Page 12 - Epfo

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 ...

Investment by EPFO in ETFs crosses Rs 2.5 trillion: Rameswar Teli to LS

The body had invested Rs 14,983 crore in ETFs in 2016-17, Rs 24,790 crore in 2017-18, Rs 27,974 crore in 2018-19, Rs 31,501 crore in 2019-20, and Rs 32,071 crore in 2020-21, according to the reply

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

Around 50,000 to stage protest in Delhi to demand hike in minimum pension

Employees' Pension Scheme 1995 (EPS-95), an association of pensioners, will organise a rally in the national capital to press the government to hike minimum pension under the scheme. Presently, the minimum pension under the EPS-95 is Rs 1,000 per month. The EPS-95 is run by retirement fund body Employees' Provident Fund Organisation (EPFO). "The EPS-95 pensioners are steadfast in their resolve to secure a minimum pension of Rs 7,500, dearness allowance, and additional benefits outlined in the EPFO's letter dated 23.03.2017," Rashtriya Sangharsh Samiti said in a statement. The Rashtriya Sangharsh Samiti will organise a rally at Ramlila Maidan in Delhi on December 7, and about 50,000 pensioners from across the nation will unite to demand an increase in minimum pension, the statement said. Following the mammoth rally, a fast unto death is scheduled at Jantar Mantar starting from December 8, the statement said. President of the samiti Commander Ashok Raut, General Secretary Virendra S

After two quarters of fall, urban unemployment rate stagnated at 6.6% in Q2

However, the unemployment rate for the youth (15-29 age group) declined to 17.3 per cent in Q2 from 17.6 per cent in the June quarter

10% fewer fresh formal jobs created in Apr-Sep period, shows EPFO data

Besides, the number of young subscribers belonging to the 18-28 age group declined by 9.54 per cent to 3.93 million this year from 4.34 million in the corresponding period last year

Fresh formal job creation declines to six-month low, shows EPFO data

The monthly data released by the EPFO is part of the government's effort to track formal-sector employment by using payrolls as an instrument

Retirement fund body EPFO adds 1.7 million net members in September

Retirement fund body EPFO recorded a net addition of 17.21 lakh members in September, according to payroll data released on Monday. Month-on-month comparison of payroll data shows an increase of 21,475 net members over August 2023, a labour ministry statement said. Year-on-year comparison of payroll data reflects an increase of 38,262 net members over September 2022. Around 8.92 lakh new members enrolled during September 2023, the ministry said. Among these newly joined members, the age group of 18-25 years constitutes 58.92 per cent of total new members added during the month. This demonstrates that a majority of the members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers, it explained. Payroll data shows that approximately 11.93 lakh members exited but rejoined EPFO, it stated. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead

8.15% Interest for EPFO subscribers 'in pipeline', to be credited 'shortly'

The interest rate on EPF is reviewed annually, and for the fiscal year 2022-23, it is set at 8.15 per cent, up from the 7.59 per cent interest rate provided in FY22.

EPFO to run drive from December to recover dues from defaulting subscribers

With over 60 million subscribers and managing a corpus exceeding Rs 12 lakh crore, the EPFO provides its beneficiaries provident funds, pension, and insurance benefits through three schemes

Higher pension issue likely on EPFO central board of trustees meet agenda

While the full agenda is not clear, sources familiar with the matter say that the issue of higher pension which has protracted for a long time now might come up in the meeting

10% fewer fresh formal jobs created in April-August, shows EPFO data

Payroll data released by the EPFO showed that cumulatively 4.92 million new subscribers have joined the social security organisation between April-August this year

Fresh formal job creation slows to 5-month low in August, shows EPFO data

The net monthly payroll numbers are, however, provisional in nature and are often revised sharply the following month. That is why the new EPF subscriber figure has greater certitude than net addition

EPFO adds 1.69 million net members in August 2023; majority aged 18-25

More than 58% of newly enrolled Employees' Provident Fund Organisation (EPFO) members in August between ages 18-25

Higher pension scheme: EPFO extends deadline to upload details till Dec 31

The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release

SBI raises Rs 10,000 cr via infrastructure bonds at 7.49%

Bond market dealers indicated that the softening of yields in the markets helped SBI set the coupon at a lower rate