EPFO

The last opportunity of 15 days is being given to remove any difficulty faced by the eligible pensioners/ members, the Employees' Provident Fund Organisation said in a statement

EPFO's return in 1977-78 was 8%. It has since been 8.25% or more; the peak was 12%, a rate that remained unchanged between 1989-90 and 1999-2000

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

Union Labour and Employment Minister Bhupender Yadav on Tuesday launched an e-passbook facility for the EPFO subscribers. Now, members will be able to view more details of their accounts in graphical representations, the Employees' Provident Fund Organisation (EPFO) said in a statement. According to official data, EPFO added 14.86 lakh subscribers in January 2023. Yadav, also the Chairman of Central Board of Trustees (CBT) of EPFO, inaugurated creche facilities in 63 regional offices of EPFO where there are 100 or more employees. Besides, the minister laid the foundation stone of the building of regional office at Prayagraj in Uttar Pradesh. During the meeting of 233rd CBT on Tuesday, the minister approved the revised estimates for the year 2022-23 and budget estimates for the year 2023-24 for schemes administered by EPFO. Among others, the board approved the five-year prospective plan for enhancement of physical infrastructure of EPFO. This includes purchase of land, building ..

Not enough to meet rising inflation, say some quarters; EPFO likely to distribute Rs 90,000 cr to members' accounts, on a total principal amount of Rs 11 trn

Earlier, in March 2022, EPFO had lowered the interest on EPF to over a four-decade low of 8.1% from 8.5% in 2020-21

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

The meeting is also likely to focus on the steps to widen the social security organisation's coverage to embrace about 100 million workers and address the dip in its corpus

The number of new monthly subscribers under the Employees' Provident Fund (EPF) has declined by 7.5 per cent to 777,232 in January 2023 from 840,372 in December 2022

Retirement fund body EPFO added 14.86 lakh subscribers in January 2023, the Ministry of Labour and Employment said on Monday. Around 3.54 lakh members exited the fold of EPFO which was the "lowest exit" in the last four months, the ministry said. Out of 14.86 lakh subscribers, around 7.77 lakh new members have come under the ambit of EPFO for the first time, the statement said. The provisional payroll data released on Monday also highlighted that approximately 10.62 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection. Gender-wise analysis of payroll data showed that enrolment of net female members has been 2.87 lakh in January 2023, of which around 1.97 lakh female members are the new joinees. This shows that 68.61 per cent of the net female members have come under the fold of EP

Sources said that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe

However, the option to avail higher pension by the existing employees is still open till May 3

The letter also highlighted "practical problems" being faced by the pensioners who are opting for higher pension options and said that the commissioner should take immediate action

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Employees need to weigh the pros and cons before opting for a higher pension; EPFO also needs to clarify how the higher contribution to EPS will be funded

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension