Page 6 - Epfo

'Reduction in EPFO interest rate BJP's return gift to people post poll win'

'Is it right to attack the savings of crores of employees on the basis of electoral victory?' asked Congress general secretary and chief spokesperson Randeep Surjewala

Challenge for EPFO as gap between govt yields and scheme's returns widen

EPFO invests mostly in central and state govt securities. Its earnings from these instruments are largely used to pay interest to its subscribers

EPFO processes all pending claims of women across the country

The Chennai Zone of the body received and processed maximum claims.

EPFO mulling pension scheme for formal workers with basic wage over Rs 15K

At present, all those employees in the organised sector whose basic wage is up to Rs 15,000 per month at the time of joining service are mandatorily covered under EPS-95

EPFO adds 1.46 mn subscribers in Dec, improving number 14.6% from year ago

Retirement fund body EPFO added 14.6 lakh subscribers on a net basis in December 2021, an increase of 16.4 per cent compared to the year-ago period, according to the latest payroll data. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Sunday showed that the EPFO had added 12.54 lakh net subscribers during December 2020. The net subscriber addition in December has increased by 19.98 per cent as compared to the previous month of November 2021, a labour ministry statement said. The net subscriber addition in November 2021 was revised downwards to 12.17 lakh from 13.95 lakh provisional estimates released in January 2022. Of the total 14.60 lakh net subscribers added in December, 2021, 9.11 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time. Approximately 5.49 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to ...

EPFO to take call on interest rate for 2021-22 in March meeting

In March 2020, EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.

Economic Survey: Significant acceleration in formalisation of the job mkt

An analysis of the latest EPFO data suggests a significant acceleration in formalisation of the job market, driven by both new formal jobs and formalisation of existing jobs

EPFO onboards Air India, takes into fold 7,453 airline employees

Retirement fund body EPFO has onboarded Air India Ltd for social security benefits like PF, pension and insurance and has received contributions for about 7,453 employees for the month of December from the airline, a labour ministry statement said on Saturday. The Tata Group took over the debt-ridden airline from the Government of India. Air India had applied for EPFO coverage, which has been allowed, the retirement fund body said. "EPFO (Employees' Provident Fund Organisation) onboards Air India for social security coverage to service the social security needs of their employees. Air India Ltd applied for voluntarily covered u/s 1(4) of the EPF & MP Act, 1952 which has been allowed vide gazette notification on January 13, 2022 -- with effect from December 1, 2021," the ministry statement said. The social security benefits will be provided to around 7,453 employees for whom contributions have been filed by Air India with EPFO for the month of December 2021, it added. These ...

EPFO adds 1.3 million subscribers in November 2021, clocks 38% YoY rise

Retirement fund body EPFO added 13.95 lakh subscribers on a net basis in November 2021, an increase of nearly 38 per cent compared to the year-ago period, according to the latest payroll data.

Aadhaar linkage to demat KYC: Finish these compliance tasks before Dec 31

Failure to do so could result in penalties or lead to hassles later in financial planning

EPFO adds 1.27 mn subscribers in October, clocks 10.2% YoY increase

The EPFO provides provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member

EPFO invested Rs 2,500 cr in Reliance Capital's bonds: FinMin

Last month, the Reserve Bank had superseded Reliance Capital's board, citing defaults and governance issues

Soon, you won't have to transfer EPF account on job change; here's how

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

EPFO adds 1.54 mn net subscribers in Sept 2021, 895,000 are new: Govt

The EPFO is a social security organisation responsible for providing a number of social security benefits to the members

EPFO empowers advisory body to take a call on investment in InvITs, bonds

The decision was taken at the 229th meeting of the Employees' Provident Fund Organisation's apex decision making body

EPFO approves diversification of investments to up to 5% of annual deposits

The decisions will mean EPFO is diversifying its investments into asset classes that will enhance the yield on investments, but also carry fair amount of risks

Government approves 8.5% interest rate on EPF for fiscal year 2021

Just ahead of Diwali, this is a good news for over 50 million subscribers of the Employees Provident Fund Organisation

EPFO adds 1.48 million net subscribers in August

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 ...

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

EPFO defers Aadhaar seeding with UANs for Northeast, certain industries

Retirement fund body EPFO has deferred implementation of its order mandating filing of PF returns with Aadhaar-verified universal account numbers (UAN) till December 31, 2021, for all seven states in the northeast and for certain class of industries like building & construction and plantations. This will give more time to employers to link their employees Aadhaar number with PF accounts or UAN in the northeastern states and certain industries having less penetration of Aadhaar in UANs. Earlier, the Employees' Provident Fund Organisation (EPFO) had extended the deadline for Aadhaar seeding with UANs for all subscribers to September 1, 2021 from June 1, 2021. This is the second extension of the deadline, though for a region and certain industries. An EPFO office order circulated last week showed that the date of implementation for filing ECR (electronic challan cum receipt or PF return) with Aadhaar verified UANs has been extended to 31 December, 2021 for administrative zone of ...