Page 3 - Epfo

Background checks and more: How IT companies are detecting moonlighting

IT firms are increasingly resorting to background verification firms for additional checks on employees for moonlighting, says report

Supreme Court caps maximum pensionable salary at Rs 15,000 under EPS

Order gives employees four months to join

Parliamentary panel to seek explanation over EPFO plan rejection

A Parliamentary panel will seek explanation from the finance ministry for turning down the labour ministry's proposal to increase the pension of EPFO subscribers from the current Rs 1,000 per month. The quantum of increase proposed by the labour ministry could not be ascertained. Top officials from the labour ministry and Employees' Provident Fund Organisation (EPFO) on Thursday briefed Parliamentary Standing Committee on Labour chaired by BJD MP Bhartruhari Mahtab on operation of the EPF pension scheme and management of its corpus fund. The finance ministry had not agreed to the labour ministry's proposal for any enhancement in the monthly pension, the officials informed the panel. The panel has now decided to call top officials from the finance ministry to seek explanation behind the move. The labour ministry has constituted a High-Empowered Monitoring Committee for complete evaluation and review of the Employees Pension Scheme (EPS), 1995. The committee in its report had ...

Delhi tops EPFO coverage chart, Tripura and Assam at the bottom

Haryana is at the third spot with 35.3 per cent of its working population under EPFO, followed by Karnataka (29.6 per cent) and Uttarakhand (26.7 per cent)

EPFO aims to invest more in equity for younger members, expand horizon

At present, EPFO is allowed to invest between 5-15 per cent of its investible deposits in equity instruments irrespective of the age or risk profile of its members

EPFO coverage to be expanded to 100 mn subscribers: Union labour minister

Union Labour Minister Bhupender Yadav on Tuesday said retirement fund body EPFO's coverage will be expanded to 10 crore subscribers from the existing level of 6.5 crore. At a function to mark the 70th foundation day of the Employees Provident Fund Organization (EPFO), Yadav said, "EPFO social security schemes ambit will be expanded. It will be increased from 6.5 crore subscribers to 10 crore." He also launched the EPFO Vision 2047 document. According to him, it is the biggest responsibility of the EPFO to reduce its litigations and increase the coverage. "We have subsumed 29 labour laws into four broad codes. These codes provide for expansion of social security schemes, including EPFO," the minister said.

EPFO relaxes withdrawal of accumulations norms for EPS-95 subscribers

Retirement fund body EPFO on Monday decided to allow withdrawal of accumulations in Employees' Pension Scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left. Currently, the Employees' Provident Fund Organisation (EPFO) subscribers who have less than six months of service left are allowed to withdraw the accumulations in their employees' provident fund account only. The EPFO's apex decision making-body Central Board of Trustees (CBT), headed by Union Labour Minister Bhupender Yadav, at its 232nd meeting held on Monday recommended to the government to make certain amendments in the EPS-95 scheme, a labour ministry statement said. The board has recommended to the government to extend withdrawal benefits from EPS account to members who have less than six months of service, it added. Further, the board has recommended extending proportionate pensionary benefits for members who have been in the scheme for more than 34 years. This will help pension

EPFO board recommends extending proportionate pension benefits to members

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

How to check pension status on EPFO portal: Here's a step-by-step guide

Any EPF pensioner can get the PPO number using either the bank account number or PF number

Manufacturing states see dip in net new EPF subscriptions in August

Net payroll additions, which are calculated taking into account new additions, number of exits, and return of old subscribers, has grown only slightly from 1,652,818 in July to 1,694,211 in August.

Fresh formal job creation falls below 1-million mark in August: EPFO

The unemployment rate shot up to 8.3 per cent, which was the highest, compared with the rates in the past 12 months

EPFO adds 1.69 mn new subscribers in August, a 14.4% rise YoY

Retirement fund body EPFO net added 16.94 lakh new subscribers in August 2022, registering a 14.4 per cent rise as compared to the year-ago period, according to official data. The provisional payroll data of the Employees' Provident Fund Organisation (EPFO) released on Thursday highlighted that of the total 16.94 lakh members added during August 2022, around 9.87 lakh have come under the ambit of the EPFO for the first time. Out of the 9.87 lakh new members added, approximately 58.32 per cent are from the age-group of 18-25 years. This age-group signifies a crucial stage for an individual's potential in terms of earning capacity and joining organised workforce in large numbers following their education. The data showed that during the month, approximately 7.07 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by the EPFO and opted to transfer their funds from previous PF account to the current account instead of submitting claims for

EPFO looks to hire law firms to provide legal opinion, associated services

The approved law firms will be empanelled with the EPFO headquarters in New Delhi for an initial period of one year, which can be extended to three years

No loss of interest rate for EPFO subscribers, clarifies Finance Ministry

The Finance Ministry has said there is no loss of interest rate for EPFO subscribers and the delay in crediting interest for the last fiscal is due to software upgrade being conducted. It further said that for all outgoing subscribers seeking settlement and also those withdrawing their deposits, the payments are being done inclusive of the interest. "There is no loss of interest for any subscriber. The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO (Employees' Provident Fund Organisation) to account for change in the tax incidence," the ministry tweeted late on Wednesday night. The ministry said this on Twitter in reply to a tweet by IT industry veteran TV Mohandas Pai, who raised queries on interest in the Employees' Provident Fund deposits. "For all outgoing subscribers seeking settlement and for subscribers seeking withdrawal, the payments are being done ...

ESIC-run social security scheme adds 1.57 million new members in July

Around 15.72 lakh new members joined the ESIC-run social security scheme in July 2022, according to official data released on Friday. The latest data is part of a report -- Payroll Reporting in India: An Employment Perspective - July 2022 -- released by the National Statistical Office (NSO). It showed that the gross new enrolments with Employees' State Insurance Corporation (ESIC) rose to 1.49 crore in 2021-22, from 1.15 crore in 2020-21. It was 1.51 crore in 2019-20 and 1.49 crore in 2018-19. From September 2017 to March 2018, around 83.35 lakh new subscribers joined the ESIC scheme. The report said gross new enrolments with ESIC from September 2017 to July 2022 were 7.08 crore. The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA). According to the report, net new enrolments with retirement fund body EPFO stood

EPFO moving towards automation; set to rationalise workforce for efficiency

EPFO said it is moving more from forceful compliance to voluntary compliance. And, in the future, it will be fully governed by technology

EPFO sees over 1 million new subscribers for fourth straight month

Though fresh additions slip sequentially in July, women enrolment at a record high

EPFO adds 1.8 mn subscribers in July, posts 24% YoY rise, shows data

Retirement fund body EPFO added 18.23 lakh new subscribers in July 2022, registering a 24.48 per cent rise as compared to the year-ago period, according to official data. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Tuesday highlighted that of the total new members added in July, around 10.58 lakh members have come under the social security cover of EPFO for the first time, a labour ministry statement said. The data of new members joining EPFO has shown a growing trend since April 2022, it said. Out of 10.58 lakh new members added, approximately 57.69 per cent are in the age group of 18-25 years. This shows that first-time job seekers are joining the organised sector workforce in large numbers following their education and new jobs in the organised sector are largely going to the youth of the country. During the month, around 4.07 lakh members exited from the ambit of EPFO and 11.72 lakh members exited and rejoined EPFO. These members ha

Govt employees' pension: 'Old versus new' debate gathers momentum

Reverting to OPS is being considered an easier option from a political standpoint, but could financially stress the states

EPFO to provide safer, more stable returns to those nearing retirement

The organisation will invest a higher percentage of the money from young subscribers into equity. For those nearing retirement, the money will be invested in a safe debt