Page 12 - Epfo

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

Fresh formal job creation dipped to 30-month low levels in Nov: EPFO

In November 2023, the number of new monthly subscribers under the EPF decreased by nearly 10 per cent to 736,015 from 816,721 in October, according to the latest monthly payroll data

EPFO adds 1.39 million net members during November 2023: Payroll data

Retirement fund body EPFO added 13.95 lakh net members in November 2023, as per the latest payroll data released on Saturday. Cumulative net addition of members during the current financial year continues to remain higher than that of the corresponding period of the previous year, a labour ministry statement said. According to the statement, the EPFO's (Employees' Provident Fund Organisation) provisional payroll data highlighted that the body added 13.95 lakh net members in November. The data indicates that around 7.36 lakh new members were enrolled during the month. The 18-25 age-group constitutes 57.30 per cent of the total new members added during the month, showing that a majority of members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers. The payroll data reflects that about 10.67 lakh members exited but rejoined EPFO during the month. In fact, these members switched jobs and rejoined the establishments covered under the

Aadhaar will not be considered as valid proof of date of birth: EPFO

Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth. The UIDAI in a circular on December 22, 2023, had said an Aadhaar number can be used for establishing identity of an individual, subject to authentication, and thereby, per se, it is not a proof of date of birth. The UIDAI also noted that many bodies likes the EPFO have been using Aadhaar to validate date of birth. UIDAI had also said that many high courts in their orders have highlighted that Aadhaar is not a valid proof of date of birth. Various documents like birth certificate issued by the Registrar of Births and Deaths, marksheet issued by any

ESIC leads in providing social security benefits by formalising workforce

ESIC is the primary government scheme that provides socio-economic protection against sickness, maternity, disablement, and death due to work-related injuries to employees in the organised sector

EPFO extends deadline till May 31 for employers to upload pension details

Retirement fund manager EPFO has extended the deadline till May 31 for employers to upload wage details of those opting for higher pension to its database. Earlier, the deadline for employers to upload wage details for those opting for higher pension on higher contribution was December 31, 2023, a labour ministry statement said. EPFO (Employees' Provident Fund Organisation) had earlier provided all its subscribers an online facility for submitting applications for validation of option/joint options for pension on higher contributions. The higher pension option was offered to eligible pensioners/EPFO members in compliance with the Supreme Court order dated November 4, 2022. The online application facility was launched on February 26, 2023 with an initial deadline of May 3, 2023. However, considering the representations from the employees, the deadline was extended to June 26, 2023 in order to provide complete four months' time to eligible pensioners/members for filing ...

Fresh formal job creation dips to 7-month low in October, shows EPFO data

The share of women also increased marginally to 26.4 per cent (204,408) in October as compared to 25.2 per cent in September

MFs can generate Rs 3 trn arsenal every year to counter FPI flows: Kotak MF

MFs emerged as a key support for the market in the calendar year 2022 amid a sharp pullout by foreign investors

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 ...