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Employee Provident Fund

EPFO officers raise concern over inadequate IT infra, seeks intervention

Employees' Provident Fund Officers' Association has sought the Union Labour Minister's intervention to improve the information technology infrastructure of the retirement fund body. In a letter to the minister earlier this week, the EPF Officers' Association (EPFOA) said it has been regularly submitting requests for urgent interventions to upgrade the EPF IT systems software, hardware, IT manpower - which are causing acute strain on EPF manpower and adversely affecting EPFO services. The situation has now turned serious with officers and offices reporting significant system deficiencies on a daily basis, the association said. Severely inadequate EPFO IT systems and resultant service bottlenecks are adversely affecting EPF services, it added. The EPFO application software serves as the foundational component of its service delivery infrastructure. The body said it is the primary platform through which our regional offices process and adjudicate member claims. In recent times, the

EPFO officers raise concern over inadequate IT infra, seeks intervention
Updated On : 20 Jul 2024 | 1:22 PM IST

Budget 2024: Centre may hike Provident Fund limit to Rs 25k after a decade

Budget 2024: For the Provident Fund, the current limit of Rs 15,000 came into effect after the wage ceiling for coverage was revised almost a decade ago in September 2014

Budget 2024: Centre may hike Provident Fund limit to Rs 25k after a decade
Updated On : 11 Jul 2024 | 12:00 PM IST

EPFO gross new members addition dips 4% to 10.9 mn in 2023-24: MoSPI report

Retirement fund body EPFO's gross new subscribers addition declined by over 4 per cent to 1.09 crore in 2023-24 compared to a year ago, as per a report by Ministry of Statistics & Programme Implementation (MoSPI). According to the report 'Payroll Reporting in India: An Employment Perspective January to April, 2024', the Employees' Provident Fund Organisation (EPFO) recorded 1,09,93,119 gross addition of new members in 2023-24 compared to 1,14,98,453 in 2022-23. The gross addition of new members was affected due to the pandemic and declined from 1,10,40,683 in 2019-20 to 85,48,898 in 2020-21. It bounced back to 1,08,65,063 in 2021-22. The Centre as well as states had imposed lockdown restriction in 2020 and 2021 to curb the spread of deadly coronavirus in the country, which had hit economic activities as well as employment. The data shows that in the last five fiscal years till 2023-24, the gross new members addition by EFPO had not recovered to pre-covid level of 2018-19. The ...

EPFO gross new members addition dips 4% to 10.9 mn in 2023-24: MoSPI report
Updated On : 30 Jun 2024 | 10:37 PM IST

EPFO recommends 8.25% interest rate on employees' provident fund for FY24

The previous high level of EPF interest rate was at 8.5% in 2019-20

EPFO recommends 8.25% interest rate on employees' provident fund for FY24
Updated On : 11 Feb 2024 | 11:04 PM IST

Amid RBI's clampdown, EPFO to halt Paytm Payments Bank linked claims

Paytm crisis: The Employees' Provident Fund Organisation will stop accepting claims made via the Paytm Payments Bank accounts from February 23

Amid RBI's clampdown, EPFO to halt Paytm Payments Bank linked claims
Updated On : 09 Feb 2024 | 6:07 PM IST

Net new women EPFO subscribers addition rises to 2.87 million in FY23

Retirement fund body EPFO recorded a net new women subscribers addition of 28,69,688 in FY23 against 15,93,614 in 2019-20, showing a rise in employment through the pandemic, Parliament was informed on Thursday. The net addition in Employees' Provident Fund Organization (EPFO) subscriptions is an indicator of the extent of job creation/formalisation of the job market and the coverage of social security benefits to the organised/ semi-organised sector workforce, said Minister of State for Labour & Employment Rameshwar Teli in a written reply to the Rajya Sabha. Teli explained that the EPFO data covers the low-paid workers in medium and large establishments of the formal sector. According to the reply, the net addition in women EPFO subscribers increased from 15,93,614 in 2019-20 to 28,69,688 in 2022-23. The net women EPFO subscribers addition was 13,98,080 in 2020-21 and 26,18,728 in 2021-22. Teli also informed the House that the estimated female unemployment rate (UR) on usual ...

