Employee Provident Fund

"As per paragraph 72(6) of the EPF Scheme 1952, certain accounts are classified as Inoperative Accounts. All such Inoperative Accounts, however, have definite claimants

Fund paid 8.1% interest rate to subscribers in 2021-22, marking a four-decade low

The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of Trustees (CBT) is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source said. Besides interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23. The trustees will also deliberate on the action taken by the EPFO on the Supreme Court order for giving a four-month window to Employees' Pension Scheme 1995 subscribers to opt for higher pension. The EPFO has provided the facilit

Employees' provident fund (EPF) member accounts of 98 per cent of contributory firms or establishments have been updated with the latest interest credit till March 6, 2023, Parliament was informed on Monday. Many members and employees' representatives have raised the issue of not crediting the rate of interest on EPF for 2021-22, which was fixed at 8.1 per cent. "This (interest crediting) is an ongoing process, which has been taken up in a scheduled manner post development of software and by March 6, 2023, the process has been completed in respect of 98 per cent of contributory establishments," stated Minister of State for Labour and Employment Rameshwar Teli in a written reply to the Lok Sabha on Monday. Teli explained that account updation with interest credit is a comprehensive exercise requiring scrutiny of each individual transaction made in respect of each and every individual member's accounts, thus making the entire process very exhaustive. Till March 6, 2023, accounts of .

Be prepared for claw back from EPF to EPS if you go for joint option scheme

This is the first time that an e-auction of this scale would take place for a debt resolution under the Insolvency and Bankruptcy Code, 2016

The number of fresh formal jobs created fell for the second consecutive month in September, declining 9 per cent sequentially to 930,000

Order gives employees four months to join

Eligible employees who had not opted for enhanced pension coverage prior to 2014 can jointly do so with their employers within the next four months after the Supreme Court upheld the Employees' Pension (Amendment) Scheme, 2014. Employees who were existing EPS members as on September 1, 2014 can contribute up to 8.33 per cent of their 'actual' salaries -- as against 8.33 per cent of the pensionable salary capped at Rs 15,000 a month -- towards pension. The court on Friday struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly. Trade unions have demanded that the government call an extraordinary meeting of the central board of trustees of the retirement fund body EPFO for quick implementation of the apex court order. The Employees' Provident Funds and Miscellaneous Provisions Act, 1952

Decision to extend pension scheme beyond 35 years of service taken in 232nd CBT meet on Monday; withdrawal benefits available even to those who've contributed for less than six months

A quarter would be retained for regular service. For this year, the upper age limit has been increased to 23

The increase in the limit to Rs 21,000 under EPFO will bring more workers under the retirement scheme

This will ensure that employees no longer have to transfer the money in their provident funds when they change jobs

Nomination rules can be justified as being products of their times, but there is no excuse for not revising them to reflect new realities

The numbers - also called net payroll data - were higher in each of the first four months of the current financial year than the average monthly figure of previous years

Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added. For the month of August, the net subscriber addition increased by 12.61 per cent as compared to the previous month of July 2021. Of the total 14.81 lakh net subscribers, around 9.19 lakh members have come under the social security ambit of EPFO for the first time. Around 5.62 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of the EPF & MP Act, 1952. The subscribers opted to continue their membership with EPFO by ...

In the first of a two part series, Business Standard reports how non-Brahmin castes in Telangana are being incentivised to stick to their forefathers' professions

Those earning high salaries should think twice before getting it restructured

Of the more than half a million women who exited the formal workforce and did not join back, two-thirds were under 35 years of age. By comparison, only a third of men under 35 exited formal employment

Subscribers can withdraw the entire EPF corpus when they retire or when they have been unemployed for over two months