EPFO is of the view that due to lockdown

EPFO is of the view that due to lockdown

EPFO is of the view that due to lockdown, many employers are facing difficulties to send the one time registration requests to the regional offices in the existing scenario.


EPFO to disburse restored pension from next month
The move will benefit 6,30,000 pensioners every month, although it will cost the government Rs 1,500 crore at a time when it is facing a resource crunch due to the Covid-19 virus outbreak and the related nationwide lockdown that has hurt the economy.

EPFO is of the view that due to lockdown

Advance pension amounting to Rs 764 crore under EPS disbursed in April: EPFO
"All 135 field offices of EPFO processed pension payment for April, 2020 in advance to avoid inconvenience to pensioners on account of nation wide Covid-19 lockdown," EPFO said in a statement.


EPFO sets up ex-gratia death relief fund for families of employees who die due to coronavirus
The decision has been taken in the wake of provident fund and pension services been declared as essential during the nationwide lockdown since March 23.


3.31 lakh PF withdrawal claims processed in 15 days: EPFO
Government had notified the special withdrawal provision from the EPF Scheme on March 28 to tide over the COVID-19 pandemic as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) package.


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EPFO extends challan filing date for employers by a month to May 15
"The employers disbursing the wages for March 2020 not only get relief of extension of due date for payment of EPF dues for March, 2020 but also avoid liability of interest and penalty, if they remit on or before May 15, 2020," EPFO added.

EPFO is of the view that due to lockdown

Exempted PF trusts disburse over Rs 481 crore under PM Garib Kalyan Yojana
Under the scheme, notified on March 28, members can avail non- refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to the member’s credit in the EPF account, whichever is less, to tide ove the financial crisis emerging out of COVID-19.


Net enrolments with EPFO dips to 10.34 lakh in Feb from 10.71 lakh in Jan
During the April-February period in 2019-20, the number of net new subscribers rose to 76.53 lakh compared to 61.12 lakh recorded by Employees' Provident Fund Organisation (EPFO) during the entire 2018-19.


Don't cut salaries or resort to layoffs: EPFO appeals to employers
New Delhi: Amid the ongoing lockdown imposed to contain the transmission of coronavirus, which has forced companies to halt operations temporarily or ask employees to work from home, the retirement fund body Employees' Provident Fund Organisation (EPFO) has requested employers for neither cutting salaries of employees nor laying them off.Don't cut salaries or resort to layoffs: EPFO appeals to employers


EPFO, CMPFO merger on cards
CMPFO’s payments have started exceeding inflow since 2016-17.


8.2 lakh workers dip into retirement savings to survive in lockdown
Claims settlement involves disbursal of total amount of Rs 4,684.52 crore which includes Rs 2,367.65 crore COVID claims under the PMGKY package. The exempted private PF trusts have also risen to the occasion amidst the COVID-19 pandemic.


Coronavirus impact: EPFO asks for timely credit of monthly pension to EPS pensioners
The Central Provident Fund Commissioner has directed the field offices of EPFO to generate and reconcile pensioners' details and pension amount statements for the current month by 25th March 2020.

EPFO is of the view that due to lockdown

CMPFO dismantles panel studying EPFO merger
Late last month, CMPFO had in a letter informed that a three-member panel was formed to examine the merger following a letter from the ministry in early March. In a statement issued last week, CMPFO said that its letter, by which the panel to examine the issue of merger was constituted, has been withdrawn by the competent authority since presently there was no such proposal under consideration.


EPFO eases compliance burden for companies
As per EPFO, in the current scenario the businesses and enterprises are not able to function normally and are facing liquidity or cash crunch to pay their statutory dues even though they are retaining the employees on their rolls.


EPFO directs field offices to timely credit pension to 65 lakh EPS beneficiaries
Retirement fund body EPFO on Monday said it has issued directions for timely credit of monthly pension to over 65 lakh employees' pension scheme (EPS) beneficiaries amid the coronavirus outbreak.


EPFO slashes interest rate on deposits to 8.5% for FY20
Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday. The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.EPFO slashes interest rate on deposits to 8.5% for FY20


EPFO mulls rate cut on PF deposits to 8.5% for FY20
The EPFO is considering a cut of 15 basis points in the interest rate on PF deposits in FY20 to 8.5%.


Govt proposes to relax EPF withdrawal rules
As per the announcement, due to pandemic situation, the government will amend Employees Provident Fund withdrawal rules and also, will pay both employer and employee contrition to the EPF account for the continuity of the account for the next three months.


