EPFO stands for Employees’ Provident Fund Organisation. It is a retirement fund body which on a mandatory basis provides Universal Social Se... Read more
EPFO stands for Employees’ Provident Fund Organisation. It is a retirement fund body which on a mandatory basis provides Universal Social Security Coverage to all salaried employees in India.The EPFO is one of the world's largest social security organisations in terms of clientele and the volume of financial transactions undertaken. According to the EPFO website, at present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members. The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 and Schemes framed are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India – namely EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI). The EPFO’s Central Board of Trustees after consultation with the Ministry of Finance reviews the interest rate of EPF every year, for a financial year.*Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
- Formal job creation down for two fiscals after record FY23
Net formal job creation under EPFO has declined for two consecutive years through FY25, falling from 13.8 million in FY23 to 12.9 mn. This decrease is attributed to the high base of FY23 due to the Atmanirbhar Bharat Rojgar Yojana. Experts note that this slowdown doesn't align with India's recent high economic growth, suggesting private sector caution amid geopolitical uncertainty. - EPFO sees record number of net formal jobs added in June
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- How to update your date of exit in EPF account online
- First-time job seekers benefit most by PMVBRY: Provident fund official
Salil Sankar, Regional PF Commissioner I, EPFO, highlighted that PMVBRY significantly aids first-time job seekers by addressing employers' concerns about initial low productivity. The scheme offers incentives, ranging from wage percentages to fixed amounts, for employers hiring new employees. Pavan Jasti, Regional Commissioner-II, EPFO, emphasized the streamlined process for both employers and employees, ensuring easy scheme adoption. - EPFO's net payroll addition in May 2025 at record high of 20.06 lakh
The EPFO witnessed a record addition of 20.06 lakh net members in May 2025, marking the highest since April 2018, driven by 9.42 lakh new employees. The 18-25 age group dominated new subscriptions, while rejoining members also showed a significant increase. Female subscribers and specific industries like expert services contributed to this substantial growth in formal employment. - Labour ministry notifies minimum assurance benefit criteria for EDLI subscribers
The labour ministry has relaxed criteria for the Employees’ Deposit Linked Insurance (EDLI) scheme, ensuring a minimum assurance benefit of Rs 50,000 for beneficiary families, even with a lower average provident fund balance. Gaps of up to sixty days between employment spells will be ignored for eligibility. - ADVERTISEMENT
- EPF withdrawals made easier for PF members but this impacts your retirement corpus
- New Employment Linked Incentive Scheme from August 1, 2025, to give one month's EPF wage: Who is eligible and how much money they can get
The newly introduced schemes showcase the government's focus on employment generation. The schemes will be applicable for jobs created between August 1, 2025, and July 31, 2027, across all sectors, with a substantial budget allocation of Rs 99,446 crore dedicated to incentivizing both employees and employers. - Employment-linked incentive scheme: Who will benefit?
The Union Cabinet has approved the employment-linked incentive scheme (ELI) with an outlay of Rs 99,446 crore, effective August 1st. New employees earning up to Rs 1 lakh per month will receive incentives up to Rs 15,000, while employers can get up to Rs 3,000 per month for two years per additional employee. - Fool-proof mechanism in place to implement employment linked incentive scheme: Labour Ministry
The Labour Ministry has devised a digital mechanism for the Rs 1.07-lakh crore Employment Linked Incentive (ELI) scheme, aiming to generate 3.5 crore jobs in two years. Implemented through EPFO, the scheme learns from ABRY's shortcomings, ensuring direct benefit transfers to employees and employers. - Over 3 crore jobs coming soon: Cabinet approves ELI scheme with an outlay of Rs 99,446 cr
The Union Cabinet has approved the Employment Linked Incentive (ELI) Scheme with an outlay of Rs. 99446 crore, aiming to generate over 3.5 crore jobs. This scheme incentivizes first-time employees and supports sustained employment, particularly in the manufacturing sector, by providing wage support and incentives to employers for creating additional jobs. - Late, missing PF contributions by employer today could prevent your PF withdrawal, transfer later: Here’s how to track your EPF properly
Your Employee Provident Fund withdrawals can face rejection due to discrepancies in contributions and employment records cause issues. Missing or delayed payments by employers create problems for employees. Hence, employees should regularly monitor their EPF accounts, and must report discrepancies to employers and the EPFO. You can track your EPF contributions through UMANG app. - EPFO member may soon be able to withdraw EPF money through ATMs, UPI directly
Employees' Provident Fund Organisation subscribers might soon access their EPF money directly. They can use ATMs or UPI after linking bank accounts. The labour ministry is working on this project. A portion of the EPF will be frozen. A large part will be available for withdrawal. The EPFO is resolving software challenges. - EPFO raises advance claim limit under auto settlement mode to Rs 5 lakh
