Page 17 - Epfo

Pensioners to get 3 months to give consent for diverting additional dues

Subscribers or pensioners opting for higher pension will get three months to give their consent for diverting additional contributions or dues under the Employees' Pension Scheme (EPS) run by the Employees' Provident Fund Organisation (EPFO), stated a circular on Thursday. Earlier in November 2022, the Supreme Court asked the government to give subscribers four months for opting for a higher pension. The EPFO provided an online facility to submit the joint option form (with employers) to the subscribers for opting for a higher pension till May 3, 2023. Later the deadline was extended until June 26, 2023. There was a lack of clarity about how this additional higher contribution for exercising the option would be worked out and paid. The members were also not aware whether they would be given the option to withdraw from the higher pension scheme in case the additional payout is exorbitant. The circular has clarified that the additional outgo would be worked out by field officers and

Complying with SC directive, govt clarifies pension on higher wages

In accordance with the letter and spirit of the EPF and MP Act and the code, the government decided to draw an additional contribution of 1.16% from employees

Additional 1.16% contribution for pension fund to come from employers: Govt

Labour ministry issues clarification about social security schemes run by EPFO

EPFO extends deadline to apply for the higher pension to June 26

Earlier, the online facility was to remain available only till May 3, after EPFO had earlier extended the timeline in late March, after receiving multiple requests from employee organisations

Uptick in PF enrolment, 1.38 cr net users joined EPFO scheme in 2021-22

The latest EPFO payroll figures from the past five years (2017-22) indicate that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana have contributed significantly to the overall net EPFO

How much you need to pay to get higher EPS pension? New circular clarifies

Those applying for a higher EPS pension will have to submit a joint form with the employer

Lenders of Reliance Capital to meet on Monday to consider bidders' concerns

Ahead of the second round of auction scheduled on April 26, lenders of debt-ridden Reliance Capital (RCap) will meet on Monday to resolve concerns raised by bidders, sources said. Both the potential bidders, Torrent Investment and IndusInd International Holdings Ltd (IIHL) of Hinduja Group, have expressed multiple reservations on the proposed auction and its terms and conditions. According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction. The COC is likely to meet again on Monday to address the concerns of bidders. Both the bidders want finality, certainty, transparency, no negotiation in value or on terms and conditions, after the second round of auction is over, they said. The two largest lenders of Reliance Capital -- Employees' Provident Fund Organisation (EPFO) and LIC are against giving any

Here's how to check EPF passbook balance online or via SMS, missed call

There are various modes that are available both online and offline, through which one can check their EPF balance

At 8.15% for FY23, EPFO returns are second lowest in over 45 years

EPFO's return in 1977-78 was 8%. It has since been 8.25% or more; the peak was 12%, a rate that remained unchanged between 1989-90 and 1999-2000

EPFO fixes 8.15% interest rate on employees' provident fund for FY23

Fund paid 8.1% interest rate to subscribers in 2021-22, marking a four-decade low

Labour Minister launches e-passbook facility for EPFO subscribers

Union Labour and Employment Minister Bhupender Yadav on Tuesday launched an e-passbook facility for the EPFO subscribers. Now, members will be able to view more details of their accounts in graphical representations, the Employees' Provident Fund Organisation (EPFO) said in a statement. According to official data, EPFO added 14.86 lakh subscribers in January 2023. Yadav, also the Chairman of Central Board of Trustees (CBT) of EPFO, inaugurated creche facilities in 63 regional offices of EPFO where there are 100 or more employees. Besides, the minister laid the foundation stone of the building of regional office at Prayagraj in Uttar Pradesh. During the meeting of 233rd CBT on Tuesday, the minister approved the revised estimates for the year 2022-23 and budget estimates for the year 2023-24 for schemes administered by EPFO. Among others, the board approved the five-year prospective plan for enhancement of physical infrastructure of EPFO. This includes purchase of land, building ..

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