4 lakh tap on EPFO Covid-19 window
The Employees’ Provident Fund Organisation has received 400,000 requests for withdrawals under a special Covid-19 window announced 13 days ago to provide relief to subscribers in financial need.

EPFO is of the view that due to lockdown

PF rates slashed to 7-Year Low of 8.5%
The proposed rate is 15 basis points lower than 8.65% announced for FY 2018-19. The finance ministry will have to vet the interest rate of 8.5% agreed upon by CBT before it is notified by the labour ministry.


EPF interest rate lowered by 15 bps to 8.5% for FY20
The interest rate is a big sentiment booster and any cut may further hit the employee sentiment.


10.34 lakh new enrollments in February 2020: EPFO
However, during the April-February period in 2019-20, the number of net new subscribers rose to 76.53 lakh compared to 61.12 lakh recorded by the EPFO in entire 2018-19. The net new enrolments were 15.52 lakh during September 2017-March 2018. The latest data showed that during September 2017-February 2020, around 3.29 crore (gross) new subscribers joined the Employees' Provident Fund Scheme.


Pension commutation under EPFO from Jan 1
The move, which comes 10 years after the provision was withdrawn, follows a decision at a recent meeting of the EPFO’s central board of trustees and will benefit around 630,000 pensioners.


No tax implications of coronavirus relief withdrawals from EPF: EPFO
The withdrawal can also be done online. For this, one must have an activated Universal Account Number (UAN), the Aadhaar should be verified and linked with the UAN and the bank account with IFSC Code should be seeded with UAN.


EPFO eases norms for changing date of birth in records, linking UAN with Aadhaar
As per the circular, EPF members can now correct the date of birth up to plus or minus three years instead of one year earlier. This would make the linking of Universal Account Number (UAN) with Aadhaar easier.


EPFO to accept Aadhaar as birth proof online from subscribers
EPFO has instructed field offices to expedite disposal of online requests, enabling PF members in financial distress, to apply online for availing non refundable advance from their provident fund accumulations to tide over the COVID-19 pandemic.


Lower PF contribution may be allowed for select class of workers
A senior government official told ET that lower contribution rule under PF will not apply to all.


EPFO to focus on subscribers' convenience, ease of doing business through digital tools in 2020
Employees' Provident Fund Organisation (EPFO) is undertaking several digital initiatives including online Universal Account Number (UAN) generation facility for subscribers and e-inspection system for employers.


EPFO settles 10 lakh withdrawal claims including 6 lakh COVID-19 advances in last 15 days
A provision for withdrawal from the EPF Scheme to fight COVID-19 pandemic was announced by the government and an urgent notification issued, providing for non-refundable withdrawal to the extent of basic wages and DA for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less.


Currently there are 4.5 crore active EPFO members: Labour minister
“The number of active members under EPFO, at present, are 4,50,60,972 (contributing UANs of last three wage months viz. August, 2019 to October, 2019)," said labour and employment minister Santosh Kumar Gangwar .


5 reasons for rejection of EPF withdrawal claim and how to avoid it
Given below are 5 reasons why your EPF withdrawal claim can get rejected by the EPFO and what you should do to avoid the rejection of a claim.


CBI questions IAS officers Alok Kumar, Aparna U in UPPCL provident fund scam
The CBI today examined two IAS officers: Alok Kumar, the then Chairman of Uttar Pradesh Power Corporation Limited (UPPCL) and Aparna U, the then Managing Director of UPPCL in connection with its ongoing probe into the the over Rs 2,268 crore Employee Provident Fund scandal.


Covid-19: EPFO urges its subscribers to avail various services online
"In view of government of India guidelines to contain spreading of COVID-19, Employees’ Provident Fund Organization (EPFO) advises it members, pensioners and employers to avail various online services offered by EPFO, from the comfort of their homes, and to avoid visiting EPFO offices," the Employees Provident Fund Organisation said in a statement on Friday.


EPFO defers March dues payment till May 15; provides relief to 6 lakh firms, 5 crore subscribers
This decision of Ministry of Labour and Employment is to support and provide relief to employers of establishments which have disbursed wages for March, 2020 to its employees and an incentive to employers for wage payment to employees during COVID-19 pandemic, a Labour Ministry statement said.


Low on cash due to covid lockdown? You can tap into your EPS account
EPFO announced in March 2020 that its members can withdraw money from their Employees' Provident Fund corpus to tide over the coronavirus crisis. As of April 28, EPFO has settled a total of 12.91 lakh claims. Most employees have EPF accounts. Of these, eligible employees have Employees' Pension Scheme (EPS) accounts too, which means that their EPF corpus also has a pension component. In this video, Shambhavi Mehrotra of ET Online takes you through how and when you can withdraw from your EPS account, if you have one.Low on cash due to covid lockdown? You can tap into your EPS account


EPF withdrawal: How to check, change bank account details in your EPF account
It is important that your correct bank account with IFSC is linked to your Universal Account Number (UAN) to receive the credit of EPF funds timely.


EPFO settles Rs 7.40 lakh COVID-19 claims under PMGKY entailing an outgo of Rs 2367.65 crore
"222 private sector establishments disbursing Rs 338.23 crores to 54,641 beneficiaries, 76 public sector establishments disbursed Rs 524.75 crores to 24,178 beneficiaries and 23 cooperative sector establishments disbursed Rs12.54 crores to 924 claimants," EPFO said in a statement.


EPFO settles 1.37 lakh PF withdrawal claims worth around Rs 280 cr to ease lockdown woes
The system as it stands today is processing all applications which are fully KYC (know your customer) compliant within less than 72 hours.


Now workers can generate UAN from EPFO portal directly
At present, workers are required to apply through their employers to get the universal account number (UAN), which enables them to avoid filing PF transfer claims on changing jobs. Now they do not have to depend on his or her employer for getting the UAN. The UAN remains the same throughout the life of a worker.


Big announcement for EPFO subscribers under PM Gareeb Kalyan Scheme, govt will pay workers' PF for 3 months
This will be applicable for establishments with up to 100 employees, where 90% of employees drawing less than Rs 15,000 salary. Benefiting 4.8 crore employees the govt also amended EPFO regulations to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.


Now, registration for EPFO, ESIC to be done on corporate ministry portal
"As part of the ongoing efforts to improve India’s ranking in the doing business report 2021, ministry of labour and employment has completed the reform to integrate process of registration for GST, EPFO, ESIC and profession Tax for Maharashtra with company incorporation” in tandem with the MCA," labour ministry said in a statement.


20% of temporary staff may not be able to avail full benefit of PF withdrawal: Indian Staffing Federation
The staffing federation has written to labour ministry last week asking them to re-look into the issue.


EPFO portal: How you can log in to your account
Before you log in to your account on the EPFO portal, it is important that your UAN is active. If your UAN is activated for the first time, an SMS will be sent on your mobile number containing the password to login to the EPFO portal account.


EPFO adds over 7.2 m accounts in 9 months
The number of accounts added by the government-managed pension fund during April-December 2019 was higher compared with the 6,112,223 accounts added in the entire fiscal 2018-19. However, the number of new employees added in December fell marginally to 1,008,600 from 1,162,863 in November.


11.56 lakh new members join ESIC scheme in February
The report said gross enrolments of new subscribers with ESIC were 1.49 crore during 2018-19. It also showed that during the period from September 2017 to February 2020, around 3.75 crore new subscribers joined the ESIC scheme.


EPFO notifies new rules for stenographer's recruitment
EPFO is seeking employment of 187 stenographers at Level 4 pay scale, to be revised for 30% of stenographers to Level 6 on completion of five years of regular service. As per the notification, the central board in consultation with the central government may relax any of the provisions of these rules with respect to any class or category of persons.


EPFO to launch e-inspection system to simplify process
EPFO proposed to amend the Act to limit enquiry period to a maximum of two years in order to curtail harassment.


Labour ministry to compile data on layoffs, pay cuts
PM Narendra Modi has appealed to Indian firms to be considerate to employees.


Labour ministry notifies provident fund contribution scheme
Under the scheme, the central government will grant relief in form of credit of EPF & EPS contributions (24% of wages) for three months in UANs of contributory EPF members, earning monthly wage of less than Rs 15,000.


EPFO approves changes in Employees' Pension Scheme to restore commutation of pension
The move would benefit the pensioners who had opted for commutation and got a lump-sum amount at the time of retirement before 2009.


EPFO appoints UTI AMC, SBI Mutual Fund as fund managers
The appointment of the fund managers for another term of three years had been pending with the EPFO since April last year.


Rating cuts in Yes Bank add to worries of long-term bond investors including LIC and EPFO
Long-term investors hold tier-II bonds worth more than Rs 22,000 crore in Yes Bank


How to withdraw from EPF if you need money due to coronavirus
The government has amended the EPF withdrawal rules which allow a member to withdraw money in case of emergency due to coronavirus related financial exigencies from their EPF account.


Govt notifies 8.65% interest rate for over 6 crore EPFO members for 2018-19
The EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts on higher rate of 8.65 per cent for 2018-19.


Over 6 crore EPFO members will get 8.65% interest for 2018-19: Labour minister Gangwar
Labour Minister Santosh Gangwar on Tuesday said over 6 crore EPFO members will get 8.65 per cent interest on their deposits for 2018-19. The Central Board of Trustees -- the apex decision-making body of the Employees' Provident Fund Organisation (EPFO) -- had approved 8.65 per cent interest rate for the last fiscal in February this year. The proposal was sent for the concurrence of the finance ministry.Over 6 crore EPFO members will get 8.65% interest for 2018-19: Labour minister Gangwar


Over 6 crore EPFO members to get 8.65% interest for 2018-19: Labour minister
"...ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19," said Labour Minister Santosh Gangwar.


How to update job leaving date yourself in EPFO records online
EPFO has launched an online facility where EPF account holders can update the exit date in the records.


How to apply online for advance from your EPF corpus
An advance under the amended paragraph can be sought through the same process by which all other advances are granted. No separate procedure is prescribed. Members can apply online.


Labour Ministry notifies 8.65% interest rate on EPF for 2018-19
The EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts at a higher rate of 8.65 per cent for 2018-19.


Covid-19: Public, pvt cos told not to cut salaries, lay off staff
The government asked public and private establishment employers not to cut salaries or lay off employees during the coronavirus pandemic.


Covid-19 outbreak: PF relief for staff, firms on the cards
The employer is liable to pay interest of 12% per annum for every day that there is a delay in payment into the EPF account. Besides, there is a penalty of 5-25% per annum for delays ranging from up to two months to more than six months.


EPFO says it will stick to 8.65% rate for FY19
The finance ministry has objected to the proposal for increasing the payout for 2018-19 to 8.65% from 8.55% and sought a review. EPFO has cited adequate reserves to counter the objection.


Labour ministry drops the plan to corporatise EPFO
The ministry’s proposal to corporatise the EPFO had faced severe criticism. In its latest draft code released in September, it had proposed a corporate structure to be headed by a CEO.


8.65% interest on EPF to be notified soon: Labour Minister
In February, the Central Board of Trustees, headed by the labour minister, had decided to raise the interest rate on EPF to 8.65% for 2018-19.


EPS pensioners can submit their life certificate any time during the year
Remember this decision of EPFO is applicable to only those pensioners who are covered under the Employees' Pension Scheme, 1995, i.e. non-government pensioners covered under Employees Provident Fund Scheme during their working years.


EPFO recovers Rs 459 crore PF dues out of Rs 1,251 crore outstanding in 2018-19
The total backlog or outstanding provident fund dues of EPFO during 2018-19 was Rs 791.63 crore, Labour Minister Santosh Gangwar said in a written reply to the Rajya Sabha.


Your Aadhaar number can help you download your UAN, PPO from DigiLocker. Here's how
The Employees' Provident Fund Organisation (EPFO) announced on its Twitter handle that the Pension Payment Order (PPO) number and Universal Account Number (UAN) are now available on the government's e-locker service DigiLocker.


EPFO's investment in ETFs at Rs 86,966 cr till September
The Employees' Provident Fund Organisation (EPFO) is investing in ETFs (Rs 86,966 crore) based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 Indices. Labour Minister Santosh Gangwar told the Lower House that the EPFO does not invest in shares and equities of individual companies.


EPFO may move Supreme Court against high pension
Officials argue that monthly contribution to EPS is too low and will not be able to sustain higher pension.


Labour ministry keen to retain 8.65% interest rate on EPF deposits for 2019-20
Speculations are rife that the interest rate on EPF may be lowered to 8.5% for the current fiscal, a tad lower than 8.65% provided for 2018-19. As per sources, the agenda for the CBT meeting has not yet been finalised and it is difficult to predict EPFO's income projections for the current fiscal, which will be the basis for fixing the rate.


ED attaches assets of EPFO officials in PMLA case
The ED had earlier raided the premises of Singh and recovered Rs 10.60 lakh cash, gold and diamond jewellery worth Rs 27 lakh apart from documents relating to fixed deposits, postal deposits and immovable properties.


Now, full pension after 15 yrs of commutation post retirement
The move is expected to benefit 630,000 pensioners and substantially increase pensions for those members of the Employees Provident Fund Organisation (EPFO) who retired before September 26, 2008 and had opted for partial commutation of pension. This will benefit such employees as it will lead to restoration of full (higher) pension after 15 years.


Provident funds lend more to states in chase for better returns
The hike in investment to state government bonds could also be on account of a flight to safety from private bonds.


