Page 2 - Employees Provident Fund

Allow gig workers the option to choose between EPF and NPS schemes

If millions of gig workers are forced into EPF without the option of NPS, complaints about the system's inefficiencies will intensify as its shortcomings inevitably emerge

Fresh formal hiring up 2% in March after three-month decline: EPFO data

EPFO saw a 2% rise in new subscribers in March, ending a 3-month decline. The 18-25 age group made up 59% of additions, signalling labour market resilience

Fresh formal hirings decline by 10% in February, shows EPFO data

The EPFO data is considered crucial as it reflects the state of the formal labour market, and only the formal workforce enjoys social security benefits and is protected by labour laws

Name-based search: Key to unlocking unclaimed assets across sectors

A dedicated authority - focused on returning these assets - would be better positioned to overcome the psychological resistance that regulators have, to enabling searches based on names

Right taxsavers: Align choice with risk appetite, asset allocation & goals

Unit linked insurance plans (Ulips) and the National Pension System (NPS) can have varied risk levels, depending on their equity-debt mix

EPFO retains 8.25% interest rate on employees' PF deposits for 2024-25

Retirement fund body EPFO on Friday retained an interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2024-25, sources said. In February 2024, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.25 per cent for 2023-24, from 8.15 per cent in 2022-23. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over seven crore subscribers, from 8.5 per cent in 2020-21. The 8.10 per cent rate of interest on EPF for 2020-21 was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The EPFO's apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2024-25 at its meeting on Friday," a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2024-25 will be

Budget 2025: Spend some, use rest to retire debt and secure long-term goals

A few instruments, which offer tax deduction, remain relevant even for taxpayers in the new regime

EPFO 3.0 rollout by June: Know how it will benefit members

Technology update will incorporate features similar to those offered by banks

PMS players breach threshold, set to have non-EPFO assets of over Rs 10 trn

PMS assets excluding EPFO and similar entities have grown 116% since FY1

Ex-cricketer Robin Uthappa faces arrest for Rs 24 lakh provident fund fraud

Former cricketer Robin Uthappa, now director of Centaurus Lifestyle Brands, faces arrest for allegedly withholding Rs 24 lakh in employees' PF contributions

EPFO subscribers may get services at par with banking, including ATM access

Subscribers of the retirement fund body EPFO may soon be able to get services at par with banking system and use ATMs to withdraw their claim amount, a top official said on Friday. Union Labour Secretary Sumita Dawra told PTI that focus right now in EPFO (Employees' Provident Fund Organisation) is to improve the IT infrastructure. "While improvements are being seen in last few months, in January 2025 we will see more improvement coming in as a result of hardware upgradation," she said. The secretary said that the efforts are being made to bring systemic reforms that make processes easier and efficient. "As part of this modernisation drive, we also aim to compare EPFO systems with the banking systems in India that are in place and are working well. For ease of living, bringing more transparency and ease of claims is also part of the plan," she said. Under the new system, claimants, beneficiaries or insured individuals will be able to access their claim amounts through ATMs. A maxi

Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 years

The total amount in inoperative employees' provident fund (EPF) has jumped over five fold to Rs 8,505.23 crore in financial year 2023-24 from Rs 1,638.37 crore in fiscal year 2018-19, Parliament was informed on Monday. In a written reply to Lok Sabha, the Minister of State Shobha Karandlaje stated that there are no unclaimed accounts in EPF scheme run by retirement fund body Employees' Provident Fund Organisation (EPFO). However, she stated that as per Para 72(6) of the Employees' Provident Fund Scheme, 1952, certain accounts are classified as 'Inoperative accounts'. She informed the House that as many as 21,55,387 inoperative EPFO accounts had Rs 8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had Rs 1,638.37 crore. Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 6,804.88 crore. She told the House that the EPFO will return the amount held in the inoperative accounts to the beneficiaries concerned. In 2023-24, the tota

50% of employees in India work at least 49 hours per week, shows data

The recent death of Anna Sebastian Perayil, a 26-year-old chartered accountant (CA) at Ernst & Young, has brought attention to work-related stress among the youth

From next year, EPS subscribers can withdraw pension from any bank

By harnessing advanced IT and banking technologies, it will offer a more efficient, seamless, and user-friendly experience for pensioners

EPF withdrawal benefits extended to members with under 6 months of service

The move is expected to benefit more than 700,000 EPS members every year who leave the scheme with less than six months of contributory service

Steps to check PF balance via SMS, missed call, & more: All you must know

EPF subscribers planning to withdraw funds from their accounts can now apply online

Inclusion of foreign workers in PF is 'unconstitutional': Karnataka HC

The decision comes 15 years after the extension of PF and pension coverage to foreign workers via a legislative amendment

Online provident fund withdrawal: Steps, eligibility, documents needed

Complete withdrawal is allowed when an individual retires or remains unemployed for more than two months

Congress slams govt over 'surge' in rejection rates of EPF final settlement

The Congress on Friday slammed the government over the reported surge in rejection rates of Employees Provident Fund final settlement and claimed the defining feature of the "anyay kaal" of last 10 years has been that no community could to get their full due. Congress general secretary in-charge communications Jairam Ramesh shared a media report on X which claimed the rejection rates of EPF final settlement have been surging, up from around 13 per cent in 2017-18 to nearly 34 per cent in 2022-23. "The defining feature of the 'Anyay-kaal' of the last 10 years has been that no community is able to get its full due: Women are left out of the job market, the youth are unable to seek employment and the farmers are unable to get adequate prices," he alleged. "Even the 'shramik', the worker who earns his living through wages, is unable to access his/her own earnings. The EPFO, the government-run organization that administers the Provident Fund for India's workers, has seen a sharp rise in

Fresh formal job creation surges to three-month high in December 2023

Earlier in September 2023, 950,527 subscribers had joined the EPF. This data is crucial as only the formal workforce enjoys social security benefits and is protected by labour laws