The move is expected to benefit over 70 million subscribers of the Employees’ Provident Fund Organisation who will not get up to Rs 5 lakh of advance claims as against Rs 1 lakh earlier within three days without any human intervention, ensuring quick turnaround and transparency. The move is aimed at enhancing ease of living for EPFO subscribers, the ministry of labour and employment said on Tuesday. - EPFO increases auto-settlement limit for EPF advance claims from Rs 1 lakh to Rs 5 lakhs: Mansukh Mandaviya
- Deadline to activate UAN for EPFO's ELI Scheme extended again; Check new last date, how to activate your UAN and avail benefits
- Overlap in service periods? EPFO simplifies transfer claim process of overlapping service periods
- Finance Ministry OKs 8.25% EPF interest rate
The government has approved an 8.25% interest rate on Employees' Provident Fund (EPF) deposits for FY 2024-25, benefiting over 70 million subscribers. The labour ministry has instructed EPFO to credit the interest, unchanged from FY24, after finance ministry approval. EPF offers high, stable returns and tax benefits, making it an attractive investment for salaried individuals. - Govt ratifies interest rate of 8.25% on employees' provident fund for FY25
The central government has approved an 8.25% interest rate for Employees' Provident Fund deposits for fiscal year 2024-25. This benefits over 7 crore subscribers. The rate matches last year's, supported by strong income. EPFO also saw a surge in auto-claims settlements. You can check your EPF balance easily. Use the UMANG app, EPFO portal, or a missed call. - EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know
- EPFO's scheme more beneficial for construction workers: Regional provident fund commissioner
The Employees' Provident Fund Organisation scheme offers superior protection for construction workers. A regional provident fund commissioner ruled this after a Kerala High Court directive. The ruling resolves conflict between EPF and BOCW Acts. EPF scheme provides lifetime pension and death benefits. It also offers portability and better access. BOCW scheme faces challenges of inefficiency and underutilisation. - EPFO simplifies provident fund transfer process, benefits 12.5 million members
Employees' Provident Fund Organisation has made provident fund transfers easier. Now, employer approval is not needed in many cases. This benefits over 12.5 million members. The system also divides taxable and non-taxable PF amounts. This helps calculate tax deductions accurately. The move will speed up transfers worth around ₹ 90,000 crore yearly. - Record formal job creation likely in 2024-25, but fewer new employers join EPFO
India anticipates a record high in formal job creation for fiscal year 2024-25. This suggests strong hiring driven by robust economic growth. Preliminary data from the Employees' Provident Fund Organisation indicates a surge in net formal jobs. The cumulative figure is expected to surpass previous records. However, new establishments joining the EPFO may be among the lowest since 2018-19. - Net formal job creation under EPFO rises 4% to 1.6 million in Feb
Net formal job creation under EPFO saw a rise to 1.6 million in February, a 3.99% increase from the previous year, with 0.74 million new subscribers. A significant portion, 57.7%, were young individuals aged 18-25, indicating a trend of first-time job seekers. Female participation also increased, with net additions of around 0.3 million, reflecting a more inclusive workforce. - EPFO 3.0 launch soon: Faster claims, ATM withdrawals & more
The EPFO is launching Version 3.0 by June to benefit over 9 crore users with ATM withdrawals and faster claim processing, according to Union Minister Mansukh Mandaviya. This digital overhaul aims to simplify services, eliminating complex forms and physical visits. The new system will enable OTP-verified account updates and easy fund monitoring. - EPFO enables face authentication for UAN generation and activation
This is part of the series of measures announced by EPFO over the last one month under EPFO 2.0 initiative to streamline processes and simplify procedures. The move aimed at enhancing the ease of living for millions of EPFO subscribers while fast-tracking UAN generation and activation for all EPFO subscribers. - EPFO simplifies claim settlement process; move to benefit over 77 million subscribers
EPFO has simplified its claim settlement process for over 77 million members by removing the need for a cheque leaf image and attested bank passbook. Additionally, employer approval is no longer required for seeding bank account details with UAN, expediting the claim settlement process and reducing grievances. - Job schemes being reworked to safeguard against fund misuse
The government is revising the proposed employment-linked schemes to prevent misuse of funds. The Cabinet returned the Labour Ministry's proposal seeking amendments for genuine employment generation. The ministry, wary of past fund misuse, plans audits and stronger monitoring to ensure transparency. The revised schemes aim to create 29 million jobs over five years with ₹1.07 lakh crore funding. - EPFO ropes in 15 additional banks for direct transactions
The Employees’ Provident Fund Organisation has partnered with 15 more banks, totaling 32, to enable direct transactions. This move facilitates easier payment processes for employers and supports EPFO's significant number of subscribers and pensioners, aligning with the vision for a developed social security framework in India. - Provident Fund boost for 7.5 crore Indians! Govt to raise auto settlement of PF withdrawal limit to ₹5 lakh
The EPFO has decided to enhance the auto settlement of advanced claim (ASAC) limit from Rs 1 lakh to Rs 5 lakh, aiming to improve the ease of living for its 7.5 crore members. This enhancement, along with the introduction of UPI for PF withdrawals, will streamline the process and significantly reduce settlement time. - For pension products, common regulatory framework on table
The government plans to create a unified regulatory framework and grievance redressal mechanism for all retirement schemes. This will address India's pension gap and reduce supervisory overlaps. New products will be developed to extend pension coverage, and existing schemes may be merged under one umbrella. - EPF's EDLI scheme: 3 changes announced for death benefit
- Going abroad? How to handle your EPF when you move to another country
It is crucial to manage your EPF account before relocating abroad for work, as you can withdraw the balance immediately. The process includes submitting the appropriate forms, and retaining the account could be beneficial for temporary relocations. Additionally, some countries have Social Security Agreements with India to avoid dual contributions. - EPF interest rate 8.25% for 2024-25: What’s actual interest amount you will get in your EPF account now? Here’s how to calculate it
EPF interest rate 8.25%: The Labour Ministry has retained the 8.25% interest rate for the current financial year 2024-25. Once the interest rate is notified by the finance ministry, the EPF account holders will get the interest credited to their EPF account. Very few EPF account holders are aware of how EPF interest is calculated. - EPFO employees can now shift from National Pension System (NPS) to Unified Pension Scheme (UPS)
The 112th meeting of the executive committee (EC) of the central board of trustees, EPF under labour and employment secretary Sumita Dawra on Tuesday formally adopted the unified pension scheme (UPS) for EPFO employees. The UPS is expected to ensure financial security post-retirement, offering a minimum guaranteed pension along with additional benefits such as family pension provisions and dearness relief adjustments, the ministry of labour and employment said in a statement issued on Wednesday. - Net formal jobs under EPFO up 2.5% in December to 1.60 million: Payroll data
As per the provisional EPFO payroll data, released by the ministry of labour and employment on Tuesday, December 2024 witnessed a month-on-month increase of 9.58% compared to 1.46 million formal jobs created in November 2024. Net new subscribers added to EPFO stood at 1.28 million in April, 1.35 million in May, 1.39 million in June, 1.61 million in July, 1.58 million in August, 1.88 million in September and 1.34 million in October 2024. - Voluntary pension scheme for all on cards: Won’t be tied to employment, will be open for all
India is exploring a Universal Pension Scheme that is voluntary and contributory, aimed at offering social security to all individuals. The scheme will incorporate existing central pension programs to streamline processes, extend benefits to unorganized workers, and include traders and self-employed individuals for comprehensive coverage. - EPFO working to offer members a consistent interest rate regime
EPFO: The government is considering creating an interest stabilisation reserve fund under the Employees' Provident Fund Organisation to ensure a constant interest rate for over 65 million subscribers regardless of investment returns. This reserve fund aims to prevent significant fluctuations in interest rates, especially during market downturns. - Gig workers may soon get pension benefits via EPFO
The Ministry of Labour and Employment is set to introduce a policy granting pension benefits to gig and platform workers through the Employees' Provident Fund Organisation. This will supplement the existing health cover under PM Jan Aarogya Yojana. The pension plan, funded by aggregators, aims to provide financial security for gig workers, recognizing their significant contribution to the services economy. - EPFO settles record 5-cr claims worth over Rs 2 lakh cr in FY25
- Labour minister Mansukh Mandaviya directs EPFO to expedite disposal of cases related to pension on higher wages (PoHW)
Labour and employment minister Mansukh Mandaviya has directed EPFO officials to expedite pension-related cases and improve claim settlement efficiency. In a virtual review meeting, he emphasized the importance of activating Universal Account Numbers for new members and enhancing service delivery through effective implementation and governance. - EPF members can now use Digilocker to submit Joint Declaration (JD) requests for profile related changes
The EPFO intends to increase processing speed and accuracy by lowering paperwork and facilitating digital submissions using Digilocker. The revised process will ensure that even members in special circumstances such as deceased members or members of closed establishments can finish their declarations in paper form. - Formal sector jobs rebound in November
Net formal job creation under EPFO saw significant improvement last November, with 1.46 million net jobs created. Recruitment was highest among the under-25s, reflecting growing employment opportunities and successful outreach programs. This represents a 4.88% rise year-on-year and a 9.07% increase from October. - Net formal job creation under EPFO rebounds in November 20204 after touching a five-month low in October
Provisional payroll data of EPFO, released by the ministry of labour and employment on Wednesday, shows that the retirement fund body witnessed a year-on-year jump of 4.87% in November 2024 to 1.46 million compared to 1.39 million in November 2023 a month-on-month increase of 9.07% when compared to 1.34 million formal jobs created in October 2024. - The Employees Provident Fund (EPF) Calculator
- EPFO can initiate assessment proceedings during liquidation: NCLAT on companies under IBC
- EPFO rolls out centralised pension payment systems across India
The Employees’ Provident Fund Organisation implemented the Centralized Pension Payments System, which allows pensioners to access their pension from any bank or branch nationwide. The system aims to streamline the payment process, eliminate the need for physical verifications, and ensure seamless pension disbursement for over 7.85 million pensioners. - New EPS rules from January 1, 2025: EPS pensioners can get pension from any bank branch in India
- Road map in works to speed up EPFO claim settlements
The Ministry of Labour and Employment has established a committee to improve the auto claim settlement process at EPFO, targeting reduced manual interventions and rejections. The committee aims to streamline validations and ensure faster processing for over 75 million subscribers, submitting its report next month. - EPFO extends deadline for UAN activation and linking bank account to Aadhaar for ELI scheme benefits; check last date hereEPFO extends deadline for UAN activation and linking bank account to Aadhaar for ELI scheme benefits; check last date hereELI under EPFO: The deadline for activating Universal Account Number (UAN) and linking of bank account to Aadhaar for getting Employement Linked Incentive Scheme (ELI) benefits has been extended again. The original deadline was November 30, 2024 which was later extended to December 15, 2024. This deadline has now again been extended.
- Smooth EPF transfer while changing jobs: How to seamlessly transfer your retirement savings online without any hassleSmooth EPF transfer while changing jobs: How to seamlessly transfer your retirement savings online without any hasslePF balance trasnfer: When changing jobs do remember to transfer your provident fund balance to the new company using the Employee Provident Fund Organisation website. Bishen Jeswant, Partner, Cyril Amarchand Mangaldas, says applying for transfer of EPF when switching employment is a fairly routine process if the individual employee’s UAN (Universal Account Number) is active on the EPFO portal
- Higher EPS pension: You will not receive higher pension from EPS if your employer does not do this by January, 2025Higher EPS pension: You will not receive higher pension from EPS if your employer does not do this by January, 2025Higher EPS pension: The EPFO has given one last chance to the employers to upload wage details of the employees to process the higher EPS pension application. If all the employers (old or new) do not accept the pension application, an individual will not be eligible to receive higher pension.
- EPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour secyEPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour secyThe Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation are exploring options for subscribers to access claim settlements through e-wallets. The Labour Ministry is in discussions with banks and the Reserve Bank of India to develop a practical mechanism for direct transfer of funds, potentially bypassing traditional bank accounts.
- Higher EPS pension: EPFO asks employers to process 3.1 lakh pending applications by January 31, 2025; how to track pension applicationHigher EPS pension: EPFO asks employers to process 3.1 lakh pending applications by January 31, 2025; how to track pension applicationHigher EPS pension deadline: The EPFO is giving one last chance to the employers to upload wage details of the employees by January 31, 2025, so that 3.1 lakh pending applications can be processed. If you are EPF member or EPS pensioners who have applied for the higher EPS pension, then here is a step by step guide to track your application status.
- EPFO extends timeline for employers till January 31, 2025 to process pending application for higher pensionEPFO extends timeline for employers till January 31, 2025 to process pending application for higher pensionIn a statement issued on Wednesday, the Employees’ Provident Fund Organisation has for the last time extended the window for employers till January 31, 2025 to process and upload about 3.1 lakh applications pending with them for validation of option or the joint options under the pension scheme on higher wages.
- More than 30 crore registered on e-Shram portal in last 3 years: Govt in Lok SabhaMore than 30 crore registered on e-Shram portal in last 3 years: Govt in Lok SabhaOver 30 crore labourers registered on the e-Shram portal in three years, the government announced in the Lok Sabha. The number of registrations with the Employees' Provident Fund Organisation has also increased, rising from 15.84 crore in 2014-15 to over 29 crore in 2023-24. Speaker Om Birla encouraged concise questions and answers to address more queries during the Question Hour.