12.67 lakh new jobs created in December: ESIC payroll data
The report also showed that during the September 2017-December 2019 period, around 3.50 crore new subscribers joined the ESIC scheme. The NSO's report is based on the payroll data of new subscribers of various social security schemes run by ESIC, retirement fund body EPFO and the Pension Fund Regulatory and Development Authority (PFRDA).


EPFO backs plan to allow subscribers’ NPS switch
The National Pension System (NPS) is a voluntary, defined contribution programme administered and regulated by PFRDA.


UTI asset to also manage EPFO corpus
The scheme is managed under the aegis of Employees' Provident Fund Organisation (EPFO).


Does pension from EPFO qualify for standard deduction?
"The pension received from EPFO is taxable under the head salary and it will qualify for the standard deduction. "


IL&FS defaults: EPFO board to assess impact
Standalone PFs are estimated to have IL&FS investment in the range of Rs 15,000-20,000 crore, ET reported on January 16.


Do India's Labour Code tweaks amount to reform by stealth?
Labour laws codifications has given flexibility to the govt to notify changes in labour laws as per requirement.


8.96 lakh jobs created in Jan, 76.48 lakh in last 17 months: EPFO payroll data
The addition in Jan was 131% higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month.


PFRDA may become regulator for all pension products
The Finance Ministry and board of regulators have given an in-principle nod to the proposal. Once the PFRDA Act is amended, it could give powers to the regulator to manage the handling of NPS trust to the government.


EPFO pensioners to get pension calculation statement: Move aimed at reducing grievances
This would lead to greater transparency and enable the pensioners to detect errors in calculation, if any and get them corrected faster.


Streamlining policies & procedures in relation to disposal of public grievances: Labour minister
Labour and Employment Minister Santosh Kumar Gangwar told the House that the ministry is progressively reviewing and streamlining policies and procedures in relation to disposal of public grievances. The grievances include those related to EPFO, ESIC, Chief Labour Commissioner (Central).


Rules for recruitment of hindi translators in EPFO notified
These will be Group-B non-ministerial role position and anyone below 30 years of age can apply for the post.


EPFO to take action against firms not factoring special allowance for EPF computation
The apex court in its judgement has ruled that special allowance is part of the basic wages for computing the employees provident fund (EPF).


Government to launch 10-in-1 form for starting business faster
With the help of the new form, which is to be rolled out on February 15, the government hopes to reduce the time taken as well as the cost for registering a company that was estimated at around 4 hours in December-January.


EPFO in talks with NHAI to enhance funding for road projects
The NHAI is in talks with EPFO, which is looking to invest longterm funds in the road sector, two people aware of the matter said.


EPFO members may get an option to draw pension after 60
The proposal to increase the superannuation age is expected to help a beneficiary grow his/her pension kitty.


EPFO likely to retain interest rate at 8.55% for FY19
"The interest rate would be retained at 8.55 per cent for the current fiscal as provided in 2017-18 in view of forthcoming Lok Sabha elections," the source said.


SC ruling on higher pension from EPFO may pave way for you to become EPS member
Going forward, the pension may be calculated on the basis of average salary of last 12 months.


4 ways to link PF account with Aadhaar
As per the unified portal of EPFO, if you wish to file an online claim for your EPF, then you have to mandatorily link your UAN with Aadhaar.


EPFO to invest 50% each in Nifty and Sensex
At present, 75 per cent of the funds are allocated to Nifty and rest to the Sensex.


Board of trustees okays EPFO exit from DHFL
The board has approved EPFO’s exit from DHFL to retrieve its money for workers’ welfare.


EPFO likely to appoint 3 AMCs as fund managers
Now the proposal finalised would be placed before the EPFO’s apex decision-making body Central Board of Trustees.


ETFs emerge as preferred investment vehicle for institutions, led by EPFO
There are a few reasons for the rising interest of institutional investors in ETFs.


Finance Ministry ratifies 8.65% interest on EPF for 2018-19
Earlier in February, the Central Board of Trustees had decided to raise the interest rate on EPF to 8.65 per cent for 2018-19.


EPFO may give subscribers option to increase stock investments in new year
The EPFO is developing a software that will show savings in cash and ETF components separately.


EPFO invites application for posting employees in Jammu, Kashmir, and Ladakh
A decision to start operations in Jammu, Kashmir and Ladakh was taken at the 225th meeting of the Central Board of Trustees of EPFO.


Fewer new jobs in FY'20: Report
While the EPFO data suggests that annualised new enrolments could be 106.2 lakh crore for FY’20, the SBI research team calculations show that actual annualised net new payroll could be 73.9 lakhs, about 21 per cent or 15.8 lakh lower than actual net new pay roll generated in FY’18.