Page 2 - Epfo

EPFO sets procedure to apply for higher pension in Employees Pension Scheme

Retirement fund body EPFO on Monday came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme (EPS). Earlier in November 2022, the Supreme Court had upheld Employees Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS. In an office order, the Employees Provident Fund Organisation (EPFO) provided for dealing with the 'Joint Option Form' by field offices of the body. EPFO stated that "a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put adequate notice on the notice board and banners for wider public information". It provided that each application will be registered, digitall

Formal job creation in India rose in November after October lows: MoSPI

Between September 2017 and November 2022, 6.09 crore new subscribers joined the EPF scheme

EPFO data shows first-time job seekers joining organised sector

The EPFO has added 16.26 lakh net members in the month of November 2022. The data indicates an increase of 25.67 per cent net additions compared to the previous month in October 2022

EPFO adds 1.6 mn net subscribers in November 2022: Labour Ministry

Retirement fund body EPFO added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago, the labour ministry said on Friday. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022. The data indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said. Of the total 16.26 lakh members added during the month, around 8.99 lakh new members came under the ambit of EPFO for the first time thus, showing that new members joining EPFO has increased by 1.71 lakh, from 7.28 lakh in October 2022. Among the new members, the highest enrolment is registered in the age-group of 18-21 years with 2.77 lakh members, followed by age-group of 22-25 years with 2.32 lakh members. The age group of 18-25 years constitutes 56.60 per cent of

EPFO data shows employment dip

The 46.34 million contribu­ting members in 2021-22 is much lower than the 48.92 mill­ion contributing members seen in the pre-pandemic year of 2019-20

EPFO implements SC order, gives option for higher pension to those eligible

Retirement fund body EPFO has asked its field offices to provide an option for higher pension to eligible subscribers in accordance with the Supreme Court order on November 4, 2022. According to the Employees Provident Fund Organisation (EPFO) circular on December 29, 2022 the central government has directed to implement the directions in the Supreme Court order. The field offices have been directed to implement "the directions contained in para 44 (ix) of the Supreme Court judgement on November 4, 2022" within stipulated timeline and to ensure adequate publicity of the decision taken by the EPFO to implement the said directions, the circular said. Earlier in November 2022, the Supreme Court had upheld Employees Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent on their actual salaries (if it exceeded the ca

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Fresh formal job creation fell for third straight month, show EPFO numbers

New EPFO subscribers dipped by a sharp 26% in October, from the level a month ago

EPFO adds 1.29 million net subscribers in October, says labour ministry

Retirement fund body EPFO added 12.94 lakh subscribers on a net basis in October 2022, the labour ministry said on Tuesday. The ministry in a statement said that around 2,282 new establishments have started complying for the first time under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees. A year-on-year comparison of payroll data reflects an increase of 21,026 in net membership in October 2022, it stated. Of the total 12.94 lakh members added during the month, around 7.28 lakh new members have been covered under the social security cover of the EPFO for the first time, the provisional payroll data of Employees' Provident Fund Organisation (EPFO) showed. Among the new members, the highest number was registered for the age group of 18-21 years with 2.19 lakh members. This was followed by the age group of 22-25 years with 1.97 lakh members. Out of the total new members who joined, approximately 57.25 per cent are .

Number of formal jobs rose 35% in first half of FY23, says report

A higher number of jobs were created in the second quarter of FY23, as compared to the first quarter: EPFO data

Six states report fewer formal jobs for youth in Sept qtr, shows EPFO data

Experts attribute drop to large-scale of migration; young from these states stand to earn significantly more, post migration, than they do by staying back

Firms' PAN to be identifier for govt single window clearance system

PAN database has relevant information about companies, says commerce minister Piyush Goyal

Centre to soon merge social security contributions by small firms: Report

Currently, the companies have to make separate payments towards the Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation (ESIC)

Drop in share of advisory assets in PMS funds during past 12 months

Overall PMS assets have been on the rise amid buoyant markets

EPFO wage ceiling likely to be raised from Rs 15,000 per month to Rs 21,000

The ceiling was last revised in 2014 from Rs 6,500 per month to Rs 15,000 and is applicable only to enterprises that have more than 20 workers

New formal job creation fell again in September, shows payroll data

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

EPFO adds 1,682,000 net subscribers in September 2022: Labour ministry

Retirement fund body EPFO added 16.82 lakh subscribers on a net basis in September 2022, the labour ministry said in a release on Sunday. Year-on-year comparison of payroll data reflects a 9.14 per cent increase in net membership addition in September, 2022 compared to the corresponding month during last year in 2021, the ministry said. Around 2,861 new establishments have started complying under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees. The net enrolment during the month is 21.85 per cent higher than the monthly average recorded during the last fiscal, according to the provisional payroll data of Employees' Provident Fund Organisation (EPFO). Of the total 16.82 lakh members added during the month, around 9.34 lakh new members have come under the coverage of EPFO for the first time, the data showed. Among the new members, highest number was registered for age group of 18-21 years with 2.94 lakh members. .

EPFO to appoint actuary firm for its pension and insurance schemes

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Rajasthan the top beneficiary of EPFO-linked central job scheme

The government had launched ABRY to incentivise employers for creation of new jobs and restoration of retrenched workers during Covid-19

EPFO set to hire 35 legal experts to deal with litigation: Report

It would be the first such hiring by the statutory body, which functions under the Ministry of Labour & Employment