- Is the CPF commissioner guilty of contempt and mental torture for delaying pensions?Is the CPF commissioner guilty of contempt and mental torture for delaying pensions?The Employees' Provident Fund Organisation faces criticism for its slow processing of higher pension claims. Lakhs of retirees await their rightful pensions. The government is urged to intervene and expedite the process. A more efficient system like ASBA is suggested. The current pension calculation formula needs an overhaul.
- You can withdraw PF directly from ATMs starting next year: Labour SecretaryYou can withdraw PF directly from ATMs starting next year: Labour SecretaryThe Labour Ministry is enhancing its IT systems, enabling EPFO subscribers to withdraw provident funds directly from ATMs by January 2025. This initiative aims to simplify claims and improve ease of living. Plans are also underway to extend social security benefits, including medical coverage and provident funds, to gig workers. India's unemployment rate has decreased to 3.
- Defaults under EPFO hit all-time high, rise 69.3%Defaults under EPFO hit all-time high, rise 69.3%EPFO defaults soared to a record ₹25,820.88 crore in 2023-24, a 69.3% jump. Exempted establishments drove the surge, with Telangana leading in arrears. The EPFO is taking steps to recover dues, including seeking state government assistance and publicizing defaulters.
- BoB now 'Pension Disbursing Bank' in West Bengal, to now disburse EPS pension in the stateBoB now 'Pension Disbursing Bank' in West Bengal, to now disburse EPS pension in the stateBank of Baroda and EPFO partnered to disburse pensions in West Bengal. The agreement benefits pensioners through the bank's extensive network. The bank has 300 branches and 400 ATMs across the state. This partnership simplifies pension withdrawals and documentation. The scheme supports retirees of central and state PSUs, municipalities, and industries. It also provides pensions for widows, children, and orphans.
- Missed EPFO deadline to activate UAN for ELI benefits? You may get another chance to apply as govt yet to announce detailsMissed EPFO deadline to activate UAN for ELI benefits? You may get another chance to apply as govt yet to announce detailsEPFO ELI deadline: The last date for UAN activation to get benefits under the ELI Scheme expired on November 30, 2024. If you are an EPF member and are eligible for ELI benefit but missed the deadline, then you may wonder if you will get another chance. ET Wealth online asked experts if EPF members will get another chance to claim benefits.
- Labour secretary Sumita Dawra reviews functioning of attached offices of ministry of labour and employmentLabour secretary Sumita Dawra reviews functioning of attached offices of ministry of labour and employmentTaking a comprehensive review on the functioning of offices of Chief Labour Commissioner (Central), Employees’ Provident Fund Organization (EPFO) and Employees’ State Insurance Corporation (ESIC), among others, the secretary emphasised that the offices undertake faster resolution of pending cases of industrial disputes and claim cases, timely onboard the inspection reports on Shram Suvidha Portal and streamline the inspection process.
- ELI benefits from EPFO: Deadline for eligible employees to activate UAN is November 30, 2024; here’s how to do itELI benefits from EPFO: Deadline for eligible employees to activate UAN is November 30, 2024; here’s how to do itAll employees who wish to claim benefits of the employment-linked scheme (ELI) must activate their UAN and complete Aadhar verification by November 30th, 2024. ELI is classified into three categories and will cover first-time employees by offering them Rs 15,000 in 3 instalments, jobs in the manufacturing sector, and employer support.
- Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 yearsInoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 yearsInoperative EPF accounts have seen a five-fold increase, reaching Rs 8,505.23 crore in FY24 compared to Rs 1,638.37 crore in FY19. The EPFO clarified these accounts are not unclaimed and will be returned to their rightful owners upon claim filing. Efforts are underway to raise awareness and improve fund utilization through various multimedia campaigns.
- Norms to be eased to let more pvt banks collect PF money from companiesNorms to be eased to let more pvt banks collect PF money from companiesThe Employees' Provident Fund Organisation (EPFO) is poised to relax regulations, enabling more private banks to collect provident funds. This initiative aims to streamline business operations for companies, enhance convenience for subscribers, and expedite fund transfers for the retirement body.
- Net formal jobs under EPFO up 9.3% at 1.88 million in September: Payroll dataNet formal jobs under EPFO up 9.3% at 1.88 million in September: Payroll dataIndia witnessed the creation of 1.88 million net formal jobs in September, marking a 9.3% surge compared to the previous year, as per government data. This growth is attributed to increased employment opportunities and EPFO's outreach initiatives, with a notable rise in youth employment and female workforce participation.
- Flood of pension money props up ETFs and index funds amid market correctionFlood of pension money props up ETFs and index funds amid market correctionIndian investors poured money into exchange-traded funds and index funds in October. Pension fund EPFO led the way, investing heavily during a market dip. Mutual funds remained active buyers, absorbing foreign investor sales. Mid-cap and small-cap funds saw record inflows. Investors favored sectors like MNCs, consumption, and infrastructure.
