by December. These schemes will ...More

The government plans to launch three employment-linked incentive schemes by December. These schemes will focus on creating new jobs in labour-intensive sectors such as textiles, leather, and auto components. The labour ministry will monitor the plans to ensure employers benefit and there are no system leaks. The schemes aim to move workers from informal to formal sectors. ...Less

The central board of trustees of EPFO will meet on November 23 to approve the central pension payment sys ...More

The central board of trustees of EPFO will meet on November 23 to approve the central pension payment system and Annual Report 2023-24. The approval follows Labour Minister Mandaviya’s recent endorsement of CPPS, ensuring seamless nationwide pension disbursement for 7.8 million subscribers, without needing pension payment order transfers. ...Less

The Employees Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July, a ...More

The Employees Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July, according to the Labour Ministry. Union Labour Minister Mansukh Mandaviya highlighted that 10.52 lakh new workers joined EPFO's Social Security schemes, with a significant portion being young individuals aged 18-25. Female employment also saw an increase with 4.41 lakh new additions. ...Less

Find out how you can register your grievance with the EPFO. ...More

Find out how you can register your grievance with the EPFO. ...Less

The move is aimed at encouraging the lower-middle and middle income salaried classes to save more via EPF ...More

The move is aimed at encouraging the lower-middle and middle income salaried classes to save more via EPFO and enable them to build a reasonable retirement kitty. The FY22 budget imposed a Rs 2.5 lakh ceiling on voluntary contribution, above which the interest accrued is taxed. The move was targeted at high-income employees using the facility to earn tax-free interest exceeding that on bank or fixed deposits. ...Less

Net formal job creation under India's EPFO sees a 9.07% rise to 1.85 million in August 2024 compared to A ...More

Net formal job creation under India's EPFO sees a 9.07% rise to 1.85 million in August 2024 compared to August 2023. Significant contributions came from Maharashtra and the youth demographic. Female membership surged 10.4%, reflecting increased employment opportunities and diversity. ...Less

EPFO added 18.53 lakh new members in August 2024, a 9.07 per cent increase from the previous year. 59.26 ...More

EPFO added 18.53 lakh new members in August 2024, a 9.07 per cent increase from the previous year. 59.26 per cent of new members were aged 18-25. Female membership grew by 10.41 per cent. Maharashtra led with the highest net member addition. Many members rejoined EPFO after changing jobs, opting to transfer their accumulations. ...Less

Union Labour Minister Mansukh Mandaviya announced the extension of enhanced insurance benefits under the ...More

Union Labour Minister Mansukh Mandaviya announced the extension of enhanced insurance benefits under the Employees' Deposit Linked Insurance (EDLI) scheme, providing up to Rs 7 lakh life cover to over 6 crore EPFO members, effective retroactively from April 28, 2024. ...Less

In a circular, dated October 7, the retirement fund body has clarified that upon the cancellation or surr ...More

In a circular, dated October 7, the retirement fund body has clarified that upon the cancellation or surrender of exemption for Exempted Provident Fund Trusts, all accumulated funds, including undistributed interest on investments, must be transferred to the EPFO. Besides, it has directed its regional offices to conduct a compliance audit to identify any instances of non-compliance or improper use of reserves and surplus by exempted establishments. ...Less

The move, which is likely to be challenged by govt and the Employees Provident Fund Organisation (EPFO), ...More

The move, which is likely to be challenged by govt and the Employees Provident Fund Organisation (EPFO), will impact thousands of expatriates who have contributed to the social security scheme or are currently part of it. ...Less

SpiceJet salary, PF dues: The Economic Offence Wing of Delhi Police has filed a case against SpiceJet's M ...More

SpiceJet salary, PF dues: The Economic Offence Wing of Delhi Police has filed a case against SpiceJet's Managing Director, Ajay Singh, for failing to remit provident fund dues. Despite recent payments, including ten months of PF dues after raising funds through QIP, SpiceJet faces ongoing legal and financial challenges, including an insolvency plea by creditor Techjockey Infotech Pvt Ltd. ...Less

