Page 15 - Epfo

EPFO marginally raises interest rate on PF deposits to 8.15% for FY23

Not enough to meet rising inflation, say some quarters; EPFO likely to distribute Rs 90,000 cr to members' accounts, on a total principal amount of Rs 11 trn

EPFO raises interest rate to 8.15% for FY23 from 8.1% last year: Report

Earlier, in March 2022, EPFO had lowered the interest on EPF to over a four-decade low of 8.1% from 8.5% in 2020-21

EPFO likely to decide rate of interest on EPF deposits for FY23 by Tuesday

The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of Trustees (CBT) is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source said. Besides interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23. The trustees will also deliberate on the action taken by the EPFO on the Supreme Court order for giving a four-month window to Employees' Pension Scheme 1995 subscribers to opt for higher pension. The EPFO has provided the facilit

EPFO board meet on Monday: Interest rate, higher pension top agenda

The meeting is also likely to focus on the steps to widen the social security organisation's coverage to embrace about 100 million workers and address the dip in its corpus

Formal job creation declines 7.5% in January, hits 20-month low: EPFO

The number of new monthly subscribers under the Employees' Provident Fund (EPF) has declined by 7.5 per cent to 777,232 in January 2023 from 840,372 in December 2022

EPFO adds 1.48 mn subscribers in January 2023, says labour ministry

Retirement fund body EPFO added 14.86 lakh subscribers in January 2023, the Ministry of Labour and Employment said on Monday. Around 3.54 lakh members exited the fold of EPFO which was the "lowest exit" in the last four months, the ministry said. Out of 14.86 lakh subscribers, around 7.77 lakh new members have come under the ambit of EPFO for the first time, the statement said. The provisional payroll data released on Monday also highlighted that approximately 10.62 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection. Gender-wise analysis of payroll data showed that enrolment of net female members has been 2.87 lakh in January 2023, of which around 1.97 lakh female members are the new joinees. This shows that 68.61 per cent of the net female members have come under the fold of EP

EPFO board likely to decide interest rate for FY23 on March 25, 26

Sources said that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe

Over 91,000 retired employees apply for higher pension option: EPFO

However, the option to avail higher pension by the existing employees is still open till May 3

EPFO link programmed to deny benefits of SC order on higher pension: Union

The letter also highlighted "practical problems" being faced by the pensioners who are opting for higher pension options and said that the commissioner should take immediate action

Pension will be higher under EPS but will come at a cost: Should you opt?

Be prepared for claw back from EPF to EPS if you go for joint option scheme

Explainer: Are you eligible to opt for a higher pension from EPS?

What happened in the 2014 amendment? What did the Supreme Court say in its judgement? And above all, are you eligible for the scheme? This explainer tries to answer all these queries

Share of youth employment at 5-year high in 2022, shows EPFO data

Employment for those of the age 18-25 grew 13.4 per cent in 2022 over 2021

Post-pandemic job recovery for Indian women slower than men: Report

An analysis of EPFO data for October 2021 to October 2022, finds that the monthly share of women's registration has consistently remained lower than 28%

TMS Ep374: Bike taxi ban, METRO Cash & Carry, markets, EPFO's new scheme

Why are states opposed to bike taxis? Will METRO Cash & Carry get scale under RIL? Where to invest in this range-bound market? What are the changes in EPFO's pension scheme? All answers here

Explainer: New EPS rules and why higher pension will come at a cost

Employees need to weigh the pros and cons before opting for a higher pension; EPFO also needs to clarify how the higher contribution to EPS will be funded

EPFO's new guidelines: How can employees opt for higher pension under EPS?

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

EPFO sets procedure to apply for higher pension in Employees Pension Scheme

Retirement fund body EPFO on Monday came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme (EPS). Earlier in November 2022, the Supreme Court had upheld Employees Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS. In an office order, the Employees Provident Fund Organisation (EPFO) provided for dealing with the 'Joint Option Form' by field offices of the body. EPFO stated that "a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put adequate notice on the notice board and banners for wider public information". It provided that each application will be registered, digitall

Formal job creation in India rose in November after October lows: MoSPI

Between September 2017 and November 2022, 6.09 crore new subscribers joined the EPF scheme

EPFO data shows first-time job seekers joining organised sector

The EPFO has added 16.26 lakh net members in the month of November 2022. The data indicates an increase of 25.67 per cent net additions compared to the previous month in October 2022

EPFO adds 1.6 mn net subscribers in November 2022: Labour Ministry

Retirement fund body EPFO added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago, the labour ministry said on Friday. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022. The data indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said. Of the total 16.26 lakh members added during the month, around 8.99 lakh new members came under the ambit of EPFO for the first time thus, showing that new members joining EPFO has increased by 1.71 lakh, from 7.28 lakh in October 2022. Among the new members, the highest enrolment is registered in the age-group of 18-21 years with 2.77 lakh members, followed by age-group of 22-25 years with 2.32 lakh members. The age group of 18-25 years constitutes 56.60 per cent of