Page 22 - Epfo

Amid pandemic, EPFO allows members to avail second Covid advance

Decision taken in view of second wave of Covid-19 pandemic, says Union govt; EPFO says it is committed to settle these claims within three days of their receipt

Covid-19: Govt announces additional benefits under EPFO, ESIC schemes

The Ministry of Labour and Employment on Sunday announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the Covid-19 pandemic

Economy created 1.69 million less jobs in FY21, says SBI Research

Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data.

EPFO net new enrolments marginally decline to 1.12 million in March

Net new enrolments with retirement fund body EPFO declined marginally to 11.22 lakh in March from 11.28 lakh in February this year, according to payroll data released on Thursday.

Payout from EPFO insurance scheme is tax free: Check details here

The minimum death benefit under the scheme has been fixed at Rs 2.5 lakh, with effect from February 15, 2020. A bonus is also available under the scheme. The maximum is Rs 1.75 lakh

EPFO net new enrolments grow nearly 20% to 1.2 million in February

This provides a perspective on formal sector employment amid the coronavirus pandemic.

MFs push passive assets, but flurry of schemes don't impress investors

SBI MF's two schemes contribute more than half of overall passive asset base; 55 schemes have less than Rs 100 crore in assets.

Tax-free investment limit in PF at Rs 5 lakh if employers don't contribute

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. This would be applicable to those cases where no contribution is made employers to the retirement fund. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021. Replying to the debate on the Finance Bill 2021 in the Lok Sabha, Sitharaman made the announcement regarding raising the limit to Rs 5 lakh in cases where employers do not make contributions to the provident fund. The Finance Bill, which gives effect to tax proposals for 2021-22, was approved by voice vote. The bill was passed after acceptance of 127 amendments to the proposed legislation. The minister also stressed that tax on interest on provident fund contribution affects only 1 per cent of the contributor

EPFO's net new enrolments up 28% to 1.3 million in January 2021: Data

Net new enrolments with retirement fund body EPFO grew 27.79 to 13.36 lakh in January compared to the same month in 2020, according to the payroll data released on Saturday

EPFO closed 7.1 million EPF accounts in April-December 2020 period

This compares to 6.6 million accounts closed in the same period year ago

EPFO's accounting needs transparency jab

The EPFO is larger than four of the largest mutual funds put together, yet it has opaque accounting practices with no portfolio disclosure even at year-end

Priority beyond returns

The EPFO should increase transparency

EPFO office work overtime to clear all pending claims of women members

Retirement fund body EPFO's Delhi West office worked on last weekend to settle all pending claims of women subscribers marking International Women Day on Monday.

60 million EPF subscribers to get 8.5% interest rate in FY21

Development has come as a pleasant surprise since there were talks of cut in the rate

Top headlines: Bengaluru 'most liveable' city; 8.5% EPF interest for FY21

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EPFO board recommends an unchanged 8.5% interest on deposits for 2020-21

The decision was taken at the Central Board of Trustees (CBT) meeting, which is the main decision-making body of EPFO.

EPFO likely fixed 8.5% interest rate on PF deposits for 2020-21: Report

The retirement fund body is likely to announce the rates in a few hours. The Central Board of Trustees (CBT), which is the main decision-making body of EPFO, is meeting in Srinagar

EPFO net new enrolments grow 24% to 1.25 million in December

The enrolments provide a perspective on the formal sector employment amid the coronavirus pandemic

Wealthy PF investors may opt for debt funds as Budget changes tax rule

Budget proposes that interest on the PF contributions (employee contribution) above Rs 2.5 lakh per annum be taxable with from April 1, 2021

EPFO stops correction in member profiles online over fraudulent withdrawals

The organisation in its circular, issued ahead of 2020-21 interest announcement, has ordered its field offices to not entertain any such request for correction in name