Page 11 - Epfo

EPFO introduces auto claim settlement for education, marriage, housing

Auto mode of claim settlement was introduced in April, 2020 for the purpose of advance for illness

When will EPF interest be credited for FY24? All you need to know

'Process is in the pipeline', says EPFO on social media as subscribers wait

India's fresh formal job creation slowed to three-month low in February

In what suggests some robustness, nearly 67 per cent of the total new EPF subscribers belong to the 18-28 age group, a cohort mostly comprised of new entrants to the labour market

EPFO considers higher minimum wage cap 10 years after last hike

Even the Employees' State Insurance Corporation (ESIC), which provides healthcare benefits to workers and comes under the administrative control of the labour ministry

EPFO net subscribers' addition rises over 19% to 16.5 million in FY24

Retirement fund body EPFO registered over 19 per cent growth year-on-year to 1.65 crore members in 2023-24, as per the latest payroll data, showing improvement in the employment situation in the country. "In last 6 and half years alone, more than 6.1 crore members joined the EPFO (Employees' Provident Fund Organisation) fold, indicating formalisation of the job market," a labour ministry official told PTI. The data shows that the EPFO had added 61.12 lakh net subscribers in 2018-19, which increased to 78.58 lakh in 2019-20. However, it dipped to 77.08 lakh in 2020-21, mainly due to the pandemic effect and improved again to 1.22 crore in 2021-22 and 1.38 crore in 2022-23. The official informed that the net subscribers addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared to 1.38 crore in 2022-23. The net addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market, and the coverage of social security benefits to the

EPFO raises auto withdrawal limit under 68J from Rs 50,000 to Rs 1,00,000

The limit has been increased from Rs 50,000 to Rs 1,00,000, says circular issued on April 16

New EPFO rule for you: No need to request for PF transfer on changing jobs

The EPFO has rolled out a system that enables the automatic transfer of an employee's PF balance when they switch employers

EPFO adds net 1.6 mn members in January; 808,000 enroll for 1st time

Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday. The Employees' Provident Fund Organization's (EPFO) provisional payroll highlighted that the EPFO has added 16.02 lakh members on a net basis in January 2024, the ministry said. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41 per cent of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers. The payroll data highlighted that approximately 12.17 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, ..

Fresh formal jobs created last year fell nearly 10%, shows EPFO data

EPFO data shows 10.78 mn new users joined compared to 11.93 mn in 2022

EPFO data breach in 2018 linked to Chinese cyber agency, probe reveals

When news of the purported breach initially surfaced in 2018, the EPFO denied that its systems were compromised

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

EPFO adds net 1.56 mn members; 841,000 new subscribers join workforce

Retirement fund body EPFO recorded a net addition of 15.62 lakh members in December 2023, according to payroll data released on Tuesday. An increase of 11.97 per cent has been registered in net member addition during December 2023 compared to the previous month, a labour ministry statement said. Employees' Provident Fund Organisation's provisional payroll data highlighted that the net addition of 15.62 lakh members was up by 4.62 per cent compared to December 2022, it stated. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, it explained. The data showed that around 8.41 lakh new members were enrolled in December 2023, up by 14.21 per cent compared with the previous month of November 2023. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 57.18 per cent of the total new members ad

CBI arrests EPFO officer for demanding bribe of Rs 15 lakh from beneficiary

The CBI arrested an enforcement officer of the EPFO on Monday while allegedly receiving a bribe of Rs 2 lakh from a software company which had received funds of more than Rs 3 crore under the central government's Atmanirbhar Bharat Rozgar Yojana, officials said. Arrested officer P Kabilan in Employees' Provident Fund Organisation (EPFO), Tirunelveli in Tamil Nadu, had allegedly come to know that the company received Rs 3 crore from the Centre under the scheme to boost creations of new jobs in formal sector through the support of EPF contributions for new employees, they said. Kabilan allegedly demanded a bribe of Rs 15 lakh, five per cent of the total funds, from the owner of the software company for not taking action against it. "It has been further alleged that the accused officer collected and verified the documents from the complainant company and learnt that the company had received an amount of Rs 3 crore (approx) under the central government's Atmanirbhar Bharat Rozgar Yojana

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

FinMin rejects proposal to double minimum pension amount under EPS

The central board of trustees (CBT) - the apex decision-making body of the Employee Provident Fund Organisation (EPFO) - was apprised of the rejection of the proposal in its latest meeting on Saturday

EPFO fixes 8.25% interest rate on employees' provident fund for 2023-24

Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24. In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22. 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 six crore subscribers, from 8.5 per cent in 2020-21. This 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 2023-24 at its meeting on Saturday, 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 2023-24 will be sent to Ministry of Finance for concurrence. After th

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

EPFO mulls reinvesting 50% of ETF redemption proceeds in equity market

The move aims to enhance its equity exposure and earn higher returns for nearly 65 million subscribers

Decision on FY24 interest rate likely in EPFO board meet on Feb 10

A letter from the social security organisation regarding the convening of the 235th CBT meeting has been sent to all the board members, soliciting their presence in the meeting

EPFO releases guidelines for EPS members having multiple accounts

The present guidelines are to streamline the claims process, as many times a member has multiple accounts and the contributed amount varies, causing trouble during the calculation of the amount