EPFO stands for Employees’ Provident Fund Organisation. It is a retirement fund body which on a mandatory basis provides Universal Social Se... Read more
EPFO stands for Employees’ Provident Fund Organisation. It is a retirement fund body which on a mandatory basis provides Universal Social Security Coverage to all salaried employees in India.The EPFO is one of the world's largest social security organisations in terms of clientele and the volume of financial transactions undertaken. According to the EPFO website, at present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members. The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 and Schemes framed are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India – namely EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI). The EPFO’s Central Board of Trustees after consultation with the Ministry of Finance reviews the interest rate of EPF every year, for a financial year.*Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
- EPFO extends deadline for UAN activation and linking bank account to Aadhaar for ELI scheme benefits; check last date here
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. - Smooth EPF transfer while changing jobs: How to seamlessly transfer your retirement savings online without any hassle
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 - ADVERTISEMENT
- Higher EPS pension: You will not receive higher pension from EPS if your employer does not do this by January, 2025
- EPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour secy
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. - Higher EPS pension: EPFO asks employers to process 3.1 lakh pending applications by January 31, 2025; how to track pension application
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. - EPFO extends timeline for employers till January 31, 2025 to process pending application for higher pension
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. - ADVERTISEMENT
- More than 30 crore registered on e-Shram portal in last 3 years: Govt in Lok Sabha
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. - Is the CPF commissioner guilty of contempt and mental torture for delaying pensions?
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. - You can withdraw PF directly from ATMs starting next year: Labour Secretary
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. - Defaults under EPFO hit all-time high, rise 69.3%
- BoB now 'Pension Disbursing Bank' in West Bengal, to now disburse EPS pension in the state
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. - Missed EPFO deadline to activate UAN for ELI benefits? You may get another chance to apply as govt yet to announce details
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. - Labour secretary Sumita Dawra reviews functioning of attached offices of ministry of labour and employment
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. - ELI benefits from EPFO: Deadline for eligible employees to activate UAN is November 30, 2024; here’s how to do it
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. - Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 years
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. - Norms to be eased to let more pvt banks collect PF money from companies
- Net formal jobs under EPFO up 9.3% at 1.88 million in September: Payroll data
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. - Flood of pension money props up ETFs and index funds amid market correction
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. - Union Cabinet likely to approve ELI schemes after Jharkhand and Maharashtra elections
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. - Around 97,000 EPF members to receive higher pension under EPS; How to track status of higher EPS pension application
- EPFO board will meet on November 23 to approve Central Pension Payment System
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. - EPF pension alert: Diwali cheer for EPS pensioners as EPFO will release pension early in October
- More savings in the offing: VPF limit for tax-free interest may be hiked
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. - Net formal job creation under EPFO up at 1.85 million in August: Payroll data
- EPFO net new member additions rise 9.07% to 18.53 lakh in August
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. - Enhanced insurance benefits for EPFO members extended retrospectively from April 28
- Exempted establishments cannot use surplus fund in their Trusts for crediting interest to its beneficiaries: EPFO
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. - Robust monitoring mechanism of ELI schemes in works to create new jobs
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. - EPFO announces Productivity Linked Bonus for eligible employees; check who can take advance on PLB
- SpiceJet PF dues: FIR against SpiceJet's Ajay Singh and board members comes to light
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. - Refund provision likely to be removed under ELI schemes
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. - Labour ministry directs EPFO to nudge employers and employees’ association to enroll workers under ELI scheme
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. - 1.99 million formal jobs created under EPFO in July; highest monthly addition ever: Labour minister Mansukh Mandaviya
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. - 11 reasons why your EPF claim may get rejected by EPFO
- Steps to register your grievance with the EPFO online
- Labour ministry to move Cabinet note on ELI schemes, says Union Minister Mandaviya
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. - EPS pensioners to get pension from any bank, any branch, anywhere in India from January 1, 2025
- Employees’ Pension Scheme subscribers could withdraw pension from any bank across India from January 1, 2025
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. - Mansukh Mandaviya asks EPFO to set up notification system for PF deductions
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. - EPFO officials meet EPS-95 NAC members to discuss higher pension, other demands
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. - 1.92 million formal jobs created under EPFO in June: Payroll Data
- How ETFs are an effective vehicle for positional trader as well as investors
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. - Union Minister Mansukh Mandaviya launches online module for surrender of exemption
- Make EPFO faster, higher, stronger
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. - Contours of three jobs schemes being finalised
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. - EPFO issues new rules for inoperative, inactive EPF accounts to stop frauds: Check the latest details
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. - Hire for money, how many?