The government is considering removing the refund of subsidy clause for employers if an employee quits wi ...More

The government is considering removing the refund of subsidy clause for employers if an employee quits within a year. Instead, it may stop the incentive. The labour ministry is consulting stakeholders to finalize three employment-linked incentive schemes to be implemented by the EPFO, aiming for easy compliance and effective outcomes. ...Less

As part of the revamp, the retirement fund body will come up with a re-engineered and rationalised centra ...More

As part of the revamp, the retirement fund body will come up with a re-engineered and rationalised centralised payments and claims settlement. "This will result in centralised claim settlement including end-to-end auto processing of claims, centralised monthly pension disbursements, Universal Account Number-based EPF accounting, restructured electronic challan-cum-receipt with due statement and remittance challan, and doing away with the requirements of transfer of member ID (MIDs) on change of jobs," one of the sources said. ...Less

The labour ministry has instructed the Employees’ Provident Fund Organisation to engage with employers an ...More

The labour ministry has instructed the Employees’ Provident Fund Organisation to engage with employers and employees’ associations to enroll workers under the Employment Linked Incentive schemes. These schemes, announced in the Union Budget 2024-25, aim to facilitate employment and skilling opportunities for 41 million youth over five years with a central outlay of Rs 2 lakh crore. ...Less

Employees' Provident Fund Organisation (EPFO) has been grappling with high claim rejections and inefficie ...More

Employees' Provident Fund Organisation (EPFO) has been grappling with high claim rejections and inefficiencies. Despite ongoing improvements like auto PF transfers and eased documentation, the platform requires significant upgrades to meet its expanding responsibilities under government schemes and rising subscriber base. ...Less

Apart from system failures, your claim could get derailed for any of these reasons. ...More

Apart from system failures, your claim could get derailed for any of these reasons. ...Less

Pensioners from EPS-95 National Agitation Committee met with EPFO officials to demand a minimum monthly p ...More

Pensioners from EPS-95 National Agitation Committee met with EPFO officials to demand a minimum monthly pension of Rs 7,500 and full medical coverage for EPS members and spouses. Despite years of advocating for a higher pension, the government has not yet met their requests. Union Minister for Labour and Employment Mansukh Mandaviya promised to address the pensioners' concerns in a recent meeting. EPS-95 NAC represents 78 lakh retired pensioners and 7.5 crore working employees in Maharashtra. ...Less

In the cover story this week, we explore why EPF claim rejections or delays are rising and what potential ...More

In the cover story this week, we explore why EPF claim rejections or delays are rising and what potential obstacles await those requesting PF transfers or withdrawals. We also suggest the steps you can take to avert a prolonged battle with the EPFO to get your money back. ...Less

Union Labour Minister Mansukh Mandaviya announced that the ministry will soon present a Cabinet note on t ...More

Union Labour Minister Mansukh Mandaviya announced that the ministry will soon present a Cabinet note on the employment-linked incentive (ELI) scheme. The ELI Scheme, part of the Union Budget 2024-25, aims to create over 2 crore jobs in two years. This initiative is part of a larger package targeting employment and skilling for 4.1 crore youth. ...Less

Government officials have reported that the EPFO has seen a significant increase of about 6.2 crore membe ...More

Government officials have reported that the EPFO has seen a significant increase of about 6.2 crore members in the last 6 years, with 19 lakh new registrations in May 2024 alone. Discussions are underway to enhance employment opportunities by engaging with industry stakeholders. Plans include raising the minimum EPFO pension and implementing new labor laws. ...Less

EPS pension: The proposal for a Centralized Pension Payment System (CPPS) for the Employees' Pension Sche ...More

EPS pension: The proposal for a Centralized Pension Payment System (CPPS) for the Employees' Pension Scheme, 1995 has been approved by the Union Minister of Labour and Employment and the Chairperson of the EPF's Central Board of Trustees. ...Less

Labour and employment minister Mansukh Mandaviya on Wednesday approved the centralized pension payment sy ...More

