Page 7 - Epfo

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

PMS players breach threshold, set to have non-EPFO assets of over Rs 10 trn

PMS assets excluding EPFO and similar entities have grown 116% since FY1

Formal sector new hirings drops 20.8% in Oct, EPF additions hit 7-month low

"The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce"

Ex-cricketer Robin Uthappa faces arrest for Rs 24 lakh provident fund fraud

Former cricketer Robin Uthappa, now director of Centaurus Lifestyle Brands, faces arrest for allegedly withholding Rs 24 lakh in employees' PF contributions

EPFO gives employers till Jan 31 to submit pending forms for higher pension

Pension manager say 310,00 applications yet to be processed despite multiple extensions

EPFO, ESIC subscribers may soon use claim money via e-wallets: Labour secy

Subscribers of retirement fund body EPFO and Employees' State Insurance Corporation may soon be able to use the claim settlement amounts through e-wallets, a top official said on Wednesday. Replying to a question on EPF withdrawal from ATMs, Secretary in the Ministry of Labour and Employment Sumita Dawra told PTI, "This is an area of great interest for the insured person, for a contributor. How can I withdraw my money more easily." In cases of auto settlement... the money goes to the bank account and they in any case are able to withdraw it from the bank account, from any ATM presently, Dawra said. "Now you are talking about how the claim can go directly to probably a wallet or, we'll have to work out some mechanism. So there we have started talks with bankers and also we are going to have a plan in place on how we can do this practically," she said, while speaking on the sidelines of a tourism summit here. "We are reaching out to them (Reserve Bank of India) and we'll have a plan

EPFO deadline for employers to file wage details extended till Jan 31

Retirement fund body EPFO has extended time till January 31, 2025 for employers to upload wage details etc regarding 3.1 lakh pending applications for pension on higher wages. An online facility was made available by EPFO for submitting applications for validation of options/joint options for pension on higher wages, a labour ministry statement said. The facility was for eligible pensioners or members in compliance with the Supreme Court order on November 4, 2022. It was launched on February 26, 2023 and was to remain available only till May 3, 2023. However, considering representations of employees, the time was extended to June 26, 2023 in order to provide complete four months to eligible pensioners/members for filing applications. A last opportunity of 15 days was further given to remove any difficulty faced by them. Accordingly, the last date for submission of applications was extended to July 11, 2023 and a total of 17.49 lakh applications were received from pensioners/membe

Labour ministry seeks to lower budget allocation for ELI schemes for FY25

The three ELI schemes announced in the Budget are yet to get approval from the Union Cabinet and have faced considerable delays

Over 1.7 mn opt for higher pension on more contribution under 'EPS-95'

As many as 17.49 lakh members of retirement fund body EPFO have applied for the option to contribute on their actual (higher) basic pay for eventually getting higher pension after an apex court order in November 2022, Parliament was informed on Monday. Presently, these applicants are either contributing or contributed on fixed threshold of Rs 15,000 per month, irrespective of their higher actual basic wages. "In implementation of the judgement on November 4, 2022 passed by Supreme Court, an online facility was provided by EPFO, wherein total 17.49 lakh applications for Validation of Option/Joint Options were successfully submitted by the applicants," stated Minister state of Labour & Employment Shobha Karandlaje. On November 4, 2022, the Supreme Court ruled in favour of existing employees being able to opt for a higher pension under the Employees' Pension Scheme (EPS), 1995. The Employee Pension Scheme 1995 (EPS-95), which the Employees' Provident Fund Organisation (EPFO) ...

EPFO subscribers may get services at par with banking, including ATM access

Subscribers of the retirement fund body EPFO may soon be able to get services at par with banking system and use ATMs to withdraw their claim amount, a top official said on Friday. Union Labour Secretary Sumita Dawra told PTI that focus right now in EPFO (Employees' Provident Fund Organisation) is to improve the IT infrastructure. "While improvements are being seen in last few months, in January 2025 we will see more improvement coming in as a result of hardware upgradation," she said. The secretary said that the efforts are being made to bring systemic reforms that make processes easier and efficient. "As part of this modernisation drive, we also aim to compare EPFO systems with the banking systems in India that are in place and are working well. For ease of living, bringing more transparency and ease of claims is also part of the plan," she said. Under the new system, claimants, beneficiaries or insured individuals will be able to access their claim amounts through ATMs. A maxi