- Union Cabinet likely to approve ELI schemes after Jharkhand and Maharashtra electionsUnion Cabinet likely to approve ELI schemes after Jharkhand and Maharashtra electionsThe Indian government is poised to approve employment-linked incentive schemes after assembly elections conclude in Jharkhand and Maharashtra. The labor ministry aims to implement these schemes by 2024, aiming to transition a significant portion of India's informal workforce into formal employment, ensuring minimum wages and social security benefits.
- Around 97,000 EPF members to receive higher pension under EPS; How to track status of higher EPS pension applicationAround 97,000 EPF members to receive higher pension under EPS; How to track status of higher EPS pension applicationHigher EPS pension: Under the Employees' Pension Scheme, 1995, approximately 97,640 PF (Provident Fund) members and pensioners nationwide are anticipated to receive pensions on higher wages (PoWH), according to a news report.
- EPFO board will meet on November 23 to approve Central Pension Payment SystemEPFO board will meet on November 23 to approve Central Pension Payment SystemThe central board of trustees of EPFO will meet on November 23 to approve the central pension payment system and Annual Report 2023-24. The approval follows Labour Minister Mandaviya’s recent endorsement of CPPS, ensuring seamless nationwide pension disbursement for 7.8 million subscribers, without needing pension payment order transfers.
- EPF pension alert: Diwali cheer for EPS pensioners as EPFO will release pension early in OctoberEPF pension alert: Diwali cheer for EPS pensioners as EPFO will release pension early in OctoberEPF pension alert: TThe Employees' Provident Fund Organization (EPFO) has declared that pensioners under the Employee's Pension Scheme (EPS), managed by the EPFO, will receive their pension ahead of Diwali.
- More savings in the offing: VPF limit for tax-free interest may be hikedMore savings in the offing: VPF limit for tax-free interest may be hikedThe move is aimed at encouraging the lower-middle and middle income salaried classes to save more via EPFO and enable them to build a reasonable retirement kitty. The FY22 budget imposed a Rs 2.5 lakh ceiling on voluntary contribution, above which the interest accrued is taxed. The move was targeted at high-income employees using the facility to earn tax-free interest exceeding that on bank or fixed deposits.
- Net formal job creation under EPFO up at 1.85 million in August: Payroll dataNet formal job creation under EPFO up at 1.85 million in August: Payroll dataNet formal job creation under India's EPFO sees a 9.07% rise to 1.85 million in August 2024 compared to August 2023. Significant contributions came from Maharashtra and the youth demographic. Female membership surged 10.4%, reflecting increased employment opportunities and diversity.
- EPFO net new member additions rise 9.07% to 18.53 lakh in AugustEPFO net new member additions rise 9.07% to 18.53 lakh in AugustEPFO added 18.53 lakh new members in August 2024, a 9.07 per cent increase from the previous year. 59.26 per cent of new members were aged 18-25. Female membership grew by 10.41 per cent. Maharashtra led with the highest net member addition. Many members rejoined EPFO after changing jobs, opting to transfer their accumulations.
- Enhanced insurance benefits for EPFO members extended retrospectively from April 28Enhanced insurance benefits for EPFO members extended retrospectively from April 28Union Labour Minister Mansukh Mandaviya announced the extension of enhanced insurance benefits under the Employees' Deposit Linked Insurance (EDLI) scheme, providing up to Rs 7 lakh life cover to over 6 crore EPFO members, effective retroactively from April 28, 2024.
- Exempted establishments cannot use surplus fund in their Trusts for crediting interest to its beneficiaries: EPFOExempted establishments cannot use surplus fund in their Trusts for crediting interest to its beneficiaries: EPFOIn a circular, dated October 7, the retirement fund body has clarified that upon the cancellation or surrender of exemption for Exempted Provident Fund Trusts, all accumulated funds, including undistributed interest on investments, must be transferred to the EPFO. Besides, it has directed its regional offices to conduct a compliance audit to identify any instances of non-compliance or improper use of reserves and surplus by exempted establishments.
- Robust monitoring mechanism of ELI schemes in works to create new jobsRobust monitoring mechanism of ELI schemes in works to create new jobsThe government plans to launch three employment-linked incentive schemes by December. These schemes will focus on creating new jobs in labour-intensive sectors such as textiles, leather, and auto components. The labour ministry will monitor the plans to ensure employers benefit and there are no system leaks. The schemes aim to move workers from informal to formal sectors.
- EPFO announces Productivity Linked Bonus for eligible employees; check who can take advance on PLBEPFO announces Productivity Linked Bonus for eligible employees; check who can take advance on PLBThe Employees' Provident Fund Organization (EPFO) has announced an advance payment of the Productivity Linked Bonus (PLB) for eligible employees of the EPFO for the year 2023-24. Check who can take advance on PLB.
- SpiceJet PF dues: FIR against SpiceJet's Ajay Singh and board members comes to lightSpiceJet PF dues: FIR against SpiceJet's Ajay Singh and board members comes to lightSpiceJet salary, PF dues: The Economic Offence Wing of Delhi Police has filed a case against SpiceJet's Managing Director, Ajay Singh, for failing to remit provident fund dues. Despite recent payments, including ten months of PF dues after raising funds through QIP, SpiceJet faces ongoing legal and financial challenges, including an insolvency plea by creditor Techjockey Infotech Pvt Ltd.
- Refund provision likely to be removed under ELI schemesRefund provision likely to be removed under ELI schemesThe government is considering removing the refund of subsidy clause for employers if an employee quits within a year. Instead, it may stop the incentive. The labour ministry is consulting stakeholders to finalize three employment-linked incentive schemes to be implemented by the EPFO, aiming for easy compliance and effective outcomes.
- Labour ministry directs EPFO to nudge employers and employees’ association to enroll workers under ELI schemeLabour ministry directs EPFO to nudge employers and employees’ association to enroll workers under ELI schemeThe labour ministry has instructed the Employees’ Provident Fund Organisation to engage with employers and employees’ associations to enroll workers under the Employment Linked Incentive schemes. These schemes, announced in the Union Budget 2024-25, aim to facilitate employment and skilling opportunities for 41 million youth over five years with a central outlay of Rs 2 lakh crore.
- 1.99 million formal jobs created under EPFO in July; highest monthly addition ever: Labour minister Mansukh Mandaviya1.99 million formal jobs created under EPFO in July; highest monthly addition ever: Labour minister Mansukh MandaviyaThe Employees Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July, according to the Labour Ministry. Union Labour Minister Mansukh Mandaviya highlighted that 10.52 lakh new workers joined EPFO's Social Security schemes, with a significant portion being young individuals aged 18-25. Female employment also saw an increase with 4.41 lakh new additions.
- Steps to register your grievance with the EPFO onlineSteps to register your grievance with the EPFO onlineFind out how you can register your grievance with the EPFO.
- 11 reasons why your EPF claim may get rejected by EPFO11 reasons why your EPF claim may get rejected by EPFOApart from system failures, your claim could get derailed for any of these reasons.
- Labour ministry to move Cabinet note on ELI schemes, says Union Minister MandaviyaLabour ministry to move Cabinet note on ELI schemes, says Union Minister MandaviyaUnion Labour Minister Mansukh Mandaviya announced that the ministry will soon present a Cabinet note on the employment-linked incentive (ELI) scheme. The ELI Scheme, part of the Union Budget 2024-25, aims to create over 2 crore jobs in two years. This initiative is part of a larger package targeting employment and skilling for 4.1 crore youth.
- EPS pensioners to get pension from any bank, any branch, anywhere in India from January 1, 2025EPS pensioners to get pension from any bank, any branch, anywhere in India from January 1, 2025EPS pension: The proposal for a Centralized Pension Payment System (CPPS) for the Employees' Pension Scheme, 1995 has been approved by the Union Minister of Labour and Employment and the Chairperson of the EPF's Central Board of Trustees.
- Employees’ Pension Scheme subscribers could withdraw pension from any bank across India from January 1, 2025Employees’ Pension Scheme subscribers could withdraw pension from any bank across India from January 1, 2025Labour and employment minister Mansukh Mandaviya on Wednesday approved the centralized pension payment system (CPPS) under the Employees’ Pension Scheme, 1995, allowing 7.8 million EPS subscribers to withdraw pension from any bank in India. Besides, it 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.
- Mansukh Mandaviya asks EPFO to set up notification system for PF deductionsMansukh Mandaviya asks EPFO to set up notification system for PF deductionsAt a review meeting held on Friday, labour minister Mansukh Mandaviyaa directed EPFO officials to develop an efficient and time-bound digital mechanism that would regularly notify employees about the provident fund (PF) deductions made from their salaries, saying these measures are crucial for building trust between employers and employees, enhancing transparency, and improving the overall efficiency of the provident fund system in India.
