Page 6 - Epfo

EPFO new rules: Rs 50,000 minimum benefit for short service tenure

A minimum life insurance benefit of Rs 50,000 will be provided in cases where an EPF member dies without completing one year of continuous service

EPFO keeps interest rate at 8.25% for FY25, benefiting 300 million members

This comes against the backdrop of ebbing stock markets and bond yields in the current financial year

EPFO likely to reduce interest rate for FY25 in Friday board meeting

Last year, interest rate for FY24 was fixed at 8.25 per cent by CBT, the apex decision making body of the social security organisation

Fresh formal hirings decline by 3% in December, shows EPFO data

The EPFO data is considered crucial as it reflects the state of the formal labour market. Only the formal workforce enjoys social security benefits and is protected by labour laws

Link Aadhaar and activate UAN by February 15 to secure your EPFO benefits

It is mandatory to seed your Aadhaar with your bank account to avail the benefits of the Employment Linked Incentive (ELI) Scheme

Labour ministry plans EPFO pension scheme for platform-based gig workers

In the scheme, gig workers will be allotted a single universal account number (UAN) under EPFO for all platforms, should they choose to work with multiple platforms

EPFO processes over 50.8 million claims in FY25: Mansukh Mandaviya

Auto claim settlements also doubled to 18.7 million from 8.92 million claims settled in the previous financial year

22,000 EPFO members get higher pension: How to track your application

As many as 1.749 million applications were received by July 11, 2023. In a final extension, employers were given a last opportunity to forward applications for pensions on higher wages by January 31

Kerala HC stops EPFO from reducing 41 petitioners' higher PF pension

The order came in response to a writ petition filed by 41 pensioners that challenged the EPFO's 2014 pro-rata order

Reform inefficient succession processes to ease burden on grieving families

The inefficiency of current succession processes not only frustrates grieving families but also undermines the government's ease-of-living agenda

Mansukh Mandaviya tells EPFO to improve claim settlement, complaint system

Union Labour Minister Mansukh Mandaviya on Friday directed retirement fund body EPFO officials to further streamline claim settlement process, ensure timely grievance redressal, and adopt a public-friendly approach during a review meeting. Mandaviya conducted a virtual review meeting to evaluate the performance of Employees' Provident Fund Organisation's (EPFO) Regional Offices, a labour ministry statement said. The meeting was attended by Union Labour Secretary Sumita Dawra, EPFO Central Provident Commissioner Ramesh Krishnamurthi, senior officers from the ministry and from 21 Zonal and 140 Regional Offices of the EPFO. The review focused on enhancing claim settlement efficiency, reducing claim rejections, activating Universal Account Numbers (UAN), and implementing the Pension on Higher Wages (PoHW) Scheme. Dawra briefed the minister about the recent initiatives undertaken by EPFO to improve service delivery viz. simplification of the joint declaration process, eliminating the ..

EPFO adds 1.46 million net members in November, new additions rise 4.88%

Retirement fund body EPFO has added 14.63 lakh net members in November 2024, a growth of 4.88 per cent over the same month last year, according to the latest payroll data. The growth in net member additions signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO's effective outreach initiatives, a labour ministry statement said. On a monthly basis, net member additions rose by 9.07 per cent over October 2024, the ministry said. The EPFO enrolled around 8.74 lakh new members in November 2024, up by 18.80 per cent over the year-ago month and a 16.58 per cent rise against October 2024, the provisional data showed. The ministry said a noticeable aspect of the data is the dominance of the 18-25 age group, with 4.81 lakh new members added in this age group constituting a significant 54.97 per cent of the total new members added in November 2024. Net member additions in the age group of 18-25 years are approximately 5.86 lakh for Nove

Here is how you can de-link wrong EPF member ID with UAN online

The Employee Provident Fund Organisation (EPFO) will allow members to delink any ID erroneously associated with their Universal Account Numbers (UAN), which is assigned by the organisation to all elig

5 new EPFO guidelines: Pension transfer and payment gets convenient

Updates designed to make EPF management more user-friendly and efficient, says organisation

EPFO 3.0 rollout by June: Know how it will benefit members

Technology update will incorporate features similar to those offered by banks

Link Aadhaar and activate UAN by January 15 to secure your EPFO benefits

It is mandatory to seed your Aadhaar with your bank account to avail the benefits of the Employment Linked Incentive (ELI) Scheme

EPFO set to introduce self-attestation facility for completing KYC

KYC is a one-time process that helps in the identity verification of subscribers by linking the universal account number (UAN) with KYC details

EPFO launches centralised pension system, benefitting 6.8 mn members

Retirement fund body EPFO has completed the Centralized Pension Payments System (CPPS) rollout in all its regional offices across the country that will benefit over 68 lakh pensioners, the labour ministry said on Friday. The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each zonal/regional office of EPFO maintaining separate agreements with only 3-4 banks, the ministry explained in a statement. Under CPPS, a beneficiary will be able to withdraw pension from any bank and there will be no need for to visit the bank for verification at the time of commencement of pension, and the amount will be immediately credited upon release, it stated. The CPPS system January 2025 onwards will also ensure disbursement of pension throughout India without any need for transfer of pension payment orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch, it said. This will be a

Transforming EPFO: Can it pivot into a user-friendly organisation?

With the number of rejections rising to almost a third of claims, the government is taking steps to radically reform the country's largest social security platform in order to ease payouts of benefits

EPS pensioners can now withdraw their pension from any bank in India

Under the new rules effective January 1, 2025, 7.8 million members of EPS will benefit from Centralised Pension Payment System