Page 26 - Epfo
EPFO launches facility for bulk transfer of funds from exempted trusts
Retirement fund body EPFO has launched a facility for bulk transfer of funds from exempted establishments through a single payment. Exempted establishments are those which have been granted exemption under Section 17 of EPF & MP Act, 1952 and manage the provident fund of members themselves under overall supervision of the Employees' Provident Fund Organisation (EPFO). "Apurva Chandra, Secretary (Labour & Employment) launched a new facility of bulk transfer of funds and data from exempted trusts to EPFO through a single payment, during his first visit to EPFO headquarters, on 7th October, 2020," a labour ministry statement said. EPFO has now released the functionality for bulk transfer of funds from exempted establishments to EPFO through a single payment. This facility will enhance ease of doing business by increasing the speed of funds transfer for exempted establishments. On change of employment of a member from exempted to unexempted establishment, his past accumulations ...
 "EPFO launches facility for bulk transfer of funds from exempted trusts")
ESIC-run social security scheme adds 741,000 new members in July
The NSO report showed gross enrolments of new subscribers with the ESIC were 15.1 mn in 2019-20, against 14.9 mn in the previous fiscal
 "ESIC-run social security scheme adds 741,000 new members in July")
What makes the NPS so crucial to retirement planning in an ageing India
India still does not have a "one retirement account" concept, with the intended money distributed across various schemes. Pension fund managers are underlining NPS as the preferred way ahead
 "What makes the NPS so crucial to retirement planning in an ageing India")
Reliance Capital lenders appoint SBI Caps, JM Financial to sell assets
Move follows default on debt to debenture holders who form 99% of the firm's liability
 "Reliance Capital lenders appoint SBI Caps, JM Financial to sell assets")
Nearly 3.8 mn EPF members withdraw Rs 44,000 cr since lockdown: Labour Min
The maximum amount of Rs 8,968.45 crore EPF withdrawals from March 25 to August 31 were recorded in Maharastra, followed by Karanataka and Tamil Nadu (including Puducherry)
 "Nearly 3.8 mn EPF members withdraw Rs 44,000 cr since lockdown: Labour Min")
EPFO records 845,000 new enrolments in July, up from 482,000 in June
Provisional payroll data released by the EPFO last month had shown that net new enrolments stood at 655,000 in June this year. The figure has now been revised down to 4,82,352
 "EPFO records 845,000 new enrolments in July, up from 482,000 in June")
Nifty50 ETFs' assets base crosses Rs 1 trn, asset under management Rs 2 trn
Also, the total assets under management (AUM) of the ETF (equity and debt) have reached Rs 2 trillion, the NSE said in a statement
 "Nifty50 ETFs' assets base crosses Rs 1 trn, asset under management Rs 2 trn")
Managing expectations
EPFO subscribers should be prepared for lower returns
EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact
Organisation is considering crediting interest rate in a staggered manner with the remaining 0.35% to be paid in December 2020
 "EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact")
Top headlines: EPFO to pay in instalments, Silver Lake to invest in RIL
Business Standard brings you the top headlines of the day
 "Top headlines: EPFO to pay in instalments, Silver Lake to invest in RIL")
EPFO decides to credit part of 8.5% interest for FY20: Report
Remaining 0.35 per cent rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year
EPFO settles 9.4 mn claims of formal sector workers since Covid-19 outbreak
The partial EPF withdrawal by private sector workers doubled during this period compared to last year
 "EPFO settles 9.4 mn claims of formal sector workers since Covid-19 outbreak")
EPFO settles 9.4 million claims worth Rs 35,445 cr during April-August
Retirement fund body EPFO has settled 9.4 million claims totalling Rs 35,445 crore during April-August despite Covid-19 related restrictions, an official statement said on Tuesday
Covid-19 selloff in March eats into EPFO equity returns in FY20
Investments accrue return of -8.3 per cent for the fiscal, down from 14.7 per cent in the previous fiscal
 "Covid-19 selloff in March eats into EPFO equity returns in FY20")
Contribution-based pension accounts for new EPFO subscribers soon
The move will help higher-income group workers to get higher pensions and is aimed at making the pension fund of the EPFO, which is in deficit, more sustainable
 "Contribution-based pension accounts for new EPFO subscribers soon")
EPFO settles 4.6 million Covid-19-related claims worth Rs 920 crore
Retirement fund body EPFO on Friday said it has settled 4.6 million EPF withdrawal claims and disbursed Rs 920 crore to its subscribers to meet exigencies due to the Covid-19 situation
EPFO records 655,000 net new enrolments in June, up from 172,000 in May
The net new enrolments with the EPFO hover around 700,000 every month on an average
EPFO sees three-fold rise in provident fund withdrawal claims through app
The Union Labour and Employment Ministry said in a statement that the EPFO received 1.1 million claims between April and July 2020 through the UMANG mobile application
EPFO's West Delhi office processes 100% Covid claims worth Rs 140 cr
To support employers for availing benefits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), a special WhatsApp service has been provided for immediate education and assistance
Strapped for cash? Dip into your EPF corpus only as the last resort
Sell off investments that you possess in a manner that your asset allocation is maintained