- EPFO officials meet EPS-95 NAC members to discuss higher pension, other demandsEPFO officials meet EPS-95 NAC members to discuss higher pension, other demandsPensioners from EPS-95 National Agitation Committee met with EPFO officials to demand a minimum monthly pension of Rs 7,500 and full medical coverage for EPS members and spouses. Despite years of advocating for a higher pension, the government has not yet met their requests. Union Minister for Labour and Employment Mansukh Mandaviya promised to address the pensioners' concerns in a recent meeting. EPS-95 NAC represents 78 lakh retired pensioners and 7.5 crore working employees in Maharashtra.
- 1.92 million formal jobs created under EPFO in June: Payroll Data1.92 million formal jobs created under EPFO in June: Payroll DataThe provisional payroll data, released by the ministry of labour and employment on Saturday, shows this is a surge of 7.86% in net new subscriber addition when compared to 1.78 million net new subscriber addition in June 2023.
- How ETFs are an effective vehicle for positional trader as well as investorsHow ETFs are an effective vehicle for positional trader as well as investorsETFs in India observed a rise in assets under management, reaching Rs 8.11 trillion by July 2024. Enhanced digital accessibility and innovative ETF products from mutual fund houses appealed to individual investors. Regulatory measures and the introduction of new thematic ETFs have boosted investor confidence, facilitating portfolio diversification and reduced costs.
- Union Minister Mansukh Mandaviya launches online module for surrender of exemptionUnion Minister Mansukh Mandaviya launches online module for surrender of exemptionMandaviya further mentioned that EPFO has taken several initiatives to address many of the present issues. These are the first steps of the many other initiatives that are planned in the immediate future.
- Make EPFO faster, higher, strongerMake EPFO faster, higher, strongerEmployees' Provident Fund Organisation (EPFO) has been grappling with high claim rejections and inefficiencies. Despite ongoing improvements like auto PF transfers and eased documentation, the platform requires significant upgrades to meet its expanding responsibilities under government schemes and rising subscriber base.
- Contours of three jobs schemes being finalisedContours of three jobs schemes being finalisedThe Ministry of Labour and Employment finalized three employment-linked schemes, targeting 29 million formal jobs in two years via EPFO. Approval from the expenditure finance committee and cabinet is awaited. The schemes will be launched after significant software upgrades at EPFO, potentially coinciding with Prime Minister Modi’s birthday in September.
- EPFO issues new rules for inoperative, inactive EPF accounts to stop frauds: Check the latest detailsEPFO issues new rules for inoperative, inactive EPF accounts to stop frauds: Check the latest detailsEPF inoperative inactive accounts unblock: The Employees Provident Fund Organisation (EPFO) has issued new guidelines to make the inoperative and inactive, transaction-less accounts active again. The new rules are issued to stop the frauds and also to ensure proper verification is done before money in credited into the claimant bank accounts.
- Hire for money, how many?Hire for money, how many?Nirmala Sitharaman's budget highlighted job creation through employment-linked incentives based on EPFO enrolment. The schemes aimed to financially aid first-time employees and their employers. Despite the well-meaning initiatives, experts argue that the decreasing need for labor due to better technology may impede the expected impact on job growth in formal sectors.
- EPFO adds 6.2 crore members in 6 years: reportEPFO adds 6.2 crore members in 6 years: reportGovernment officials have reported that the EPFO has seen a significant increase of about 6.2 crore members in the last 6 years, with 19 lakh new registrations in May 2024 alone. Discussions are underway to enhance employment opportunities by engaging with industry stakeholders. Plans include raising the minimum EPFO pension and implementing new labor laws.
- Pension cannot be linked to inflation: MoS Shobha KarandlajePension cannot be linked to inflation: MoS Shobha KarandlajeEmployees’ Pension Scheme 95 is a defined contribution defined benefit scheme. Demand to link the monthly pension of workers under the scheme with cost of living index was considered and it was not found feasible for a funded scheme like EPS-1995, Karandlaje said in a written response in Lok Sabha on Monday. Therefore, the value of benefits cannot be left open ended by linking with inflation, which is variable, she added.
- Tata Motors in legal battle with EPFO over pension fund transferTata Motors in legal battle with EPFO over pension fund transferTata Motors is in a legal conflict with the EPFO over transferring its employee provident fund. Tata Motors seeks to surrender its exempted status, but EPFO requires detailed documentation. The Supreme Court ruling and subsequent legal actions have prolonged the issue. The matter is scheduled for a hearing in the Delhi High Court on August 8.
- EPFO settles 13.6 million claims amounting to Rs 57,316 crore in Q1EPFO settles 13.6 million claims amounting to Rs 57,316 crore in Q1The number of claims settled is 25.1% higher compared to 10.9 million claims settled in the first quarter of preceding financial year with the payment outgo of Rs 45,820.69 crore.