Labour and employment minister Mansukh Mandaviya on Wednesday approved the centralized pension payment system (CPPS) under the Employees’ Pension Scheme, 1995, allowing 7.8 million EPS subscribers to withdraw pension from any bank in India. Besides, it will also ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch. ...Less

At a review meeting held on Friday, labour minister Mansukh Mandaviyaa directed EPFO officials to develop ...More

At a review meeting held on Friday, labour minister Mansukh Mandaviyaa directed EPFO officials to develop an efficient and time-bound digital mechanism that would regularly notify employees about the provident fund (PF) deductions made from their salaries, saying these measures are crucial for building trust between employers and employees, enhancing transparency, and improving the overall efficiency of the provident fund system in India. ...Less

Budget 2024 announcements for workers: The government on Tuesday announced 3 schemes to boost employment ...More

Budget 2024 announcements for workers: The government on Tuesday announced 3 schemes to boost employment through retirement fund body EPFO for new entrants in the organised sector. ...Less

The Employees' Provident Fund Officers' Association has urgently requested the Union Labour Minister's in ...More

The Employees' Provident Fund Officers' Association has urgently requested the Union Labour Minister's intervention to address severe deficiencies in the EPF information technology infrastructure. The EPFOA highlighted persistent issues with software instability, frequent outages, and system failures affecting service delivery. They emphasized the need for immediate action to overhaul the EPFO application software for enhanced operational efficiency. ...Less

As per the payroll data, released by the ministry of labour and employment on Saturday, this translates i ...More

As per the payroll data, released by the ministry of labour and employment on Saturday, this translates into a year-on-year increase of 19.6% in net new subscriber addition with 1.63 million new subscriber additions in May 2023 and a 3.2% jump when compared to April 2024 when EPFO registered the new addition of 1.89 million. ...Less

The provisional payroll data, released by the ministry of labour and employment on Saturday, shows this i ...More

The provisional payroll data, released by the ministry of labour and employment on Saturday, shows this is a surge of 7.86% in net new subscriber addition when compared to 1.78 million net new subscriber addition in June 2023. ...Less

ETFs in India observed a rise in assets under management, reaching Rs 8.11 trillion by July 2024. Enhance ...More

ETFs in India observed a rise in assets under management, reaching Rs 8.11 trillion by July 2024. Enhanced digital accessibility and innovative ETF products from mutual fund houses appealed to individual investors. Regulatory measures and the introduction of new thematic ETFs have boosted investor confidence, facilitating portfolio diversification and reduced costs. ...Less

There have been reports that EPFO has adopted a new rule for calculating higher EPS pension for members w ...More

There have been reports that EPFO has adopted a new rule for calculating higher EPS pension for members who have retired on or after September 1, 2014. As per reports the services period is getting divided into two parts and pension is calculated on pro rata basis which is likely to result in reduced pension for these members. ...Less

The gross addition of new members was affected due to the pandemic and declined from 1,10,40,683 in 2019- ...More

The gross addition of new members was affected due to the pandemic and declined from 1,10,40,683 in 2019-20 to 85,48,898 in 2020-21. It bounced back to 1,08,65,063 in 2021-22. ...Less

The Employees' Provident Fund Organisation (EPFO) has announced a policy for hiring retired officers and ...More

The Employees' Provident Fund Organisation (EPFO) has announced a policy for hiring retired officers and employees on a contract basis. This move aims to fill existing vacancies in various cadres across EPFO, as existing personnel may lack the required competency. The policy, approved by the EPFO's executive committee in October 2023, will be for an initial one-year term, with the possibility of extension beyond two years after superannuation. ...Less

Correcting personal details in EPF accounts: Employees' Provident Fund Organisation (EPFO) has issued fre ...More

Correcting personal details in EPF accounts: Employees' Provident Fund Organisation (EPFO) has issued fresh guidelines on how EPF account holders can correct personal details such as name, date of birth, father's name, Aadhaar etc. in their EPF accounts. The new guidelines are issued after suspending old circulars. The new guidelines have made minor changes in the correction of personal details. ...Less