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. - EPFO adds 6.2 crore members in 6 years: report
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. - Pension cannot be linked to inflation: MoS Shobha Karandlaje
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. - Tata Motors in legal battle with EPFO over pension fund transferTata Motors in legal battle with EPFO over pension fund transferTata 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.
- EPFO settles 13.6 million claims amounting to Rs 57,316 crore in Q1EPFO settles 13.6 million claims amounting to Rs 57,316 crore in Q1The 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.
- Budget 2024: Expert explains the contours of Modi government's Employment-linked Incentive SchemeBudget 2024: Expert explains the contours of Modi government's Employment-linked Incentive SchemeAs 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.
- Budget 2024: 3 EPFO schemes to boost jobs in India, explained
- Centre brings three schemes via EPFO, to boost fresh employmentCentre brings three schemes via EPFO, to boost fresh employmentThe 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.
- EPFO adds 1.95 million net new members in May 2024, highest ever since April 2018EPFO adds 1.95 million net new members in May 2024, highest ever since April 2018As 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.
- EPFO officers raise concern over inadequate IT infraEPFO officers raise concern over inadequate IT infraThe 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.
- 27 establishments surrender exemption under EPFO in last two years27 establishments surrender exemption under EPFO in last two yearsIn 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
- EPFO recovers ?61 crore dues from SpiceJetEPFO recovers ?61 crore dues from SpiceJetThe 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.
- EPFO notifies policy for hiring retired employees on contract basisEPFO notifies policy for hiring retired employees on contract basisThe 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.
- EPF new rules: EPFO issues SOP on how to freeze, defreeze UANEPF new rules: EPFO issues SOP on how to freeze, defreeze UANIn order to detect probable situations of suspicious accounts or transactions where there may be a risk of impersonation or fraudulent withdrawals, multiple stages of verification for MIDs, UANs, and institutions will be carried out as part of the SOP. Here is a look at EPFO's latest SOP freezing and defreezing UANs of EPF subscribers.
- EPFO gross new members addition dips 4% to 1.09 crore in 2023-24: MoSPI reportEPFO gross new members addition dips 4% to 1.09 crore in 2023-24: MoSPI reportThe 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.
- EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salaryEPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salaryEPFO: 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."
- Meity tells EPFO to prioritise the revamp of its IT infrastructureMeity tells EPFO to prioritise the revamp of its IT infrastructureIn 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
- PPO number of pensioners: Govt to take measures to issue Pension Payment Order number PPO on the day of retirement
- Formal job creation under EPFO at 72-month high in April at 1.89 millionFormal job creation under EPFO at 72-month high in April at 1.89 millionProvisional payroll data, released by the ministry of labour and employment on Thursday, shows new formal job created under EPFO was 31.3% higher than 1.44 million net members added to EPFO in March 2024, attributing the surge in membership to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programs.
- EPFO made these four major changes to the EPF account, claims process
- EPFO lowers penal charges on employers defaulting on PF, pension and insurance depositsEPFO lowers penal charges on employers defaulting on PF, pension and insurance depositsThe notification issued by the ministry of labour and employment said the penal charges across three schemes of EPFO will be uniform and at the rate of 1% per month or 12% per annum from the date of notification as against 25% per annum until now for default period of six months and above. This will reduce the penal burden on employers.
- Labour Secretary Sumita Dawra chairs review meeting on EPFO reformsLabour Secretary Sumita Dawra chairs review meeting on EPFO reformsLabour & 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.
- Non-refundable Covid advance no longer available under EPFONon-refundable Covid advance no longer available under EPFOAccording to an EPFO circular dated June 12, since Covid is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect and this would be applicable to even exempted establishments.
- EPFO undertakes multiple systemic reforms to enhance ease of doing business; improve ease of livingEPFO undertakes multiple systemic reforms to enhance ease of doing business; improve ease of livingEPFO rules: At a review meeting, chaired by labour secretary Sumita Dawra, EPFO said the number of auto transfers generated by the retirement fund body has increased threefold from two lakh in April 2024 to six lakh in May 2024 while more than 25 lakh advance claims have been settled on auto mode.
- EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facilityEPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facilityDuring the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
- Capacity boost for EPFO, ESIC to pave way for labour reformsCapacity boost for EPFO, ESIC to pave way for labour reformsThe Social Security Code, 2020, passed by Parliament in 2020, entails extending social security to gig and platform workers. Some of the changes envisioned for retirement fund body EPFO in the short, medium, and long term include restructuring of its offices, business process re-engineering, and leveraging IT for automatic settlement of claims and cadre restructuring.
- Life certificate: 6.6 lakh pensioners submitted Jeevan Pramaan through face authentication; how you can submit itLife certificate: 6.6 lakh pensioners submitted Jeevan Pramaan through face authentication; how you can submit itEmployee 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.
- New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024New 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.
- How to check EPF balance through SMS: A step-by-step guide
- Growth momentum likely to stay in Q1FY25: FinMinGrowth momentum likely to stay in Q1FY25: FinMinThe finance ministry's April report predicts strong economic activity in FY25, with rising industrial activity and fixed investments. Positive macro-economic indicators include a bright manufacturing outlook and improved services sector, supported by increased capacity utilization and EPFO data.
- EPF claim rejection: 8 reasons EPF withdrawal claim can get rejected
- Can you transfer EPF account from unexempted trust to EPFO, exempted trust?Can you transfer EPF account from unexempted trust to EPFO, exempted trust?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.
- EPFO created 11.4% more formal jobs in 2023-24 at 15.4 million, shows payroll dataEPFO created 11.4% more formal jobs in 2023-24 at 15.4 million, shows payroll dataThe provisional payroll data, released by the ministry of labour and employment on Monday, shows 1.44 million net members were added to EPFO in March, 2024 vis-a-vis 1.54 million added in February out of which 0.74 million were new members.
- Latest on DA hike: 25% increase in gratuity due to dearness allowance hike kept on hold; here’s whyLatest on DA hike: 25% increase in gratuity due to dearness allowance hike kept on hold; here’s whyDearness 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%.
- New rule for EPF death claim: Now physical claims can be processed without seeding AadhaarNew rule for EPF death claim: Now physical claims can be processed without seeding AadhaarEPF death claim: The EPFO stated that it has received specific references from field offices indicating that they are unable to seed and authenticate Aadhaar in cases of death of EPF members. Note that Aadhaar details cannot be updated or corrected after a member passes away, which presents challenges for the field offices.
- When should EPS pensioner submit annual digital life certificate; how to submit using face authenticationWhen should EPS pensioner submit annual digital life certificate; how to submit using face authenticationSubmission 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.
- You could lose section 80C tax benefit on EPF contribution; here's whyYou could lose section 80C tax benefit on EPF contribution; here's whySection 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
- Faster EPF claim settlement: EPFO multi-location claim settlement to speed up member claimsFaster EPF claim settlement: EPFO multi-location claim settlement to speed up member claimsFaster 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.
- EPFO extends auto claim settlement facility to education, marriage and housing advanceEPFO extends auto claim settlement facility to education, marriage and housing advanceAs per the statement issued by the retirement fund body on Monday, the auto claim settlement facility will bring down the settlement time from 10 days to within three-four days. EPFO expects around 22.5 million of its subscribers to reap the benefits of this facility.
- Do international employees still have to make EPF contributions after Karnataka High Court ruling?Do international employees still have to make EPF contributions after Karnataka High Court ruling?Karnataka High Court's April 25, 2024 ruling deemed special provisions for International Workers under EPF Scheme unconstitutional, affecting EPF contributions, retirement age eligibility, and equality before law for these workers.
- EPFO to challenge HC ruling against inclusion of foreign workers under its ambitEPFO to challenge HC ruling against inclusion of foreign workers under its ambitIn a recent judgement, the high court termed the EPF scheme provisions covering 'international workers' unconstitutional if international workers earning several lakhs are required to contribute to provident fund on their full salary, whereas the contribution is capped at Rs 15,000 for Indians working overseas.
- EPFO evaluates course of action on Karnataka HC judgement on foreign workersEPFO evaluates course of action on Karnataka HC judgement on foreign workers"While holding the highest regard for the Court's decision, the EPFO (Employees' Provident Fund Organisation) is actively evaluating the course of action in response to this judgement," the EPFO said in response to the queries pertaining to the judgement.