Net new women EPFO subscribers addition rises to 2.87 million in FY23
Updated On : 14 Dec 2023 | 4:12 PM IST

EPFO invested Rs 27,105 crore in exchange trade funds in Apr-Oct: Govt

Retirement fund body Employees' Provident Fund Organisation (EPFO ) has invested Rs 27,105 crore in exchange-traded funds (ETFs) during the current fiscal till October, Parliament was informed on Monday. EPFO had invested Rs 53,081 crore in the ETFs during the fiscal 2022-23, higher than Rs 43,568 crore in 2021-22, Minister of State for Labour and Employment Rameshwar Teli said in a written reply to the Lok Sabha. The reply showed that the EPFO has invested Rs 27,105 crore in the ETFs so far in the current fiscal 2023-24 till October 2023. The body had invested Rs 14,983 crore in ETFs in 2016-17, Rs 24,790 crore in 2017-18, Rs 27,974 in 2018-19, Rs 31,501 crore in 2019-20 and Rs 32,071 in 2020-21, according to the reply. Teli explained to the House that the EPFO does not invest directly in individual stocks, including stocks of any blue-chip company. EPFO invests in equity markets through ETFs, replicating BSE-Sensex and Nifty-50 indices, Teli said. It has also invested from tim

EPFO invested Rs 27,105 crore in exchange trade funds in Apr-Oct: Govt
Updated On : 11 Dec 2023 | 3:43 PM IST

Withdraw PF and EPF: Process to receive amount in your bank account

EPF members may present their withdrawal or transfer claims both offline and online. The members can view the progress of their EPF claims online no matter how they have submitted their application

Withdraw PF and EPF: Process to receive amount in your bank account
Updated On : 23 Aug 2023 | 5:05 PM IST

2.2 mn new workers including 71 transgenders enrolled under ESIC in June

The Employees' State Insurance Corporation (ESIC) added 20.27 lakh new members under the Employees State Insurance Scheme in June, the Ministry of Labour and Employment has said

2.2 mn new workers including 71 transgenders enrolled under ESIC in June
Updated On : 18 Aug 2023 | 8:49 AM IST

Disclosing conflict of interest builds trust

I explained the conflict: if Sukanya sold real estate and invested in financial products, our fee, a percentage of assets under advice (excluding real estate), would rise

Disclosing conflict of interest builds trust
Updated On : 30 Jul 2023 | 9:18 PM IST

Seven states, UTs record decline in number of active EPF subscribers

However, at the national level, the total number of employees contributing regularly to the EPF grew by nearly eight per cent in the same time period

Seven states, UTs record decline in number of active EPF subscribers
Updated On : 27 Jul 2023 | 11:17 PM IST

EPS-95 pensioners to go on hunger strike, demand Rs 7,500 monthly pension

Pensioners body EPS-95 National Agitation Committee on Wednesday said its members across the country and in the national capital will go on hunger strike on Thursday to press for their demand of Rs 7,500 minimum monthly pension. Presently, the pensioners under the Employees' Pension Scheme 1995 (EPS-95) run by Employees' Provident Fund Organisation (EPFO) have a minimum monthly pension (entitlement) of Rs 1,000 which was introduced in September 2014. "The EPS-95 National Struggle Committee, representing retired employees from industrial/public/cooperative/private sectors, known as EPS95 pensioners, who dedicated their service to the nation's development, is facing dire circumstances due to extremely low pension amounts," a statement by the body said. It stressed that these pensioners are living in distressing conditions and losing their dignity within their families and society due to the meager pensions they receive. Therefore, on 20th July 2023, Commander Ashok Raut, National ...

