Page 7 - Epfo

No outages in facility linking Aadhaar with PAN, EPFO: UIDAI

UIDAI said because of an essential security upgrade in its systems in a phased manner over the last week, some intermittent service interruptions were reported

Fearing conflict, govt agrees to Air India employees' main demands

It has agreed to bear the cost of liquidation loss on account of transfer to EPFO from company-owned trusts, inclusion of employees in the central government health scheme, and encashment of leaves

Formalisation of economy picks up pace in June, spike in EPF subscribers

June had 1,283,448 EPF subscribers on a net basis, the highest in first three months of current fiscal and higher than average monthly figure of past three years

EPFO adds 1.283 million members in June amid Covid-19

Retirement fund body EPFO recorded net new enrolments of 12.83 lakh in June, giving an employment perspective in the country.

LIC, EPFO keen to set up fund for startups, says DPIIT official

LIC and EPFO have expressed their willingness to set up funds for startups to help budding entrepreneurs, a senior official said on Monday

Retirement fund body EPFO invests Rs 7,715 cr in equity in April-June

Retirement fund body EPFO has made equity investment of Rs 7,715 crore in the first quarter of this fiscal, Parliament was informed on Monday. The EPFO can invest up to 15 per cent of investment in equity as per the Pattern of Investment notified by the central government and the internal guidelines of the EPFO approved by the Central Board of Trustees (CBT), Employees' Provident Fund (EPF). The Employees' Provident Fund Organisation (EPFO) has invested Rs 7,715 crore in equity till June 30 in 2021-22, Minister of State for Labour and Employment Rameshwar Teli stated in a written reply in the Lok Sabha. However, the minister added that the EPFO invests only in Exchange Traded Funds (ETFs) through ETF manufacturers (SBI-Mutual Fund and UTI-Mutual Fund) and not in individual shares. A joint representation was received from some trade unions on involving workers in the decision making process while investing in equity. Finance Investment and Audit Committee (FIAC) and the Central Boa

EPFO adds over 1.27 million subscribers in April, an increase of 13.73%

Net new enrolments with retirement fund body EPFO increased by 13.73 per cent to 12.76 lakh in April from 11.22 lakh in March this year, according to payroll data released on Sunday.

EPFO defers filing of PF return with Aadhaar seeded UANs till September 1

Retirement fund body EPFO on Tuesday deferred implementation of its order mandating filing of PF returns with Aadhaar-verified universal account numbers (UAN) till September 1, 2021. This will give more time to employers to link their employees Aadhaar number with PF accounts or UAN. Earlier, the EPFO had set the deadline of June 1, 2021. The date of implementation for filing ECR (electronic challan cum receipt or PF return) with Aadhaar verified UANs has been extended to September 1, 2021, showed an office order issued by the Employees' Provident Fund Organisation (EPFO). The EPFO had issued office order for the field staff on June 1 saying that the ECR shall be allowed to be filed only for those members, whose Aadhaar numbers are seeded and verified with the UAN, with effect from June 1, 2021. The EPFO had decided to make Aadhaar seeding compulsory after a labour ministry notification in this regard. A notification was issued by the labour ministry on May 3, which mandated the .

Amid pandemic, EPFO allows members to avail second Covid advance

Decision taken in view of second wave of Covid-19 pandemic, says Union govt; EPFO says it is committed to settle these claims within three days of their receipt

Covid-19: Govt announces additional benefits under EPFO, ESIC schemes

The Ministry of Labour and Employment on Sunday announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the Covid-19 pandemic

Economy created 1.69 million less jobs in FY21, says SBI Research

Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data.

EPFO net new enrolments marginally decline to 1.12 million in March

Net new enrolments with retirement fund body EPFO declined marginally to 11.22 lakh in March from 11.28 lakh in February this year, according to payroll data released on Thursday.

Payout from EPFO insurance scheme is tax free: Check details here

The minimum death benefit under the scheme has been fixed at Rs 2.5 lakh, with effect from February 15, 2020. A bonus is also available under the scheme. The maximum is Rs 1.75 lakh

EPFO net new enrolments grow nearly 20% to 1.2 million in February

This provides a perspective on formal sector employment amid the coronavirus pandemic.

MFs push passive assets, but flurry of schemes don't impress investors

SBI MF's two schemes contribute more than half of overall passive asset base; 55 schemes have less than Rs 100 crore in assets.

Tax-free investment limit in PF at Rs 5 lakh if employers don't contribute

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. This would be applicable to those cases where no contribution is made employers to the retirement fund. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021. Replying to the debate on the Finance Bill 2021 in the Lok Sabha, Sitharaman made the announcement regarding raising the limit to Rs 5 lakh in cases where employers do not make contributions to the provident fund. The Finance Bill, which gives effect to tax proposals for 2021-22, was approved by voice vote. The bill was passed after acceptance of 127 amendments to the proposed legislation. The minister also stressed that tax on interest on provident fund contribution affects only 1 per cent of the contributor

EPFO's net new enrolments up 28% to 1.3 million in January 2021: Data

Net new enrolments with retirement fund body EPFO grew 27.79 to 13.36 lakh in January compared to the same month in 2020, according to the payroll data released on Saturday

EPFO closed 7.1 million EPF accounts in April-December 2020 period

This compares to 6.6 million accounts closed in the same period year ago

EPFO's accounting needs transparency jab

The EPFO is larger than four of the largest mutual funds put together, yet it has opaque accounting practices with no portfolio disclosure even at year-end

Priority beyond returns

The EPFO should increase transparency