Page 17 - Epfo

EPFO adds 1.29 million net subscribers in October, says labour ministry

Retirement fund body EPFO added 12.94 lakh subscribers on a net basis in October 2022, the labour ministry said on Tuesday. The ministry in a statement said that around 2,282 new establishments have started complying for the first time under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees. A year-on-year comparison of payroll data reflects an increase of 21,026 in net membership in October 2022, it stated. Of the total 12.94 lakh members added during the month, around 7.28 lakh new members have been covered under the social security cover of the EPFO for the first time, the provisional payroll data of Employees' Provident Fund Organisation (EPFO) showed. Among the new members, the highest number was registered for the age group of 18-21 years with 2.19 lakh members. This was followed by the age group of 22-25 years with 1.97 lakh members. Out of the total new members who joined, approximately 57.25 per cent are .

Number of formal jobs rose 35% in first half of FY23, says report

A higher number of jobs were created in the second quarter of FY23, as compared to the first quarter: EPFO data

Six states report fewer formal jobs for youth in Sept qtr, shows EPFO data

Experts attribute drop to large-scale of migration; young from these states stand to earn significantly more, post migration, than they do by staying back

Firms' PAN to be identifier for govt single window clearance system

PAN database has relevant information about companies, says commerce minister Piyush Goyal

Centre to soon merge social security contributions by small firms: Report

Currently, the companies have to make separate payments towards the Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation (ESIC)

Drop in share of advisory assets in PMS funds during past 12 months

Overall PMS assets have been on the rise amid buoyant markets

EPFO wage ceiling likely to be raised from Rs 15,000 per month to Rs 21,000

The ceiling was last revised in 2014 from Rs 6,500 per month to Rs 15,000 and is applicable only to enterprises that have more than 20 workers

New formal job creation fell again in September, shows payroll data

The number of fresh formal jobs created fell for the second consecutive month in September, declining 9 per cent sequentially to 930,000

EPFO adds 1,682,000 net subscribers in September 2022: Labour ministry

Retirement fund body EPFO added 16.82 lakh subscribers on a net basis in September 2022, the labour ministry said in a release on Sunday. Year-on-year comparison of payroll data reflects a 9.14 per cent increase in net membership addition in September, 2022 compared to the corresponding month during last year in 2021, the ministry said. Around 2,861 new establishments have started complying under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees. The net enrolment during the month is 21.85 per cent higher than the monthly average recorded during the last fiscal, according to the provisional payroll data of Employees' Provident Fund Organisation (EPFO). Of the total 16.82 lakh members added during the month, around 9.34 lakh new members have come under the coverage of EPFO for the first time, the data showed. Among the new members, highest number was registered for age group of 18-21 years with 2.94 lakh members. .

EPFO to appoint actuary firm for its pension and insurance schemes

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Rajasthan the top beneficiary of EPFO-linked central job scheme

The government had launched ABRY to incentivise employers for creation of new jobs and restoration of retrenched workers during Covid-19

EPFO set to hire 35 legal experts to deal with litigation: Report

It would be the first such hiring by the statutory body, which functions under the Ministry of Labour & Employment

Background checks and more: How IT companies are detecting moonlighting

IT firms are increasingly resorting to background verification firms for additional checks on employees for moonlighting, says report

Supreme Court caps maximum pensionable salary at Rs 15,000 under EPS

Order gives employees four months to join

Parliamentary panel to seek explanation over EPFO plan rejection

A Parliamentary panel will seek explanation from the finance ministry for turning down the labour ministry's proposal to increase the pension of EPFO subscribers from the current Rs 1,000 per month. The quantum of increase proposed by the labour ministry could not be ascertained. Top officials from the labour ministry and Employees' Provident Fund Organisation (EPFO) on Thursday briefed Parliamentary Standing Committee on Labour chaired by BJD MP Bhartruhari Mahtab on operation of the EPF pension scheme and management of its corpus fund. The finance ministry had not agreed to the labour ministry's proposal for any enhancement in the monthly pension, the officials informed the panel. The panel has now decided to call top officials from the finance ministry to seek explanation behind the move. The labour ministry has constituted a High-Empowered Monitoring Committee for complete evaluation and review of the Employees Pension Scheme (EPS), 1995. The committee in its report had ...

Delhi tops EPFO coverage chart, Tripura and Assam at the bottom

Haryana is at the third spot with 35.3 per cent of its working population under EPFO, followed by Karnataka (29.6 per cent) and Uttarakhand (26.7 per cent)

EPFO aims to invest more in equity for younger members, expand horizon

At present, EPFO is allowed to invest between 5-15 per cent of its investible deposits in equity instruments irrespective of the age or risk profile of its members

EPFO coverage to be expanded to 100 mn subscribers: Union labour minister

Union Labour Minister Bhupender Yadav on Tuesday said retirement fund body EPFO's coverage will be expanded to 10 crore subscribers from the existing level of 6.5 crore. At a function to mark the 70th foundation day of the Employees Provident Fund Organization (EPFO), Yadav said, "EPFO social security schemes ambit will be expanded. It will be increased from 6.5 crore subscribers to 10 crore." He also launched the EPFO Vision 2047 document. According to him, it is the biggest responsibility of the EPFO to reduce its litigations and increase the coverage. "We have subsumed 29 labour laws into four broad codes. These codes provide for expansion of social security schemes, including EPFO," the minister said.

EPFO relaxes withdrawal of accumulations norms for EPS-95 subscribers

Retirement fund body EPFO on Monday decided to allow withdrawal of accumulations in Employees' Pension Scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left. Currently, the Employees' Provident Fund Organisation (EPFO) subscribers who have less than six months of service left are allowed to withdraw the accumulations in their employees' provident fund account only. The EPFO's apex decision making-body Central Board of Trustees (CBT), headed by Union Labour Minister Bhupender Yadav, at its 232nd meeting held on Monday recommended to the government to make certain amendments in the EPS-95 scheme, a labour ministry statement said. The board has recommended to the government to extend withdrawal benefits from EPS account to members who have less than six months of service, it added. Further, the board has recommended extending proportionate pensionary benefits for members who have been in the scheme for more than 34 years. This will help pension

EPFO board recommends extending proportionate pension benefits to members

Decision to extend pension scheme beyond 35 years of service taken in 232nd CBT meet on Monday; withdrawal benefits available even to those who've contributed for less than six months