Page 2 - Employees Provident Fund

Employer has to pay damages for delay in payment of EPF contribution: SC

An employer is under an obligation to pay the damages for delay in payment of the contribution of Employees' Provident Fund (EPF) of an employee, the Supreme Court said on Wednesday. A bench of Justices Ajay Rastogi and Abhay S Oka said Employees Provident Fund & Miscellaneous Provisions Act is legislation for providing social security to the employees working in any establishment and engaging 20 or more persons. The top court said that the Act casts an obligation upon the employer to make the compulsory deduction for provident fund and to deposit in the workers' account in the EPF office. We are of the considered view that any default or delay in the payment of EPF contribution by the employer under the Act is a sine qua non for the imposition of levy of damages under Section 14B of the Act 1952 and mens rea or actus reus is not an essential element for imposing penalty/damages for breach of civil obligations/liabilities, the bench said. The top court was hearing an appeal filed .

Understanding provident fund and public provident fund

Those working in the private sector don't have retirement benefits like pension. The retirement corpus they build over the years is through provident fund (PF). But what are PF and PPF? Let's find out

Chipping away at EPFO's benefits

If the Centre only enforces mobility between the EPFO and NPS, the subscribers will settle the argument by voting with their feet

Separate accounts within PFs to be maintained for taxation purpose

The Budget 2021-22 announced income tax on interest accrued on annual provident contributions above Rs 2,50,000 for non-govt employees and Rs 500,000 for govt employees

Rejig wage structure to benefit from EPF rule change, say analysts

If employer contribution is low, get salary restructured to enjoy higher tax-free interest

At 1.33 mn, January net addition to payroll highest in FY21, shows data

The increasing number of Covid cases and reimposition of some restrictions in a few states of the country, particularly Maharashtra, may have an adverse impact on the numbers going forward

Street signs: Staffing stocks find favour, MRP Agro IPO, and more

The IPO of MRP Agro set to be launched this week will the first by an SME since November

EPFO extends deadline to submit life certificate by pensioners till Feb 28

The pensioners who could not submit their life certificates till November 30 deadline, would get pension every month till February

20 mn construction workers get Rs 5,000 cr as relief during pandemic: Govt

He expressed gratitude towards all officials and regional offices of these three organisations for their collective dedication

EPF subscribers cross pre-Covid level in July, but number may be overstated

Earlier, there was a net addition of 20,164 to EPF subscription in April, 172,174 in May. However, new data now shows subscribers shrank by 61,807 in April and addition in May was just 40,551

EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact

Organisation is considering crediting interest rate in a staggered manner with the remaining 0.35% to be paid in December 2020

EPFO records 318,000 new enrolments in May amid Covid-19-induced lockdown

Provisional payroll data released by the EPFO last month showed that net new enrolments stood at 133,000 in April this year

Parliamentary panel favours extending ESI, EPF benefits to migrant workers

Under the insurance scheme, employees earning up to Rs 21,000 a month can contribute 1.75 per cent towards ESI while the employer contributes 4.75 per cent

Affordable housing to free foodgrains, Cabinet approves key announcements

The Cabinet also approved the Centre's increased contribution for both employees and employers share (to 12 per cent from 10 per cent) under the Employees' Provident Fund for another 3 months

EPFO allows regional offices to settle PF claims from other centres

Since April 1, EPFO has been settling claims for withdrawal of special Covid-19-related advances within three days. It has settled over 80,000 claims amounting to Rs 270 cr on daily basis since April

EPFO launches multi-location claims settlement facility to expedite process

The facility will bring a paradigm shift by allowing EPFO offices to settle online claims from any of its regional office across the country, the labour ministry said in a statement.

Centre looks to EPFO, LIC, PSBs to raise funds through power bonds

PFC, REC will first issue bonds based on initial demand from states

Fourth tweak in social security Bill likely to cover more workers

The current social security laws in India exclude about 90 per cent of the workforce - mainly in the unorganised sector.

Labour pains: Thane's MSMEs operating at 10-15% capacity amid lockdown

The third of a five-part series looks at how lack of manpower and cash flow issues have put small units in dire straits despite govt announcing a Rs 3-trn package

Doing away with labour laws is not feasible: Santosh Kumar Gangwar

Labour and Employment Minister Santosh Kumar Gangwar tells Somesh Jha that most workers have returned home and they will join back the workforce after monsoon.