EPS-95 pensioners to go on hunger strike, demand Rs 7,500 monthly pension
Updated On : 19 Jul 2023 | 4:58 PM IST

EPFO extends deadline to apply for higher pension for members till July 11

Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023. The last opportunity of 15 days is being given to remove any difficulty faced by the eligible pensioners/ members, the Employees' Provident Fund Organisation said in a statement. "Accordingly, the last date for submission of Applications for Validation of Option/ Joint Options by employees is extended to July 11, 2023," it added. "Online facility has been made available by EPFO for submitting Applications for Validation of Options/Joint Options for pension on higher wages. The facility is for eligible pensioners/members in compliance with the Hon'ble Supreme Court order dated November 04, 2022," the statement said. "Timeline for applying for higher pension has been extended by 3 months for the employer and 15 days for the ...

EPFO extends deadline to apply for higher pension for members till July 11
Updated On : 26 Jun 2023 | 9:57 PM IST

With fewer than 15 days to deadline, check how to apply for higher pension

Those willing to apply for a higher pension under EPS can do so until June 26, 2023

With fewer than 15 days to deadline, check how to apply for higher pension
Updated On : 14 Jun 2023 | 5:38 PM IST

Complying with SC directive, govt clarifies pension on higher wages

In accordance with the letter and spirit of the EPF and MP Act and the code, the government decided to draw an additional contribution of 1.16% from employees

Complying with SC directive, govt clarifies pension on higher wages
Updated On : 04 May 2023 | 5:41 PM IST

Rs 4,962 cr lying in inoperative accounts under EPF: Govt tells Lok Sabha

"As per paragraph 72(6) of the EPF Scheme 1952, certain accounts are classified as Inoperative Accounts. All such Inoperative Accounts, however, have definite claimants

Rs 4,962 cr lying in inoperative accounts under EPF: Govt tells Lok Sabha
Updated On : 29 Mar 2023 | 8:19 PM IST

EPFO fixes 8.15% interest rate on employees' provident fund for FY23

Fund paid 8.1% interest rate to subscribers in 2021-22, marking a four-decade low

EPFO fixes 8.15% interest rate on employees' provident fund for FY23
Updated On : 29 Mar 2023 | 12:00 AM IST

EPFO likely to decide rate of interest on EPF deposits for FY23 by Tuesday

The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of Trustees (CBT) is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source said. Besides interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23. The trustees will also deliberate on the action taken by the EPFO on the Supreme Court order for giving a four-month window to Employees' Pension Scheme 1995 subscribers to opt for higher pension. The EPFO has provided the facilit

EPFO likely to decide rate of interest on EPF deposits for FY23 by Tuesday
Updated On : 27 Mar 2023 | 2:45 PM IST

EPF member accounts of 98% contributory firms updated till March 6: Govt

Employees' provident fund (EPF) member accounts of 98 per cent of contributory firms or establishments have been updated with the latest interest credit till March 6, 2023, Parliament was informed on Monday. Many members and employees' representatives have raised the issue of not crediting the rate of interest on EPF for 2021-22, which was fixed at 8.1 per cent. "This (interest crediting) is an ongoing process, which has been taken up in a scheduled manner post development of software and by March 6, 2023, the process has been completed in respect of 98 per cent of contributory establishments," stated Minister of State for Labour and Employment Rameshwar Teli in a written reply to the Lok Sabha on Monday. Teli explained that account updation with interest credit is a comprehensive exercise requiring scrutiny of each individual transaction made in respect of each and every individual member's accounts, thus making the entire process very exhaustive. Till March 6, 2023, accounts of .

EPF member accounts of 98% contributory firms updated till March 6: Govt
Updated On : 13 Mar 2023 | 6:06 PM IST

Pension will be higher under EPS but will come at a cost: Should you opt?

Be prepared for claw back from EPF to EPS if you go for joint option scheme

Pension will be higher under EPS but will come at a cost: Should you opt?
Updated On : 27 Feb 2023 | 1:18 PM IST