- Inclusion of foreign workers in PF unconstitutional, says High CourtInclusion of foreign workers in PF unconstitutional, says High CourtThe 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.
- HC strikes down inclusion of foreign workers in PF, calls it unconstitutionalHC strikes down inclusion of foreign workers in PF, calls it unconstitutionalHC's call will likely face resistance from the govt and the PF body because already a large number of expats have either contributed to or are currently enrolled in the social security program.
- When will EPF interest be credited for FY 2023-24? Here’s what EPFO has said, 4 ways to check PF balanceWhen will EPF interest be credited for FY 2023-24? Here’s what EPFO has said, 4 ways to check PF balanceEPF interest for FY 2023-24: The Employees' Provident Fund Organisation (EPFO) announced the interest rate for provident fund deposits for the 2023–2024 fiscal year in February of 2024. The interest rate for 2023–24 was raised by the EPFO from 8.15% to 8.25% from the previous year.
- EPFO to undergo revamp as user base gets biggerEPFO to undergo revamp as user base gets biggerSome of the changes envisioned for the retirement fund body in the short, medium, and long term include restructuring of EPFO offices, business process re-engineering, leveraging IT for automatic settlement of claims and cadre restructuring, a senior government official told ET, requesting anonymity.
- Wage ceiling under EPFO may be raised to ?21kWage ceiling under EPFO may be raised to ?21kThe government is contemplating enhancing the wage ceiling under the Employees' Provident Fund Organisation (EPFO) to at least ?21,000 from ?15,000 now to widen the social security coverage, a step towards achieving universal social security.
- Automatic EPF account transfer from old to new job: How EPFO's facility worksAutomatic EPF account transfer from old to new job: How EPFO's facility worksAutomatic EPF account transfer: Employees Provident Fund (EPF) members can now automatically transfer their provident fund accounts from their old employer to new employer. However, this facility is available to certain EPF members only satisfying certain conditions. Read on to know to whom automatic EPF account transfer facility is available and how it works.
- Labour codes may top new govt’s 100-day planLabour codes may top new govt’s 100-day planSocial security for informal sector workers, shift toward living wages likely to be part of near-term agenda. Insiders reveal that the upcoming government, led by the Bharatiya Janata Party (BJP), may prioritize the swift implementation of streamlined labor codes within its first 100 days post-election. A senior government official disclosed that the objective is to introduce these labor codes at the onset of the next fiscal year, commencing April 1, 2025, to align with the business cycle
- 'Statistical jugglery': Congress slams govt over unemployment'Statistical jugglery': Congress slams govt over unemploymentCongress general secretary Jairam Ramesh said a Union Minister recently derided the ILO's Employment Report as a symptom of India's "slave mentality."
- Do EPF members suffer loss if interest payment is delayed by EPFO? Know how withdrawal works when interest credit is pendingDo EPF members suffer loss if interest payment is delayed by EPFO? Know how withdrawal works when interest credit is pendingGoing by the trends seen in many previous years, though interest rate on EPF deposits for the financial year 2023-24 was announced in February to be 8.25% however, the actual payment of interest into respective EPF accounts may take longer. Most EPF members have this concern whether they will lose out earning more interest due to this delay. We tell you how it works.
- Govt initiatives, growing investment to create more job opportunities during decade: CEAGovt initiatives, growing investment to create more job opportunities during decade: CEACEA V Anantha Nageswaran highlighted the government's initiatives and growing investments as drivers of job creation in the coming decade. He noted a positive shift from the last decade, with improved non-food credit growth and strong balance sheets for companies and banks. Nageswaran cited data showing job growth in manufacturing, services, and construction sectors, emphasizing the need for continued growth. He also mentioned government efforts in skill development, EPFO contributions, and infrastructure investment, while calling for simplifying regulatory and tax policies to further support business and job creation.
- EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st timeEPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st timeRetirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday.The Employees'' Provident Fund Organization's (EPFO) provisional payroll highlighted that the EPFO has added 16.02 lakh members on a net basis in January 2024, the ministry said.
- Formal job creation under EPFO up by 2.7% to 1.62 million in January: Payroll dataFormal job creation under EPFO up by 2.7% to 1.62 million in January: Payroll dataAs per the provisional data, released by the ministry of labour and employment on Sunday, the year-on-year net new subscribers addition to EPFO was higher by 7.8% when compared to 1.48 million net new subscribers added in January 2023.