Exempted establishments have been found to be surrendering their exemptions primarily due to their inabil ...More

Exempted establishments have been found to be surrendering their exemptions primarily due to their inability to match the benefits under the EPF scheme, which is mostly rate of interest generated by the statutory EPF scheme and digital services of claim settlement, e-nomination and member passbook available on the Employees' Provident Fund Organisation (EPFO) portal. ...Less

Mandaviya further mentioned that EPFO has taken several initiatives to address many of the present issues ...More

Mandaviya further mentioned that EPFO has taken several initiatives to address many of the present issues. These are the first steps of the many other initiatives that are planned in the immediate future. ...Less

Tata Motors is in a legal conflict with the EPFO over transferring its employee provident fund. Tata Moto ...More

Tata Motors is in a legal conflict with the EPFO over transferring its employee provident fund. Tata Motors seeks to surrender its exempted status, but EPFO requires detailed documentation. The Supreme Court ruling and subsequent legal actions have prolonged the issue. The matter is scheduled for a hearing in the Delhi High Court on August 8. ...Less

The Ministry of Labour and Employment finalized three employment-linked schemes, targeting 29 million for ...More

The Ministry of Labour and Employment finalized three employment-linked schemes, targeting 29 million formal jobs in two years via EPFO. Approval from the expenditure finance committee and cabinet is awaited. The schemes will be launched after significant software upgrades at EPFO, potentially coinciding with Prime Minister Modi’s birthday in September. ...Less

EPF inoperative inactive accounts unblock: The Employees Provident Fund Organisation (EPFO) has issued ne ...More

EPF inoperative inactive accounts unblock: The Employees Provident Fund Organisation (EPFO) has issued new guidelines to make the inoperative and inactive, transaction-less accounts active again. The new rules are issued to stop the frauds and also to ensure proper verification is done before money in credited into the claimant bank accounts. ...Less

The government introduces 3 schemes worth Rs 1.07 lakh crore through EPFO to enhance employment opportuni ...More

The government introduces 3 schemes worth Rs 1.07 lakh crore through EPFO to enhance employment opportunities. New initiatives target first-time employees and employers, aiming to benefit 290 lakh youth. EPFO reports highest member addition in history, with a significant increase in the 18-25 age group. ...Less

The EPFO has recovered ?61 crore from SpiceJet towards provident fund dues, with the remaining amount und ...More

The EPFO has recovered ?61 crore from SpiceJet towards provident fund dues, with the remaining amount under assessment. SpiceJet denies the EPFO's claim of partial recovery and states that all dues have been deposited. The airline acknowledges a lag in some deposits but affirms clearing dues as a top priority. EPFO has initiated an inquiry for penal damages and interest on delayed payments. Compliance with monthly filing deadlines is crucial to avoid interest charges of 12% per annum. ...Less

EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refund ...More

EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS." ...Less

In a letter dated June 18, 2024, Meity urged EPFO to fast-track development of the De-Novo system saying ...More

In a letter dated June 18, 2024, Meity urged EPFO to fast-track development of the De-Novo system saying the current technology stack and support platform is already on the verge of obsolescence. Further, it said that there is an imminent need to revamp the unified portal application of EPFO along with augmenting the supporting infrastructure setup to support the software system ...Less

Nirmala Sitharaman's budget highlighted job creation through employment-linked incentives based on EPFO e ...More

Nirmala Sitharaman's budget highlighted job creation through employment-linked incentives based on EPFO enrolment. The schemes aimed to financially aid first-time employees and their employers. Despite the well-meaning initiatives, experts argue that the decreasing need for labor due to better technology may impede the expected impact on job growth in formal sectors. ...Less

Employees’ Pension Scheme 95 is a defined contribution defined benefit scheme. Demand to link the monthly ...More

