Page 13 - Epfo

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

Fresh formal job creation slows to 1.02 mn in July, shows EPFO data

the share of women gaining employment declined to 26.8 per cent (274,967) in July as compared to 27.6 per cent (286,984) in the previous month

EPFO asks zonal offices to prepare budget estimates for its pension schemes

The prepared estimates are set to be submitted for approval to the Central Board of Trustees (CBT)

EPFO, NPS data show 5.2 crore payrolls addition in last 4 years: SBI study

Retirement fund body EFPO and new pension system (NPS) data revealed addition of 5.2 crore payrolls, including 47 per cent fresh jobs, in the last four years, said a recent SBI study. Since April 2018, the government has been releasing monthly payroll data (EPFO, NPS and ESIC) based on the recommendation given by Ghosh and Ghosh in the study titled, "Towards a Payroll Reporting in India". "If we analyse the EPFO payroll data trends for the last four years, net new EPF subscriber addition during FY20 to FY23 was 4.86 crore," said the recent SBI's research report 'Ecowrap'. This number, however, consists of new payroll (first payroll), second payroll (rejoined/resubscribed members) and formalised payrolls. "We subsequently estimated the net new payroll (first job/fresh job) adjusted for re-joined/re-subscribed members and formalization (based on ECR data). "As per our calculation, the actual net new payroll was 2.27 crore during FY20 to FY23. The first job is 47 per cent of the tota

EPFO to generate 16 mn net payrolls in FY24, says SBI Ecowrap report

More people might be sticking to current employment as number of members rejoining or resubscribing pension fund has declined, it says

India economy added 52 million new formal jobs in FY20-23: Report

The economy has added around 5.2 crore new formal jobs between FY20 and FY23, with the net addition being 2.7 crore, according to a report based on an analysis of the EPFO, NPS and ESIC data. The government has since April 2018 releasing monthly payroll data from the Employees Provident Fund Organisation or EPFO, the National Pension Scheme or NPS and the Employees State Insurance Corporation or the ESIC, based on the recommendations given by Ghosh & Ghosh report. The EPFO payroll data trends for the past four years show that net new EPF subscriber addition during FY20-23 was 4.86 crore, which consists of new payroll (first payroll), second payroll (rejoined/resubscribed members) and formalised payrolls. Accordingly, the net new payroll (first job/fresh job) adjusted for re-joined/re-subscribed members and formalisation (based on ECR data), shows that the actual net new payroll was 2.27 crore during FY20-23, SBI Research said in a report Tuesday. Of this, the first jobs were 47 ...

Under new labour laws, unused leaves beyond 30 will be paid for by employer

The new regulation will do away with the system where unused leaves used to lapse beyond a certain time limit

EPFO issues fresh guidelines for granting exemption to establishments

The new procedure contains direction for the establishments, regional offices, zonal offices and head office

7.58 million benefit from ARBY employment scheme, exceeding initial goal

The Aatmanirbhar Bharat Rozgar Yojana (ABRY) was launched in October 2020 to incentivise employers to create more jobs

EPFO holds talks with Ministry of Finance on reinvesting ETF money

EPFO will move the final proposal for the finance ministry's assent once the finance and labour ministries decide on the matter

Short-term govt bond rates harden after incremental CRR guidelines

The yield on the one-year and two-year government bonds has edged up 8 basis points and 4 basis points respectively since August 10

Nippon India, IPru MF's EPFO play gets going; move to help shore up AUM

Join public sector-linked peers SBI and UTI MF

Fresh formal job creation touches 9 month high in June, shows EPFO data

The monthly data released by the EPFO is part of the government's ongoing effort to monitor formal-sector employment using payrolls as a metric

Top headlines: Jio Financial shares to debut, big techs seek relaxation

Business Standard brings you the top headlines at this hour

EPFO to appoint actuary to get consultancy for insurance, pension scheme

The proposal to elicit response from the interested actuarial firms was issued on Friday and the process is slated to commence by August 17

Govt ratifies 8.15% interest rate on Employees Provident Fund for 2022-23

The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23. Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15 per cent on EPF for 2022-23 into the accounts of members. The order came after the finance ministry's concurrence to the EPF rate of interest approved by EPFO trustees earlier in March this year. Now the EPFO field offices will start the process of crediting the internet into subscribers' accounts. In March 2022, Employees' Provident Fund Organisation (EPFO) had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when t

Process of applying for higher pension on unified portal simple: Ministry

The process of applying for higher pension on the unified portal of EPFO is "simple and easy to understand" and as per the Supreme Court's order last year, Parliament was informed on Monday amid the criticism of unfeasible requirements on the portal. Following the Supreme Court order in November 2022, the Employees' Provident Fund Organisation (EPFO) had given option to subscribers and their employers to jointly opt for higher contributions as per the actual basic wages (higher than threshold of Rs 15,000 per month) on the unified portal. "The process in unified portal for submission of joint options for higher pension is simple and easy to understand and contains simple requirements as per provisions of Employees' Provident Fund (EPF) Scheme, 1952, Employees' Pension Scheme (EPS), 1995 and the judgment of the Supreme Court on November 4, 2022," said Minister of State for Labour and Employment Rameswar Teli in a written reply to the Lok Sabha. The minister said that for convenience

Centre approves 8.15% interest for 60 million EPFO subscribers in FY23

FY23 interest rate is marginally higher than 8.1% for FY22. After the 8.15% payout, EPFO will be left with a surplus of Rs 663.91 cr