Page 15 - Epfo

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

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