Employees’ Pension Scheme 95 is a defined contribution defined benefit scheme. Demand to link the monthly pension of workers under the scheme with cost of living index was considered and it was not found feasible for a funded scheme like EPS-1995, Karandlaje said in a written response in Lok Sabha on Monday. Therefore, the value of benefits cannot be left open ended by linking with inflation, which is variable, she added. ...Less

In a statement issued on Sunday, EPFO said the increasingly enhanced focus by EPFO on its stakeholders, a ...More

In a statement issued on Sunday, EPFO said the increasingly enhanced focus by EPFO on its stakeholders, along with professionally managed funds generating steady returns for members, has promoted the trend of surrendering exemptions. With 27 establishments now joining EPFO, 30,000 more people will come into fold adding a corpus of Rs 1688.82 crore to the retirement fund body ...Less

The number of claims settled is 25.1% higher compared to 10.9 million claims settled in the first quarter ...More

The number of claims settled is 25.1% higher compared to 10.9 million claims settled in the first quarter of preceding financial year with the payment outgo of Rs 45,820.69 crore. ...Less

New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settleme ...More

New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes. ...Less

As part of Budget 2024, three employment-linked incentive schemes were announced to support employees and ...More

As part of Budget 2024, three employment-linked incentive schemes were announced to support employees and employers via EPFO enrolment. Scheme A targets first-time employees with a salary under INR 1 lakh per month, offering a one-month wage subsidy up to INR 15,000 via DBT, benefiting approximately 1 crore people annually. Scheme B encourages hiring in the manufacturing sector, providing incentives over four years to eligible employers and employees, benefiting 30 lakh first-time employees. Scheme C supports employers meeting specified hiring thresholds with subsidies and incentives to boost job creation and retention. ...Less

Labour & Employment Secretary Sumita Dawra praised the EPFO's automation of claim settlements to reduce r ...More

Labour & Employment Secretary Sumita Dawra praised the EPFO's automation of claim settlements to reduce rejections, as per an official statement. In a review meeting, she emphasized the need for close coordination among officials to enhance social security. The EPFO's reforms aim for faster claim settlements and streamlined processes, significantly improving efficiency. ...Less

EPFO eases the requirement to upload image of a cheque leaf and an attested bank passbook. This move will ...More

EPFO eases the requirement to upload image of a cheque leaf and an attested bank passbook. This move will help to expedite the settlement of claims filed online and reduce the number of claims that are rejected ...Less

Faster EPF claim settlement: By allowing for multi-location claim settlement, this feature will speed up ...More

Faster EPF claim settlement: By allowing for multi-location claim settlement, this feature will speed up member claims processing and replace the current geographical jurisdiction structure along with productivity in offices nationwide. ...Less

Employee Pension Scheme (EPS): 6.6 lakh EPS users submitted their Jeevan Praman through the face authenti ...More

Employee Pension Scheme (EPS): 6.6 lakh EPS users submitted their Jeevan Praman through the face authentication method which reflects a 200% year on year growth when compared to FY 2022-23. In FY 2022-23 2.1 lakh pensioners used the face authentication method. Do note that you need a Aadhaar enabled mobile number to use this method. ...Less

EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund accou ...More

EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund account either with EPFO or exempted trusts. However, what if you have an EPF account with unexempted trusts? Does EPF scheme rules allow an EPF member to transfer the unexempted trusts to EPFO or exempted trusts? Read on to know about it. ...Less

Dearness allowance hike: The EPFO has opted to keep in "abeyance" the retirement and death gratuity incre ...More

Dearness allowance hike: The EPFO has opted to keep in "abeyance" the retirement and death gratuity increase for workers, which is a blow to those employed by the government and organised sector. In March 2024, the Central government raised the Dearness Relief (DR) and Dearness Allowance (DA) by 4%. ...Less

Submission of life certificate: The person must be an Employees’ Provident Fund Organisation (EPFO) membe ...More

Submission of life certificate: The person must be an Employees’ Provident Fund Organisation (EPFO) member. EPS members can submit a life certificate at Pension Disbursing Bank, online, Common Service Centre, IPPB, Indian Post Office, Postman, Umang app, Nearest EPFO office. ...Less