Page 3 - Provident Fund

How to withdraw provident fund online: Step-by-step guide

Now, withdrawing money from your Provident Fund has become easier with the advent of online procedures. It is important to understand the nuances of withdrawal types and the documents required before

India's fresh formal job creation slowed to three-month low in February

In what suggests some robustness, nearly 67 per cent of the total new EPF subscribers belong to the 18-28 age group, a cohort mostly comprised of new entrants to the labour market

EPFO net subscribers' addition rises over 19% to 16.5 million in FY24

Retirement fund body EPFO registered over 19 per cent growth year-on-year to 1.65 crore members in 2023-24, as per the latest payroll data, showing improvement in the employment situation in the country. "In last 6 and half years alone, more than 6.1 crore members joined the EPFO (Employees' Provident Fund Organisation) fold, indicating formalisation of the job market," a labour ministry official told PTI. The data shows that the EPFO had added 61.12 lakh net subscribers in 2018-19, which increased to 78.58 lakh in 2019-20. However, it dipped to 77.08 lakh in 2020-21, mainly due to the pandemic effect and improved again to 1.22 crore in 2021-22 and 1.38 crore in 2022-23. The official informed that the net subscribers addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared to 1.38 crore in 2022-23. The net addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market, and the coverage of social security benefits to the

New EPFO rule for you: No need to request for PF transfer on changing jobs

The EPFO has rolled out a system that enables the automatic transfer of an employee's PF balance when they switch employers

Opted for old tax regime? Explore last-minute income tax saving options

Last-minute income tax saving options: ELSS funds, PPF, NPS, and fixed deposits are some of the popular options under section 80C. Don't forget health insurance

Govt on course to achieve small savings scheme collection target for FY24

The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said

Centre allows woman employees to nominate son, daughter for family pension

In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday. Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse's ineligibility or demise, the statement said. Union Minister of State for Personnel Jitendra Singh said that the Department of Pensions and Pensioners' Welfare (DoPPW) has introduced an amendment to the Central Civil Services (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, in place of of their spouse. The amendment will address situations where marital discord leads to divorce proceedings or cases filed under laws such as the Protection of Women from Domestic Violence Act, Dowry ...

NPS: Ambit of reasons for withdrawal expanded; use facility cautiously

Withdrawal made during tenure for other goals will erode retirement corpus

PFRDA seeks tax parity for NPS contributions with PF contributions

The aspiration is to take it to 14 per cent over the period to encourage wider acceptance of pension

EPFO extends deadline till May 31 for employers to upload pension details

Retirement fund manager EPFO has extended the deadline till May 31 for employers to upload wage details of those opting for higher pension to its database. Earlier, the deadline for employers to upload wage details for those opting for higher pension on higher contribution was December 31, 2023, a labour ministry statement said. EPFO (Employees' Provident Fund Organisation) had earlier provided all its subscribers an online facility for submitting applications for validation of option/joint options for pension on higher contributions. The higher pension option was offered to eligible pensioners/EPFO members in compliance with the Supreme Court order dated November 4, 2022. The online application facility was launched on February 26, 2023 with an initial deadline of May 3, 2023. However, considering the representations from the employees, the deadline was extended to June 26, 2023 in order to provide complete four months' time to eligible pensioners/members for filing ...

No pension, PF for I-T, GST tribunal members under amended tribunal rule

Earlier, serving judges of the High Court or the Supreme Court were appointed as chairperson or a member while staying in their existing service, and were entitled to pension and other benefits

EPFO to generate 16 mn net payrolls in FY24, says SBI Ecowrap report

More people might be sticking to current employment as number of members rejoining or resubscribing pension fund has declined, it says

Govt ratifies 8.15% interest rate on Employees Provident Fund for 2022-23

The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23. Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15 per cent on EPF for 2022-23 into the accounts of members. The order came after the finance ministry's concurrence to the EPF rate of interest approved by EPFO trustees earlier in March this year. Now the EPFO field offices will start the process of crediting the internet into subscribers' accounts. In March 2022, Employees' Provident Fund Organisation (EPFO) had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when t

CBI books EPFO official, 13 ex-employees of Jet Airways in PF fraud case

The CBI bas booked a Mumbai-based officer of EPFO and 13 former employees of grounded airline Jet Airways who had paid bribes to him to settle their provident fund claims, officials said Thursday. The case was handed over to the CBI after a probe by the Employees Provident Fund Organisation (EPFO) vigilance found alleged fraudulent activities of Machindra Jagannath Bamne, senior social security assistant posted at accounts section of its regional office in Kandivali(E). It emerged that Bamne received illegal gratification in his as well as his wife's bank accounts through multiple mode of online banking from employees of various establishments in lieu of their claim settlement. It is alleged that Rs 1.77 lakh were credited in his and his wife's accounts by 13 employees of Jet Airways which has stopped operations. "This aspect has been confirmed in the investigation by cross verifying the online credit entries in the accounts of the official and his wife with the corresponding debit

Byju's yet to pay provident fund for several months to many ex-employees

Byju's made contributions for December 2022, January, February and March on June 19 and then too all employees did not receive the payment

Personal finance: Here are the money changes and PF deadlines for June 2023

From more expensive third-party motor insurance to pricey E2Ws to new rules for safe deposit lockers, read it all here

EPFO fixes 8.15% interest rate on employees' provident fund for FY23

Fund paid 8.1% interest rate to subscribers in 2021-22, marking a four-decade low

EPFO marginally raises interest rate on PF deposits to 8.15% for FY23

Not enough to meet rising inflation, say some quarters; EPFO likely to distribute Rs 90,000 cr to members' accounts, on a total principal amount of Rs 11 trn

EPFO raises interest rate to 8.15% for FY23 from 8.1% last year: Report

Earlier, in March 2022, EPFO had lowered the interest on EPF to over a four-decade low of 8.1% from 8.5% in 2020-21

EPFO's new guidelines: How can employees opt for higher pension under EPS?

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension