EPFO

The earlier date for UAN activation to get benefits under the ELI Scheme was Nov 30

The last date for UAN activation to get benefits under the ELI Scheme expired on November 30, 2024

Number of active contributing subscribers grew by 7.6 per cent to 73.7 million in FY24 from 68.5 million in FY23

Applications that do not adhere to procedures or lack necessary documentation are disqualified

Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange traded funds (ETFs) during the April-October period this fiscal year, Parliament was informed on Monday. According to a written reply to Lok Sabha by Minister of State for Labour & Employment Shobha Karandlaje, the Employees' Provident Fund Organisation (EPFO) had invested Rs 57,184.24 crore in the ETFs. The total corpus of various funds managed by EPFO was Rs 24.75 lakh crore as on March 31, 2024, including debt investments of Rs 22,40,922.30 crore and Rs 2,34,921.49 crore in ETFs. The minister told the House that the EPFO does not invest directly in any of the individual stocks in the equity market. The EPFO regularly invests in equity markets through ETFs replicating BSE-Sensex and NSE NIFTY-50 indices, she stated. In addition, EPFO has also invested from time to time in ETFs constructed specifically for disinvestment of shareholding of the Government of India in body corporates, namely ETFs tracking Bharat .

The EPFO, in its circular highlighted that 'due diligence' should be exercised in cases of those claiming exemption

Plans afoot to bring ceiling under ESIC on a par with EPF

The board also approved the rollout of the centralised payment system by Dec 31 which will allow pensioners to withdraw money from any branch of any bank nationwide

In its updated version, the EPFO will allow employees to contribute amounts exceeding the prescribed limit at any time, offering greater financial flexibility to subscribers

The labour ministry is considering to revamp Employees' Pension Scheme 1995 (EPS-95) by allowing more contribution by members for higher retirement benefit, a top source said. Presently, the entire contribution of members of the Employees' Provident Fund Organisation (EPFO), or 12 per cent of the basic salary, goes into the EPF account. It is the employers' contribution, of which 8.33 per cent goes into EPS-95 while the remaining 3.67 per cent is credited into the EPF account. The top source said members will get more pension if they contribute more into their EPS-95 account. Therefore, the ministry is weighing options to allow a higher contribution towards EPS. The source also said the employees could also be allowed to contribute towards EPS-95 to increase the pension benefit under the revamped structure. The source added that besides improving social security benefits, the Modi government is also focusing on job creation in the country. He explained that a capex of Rs 1 crore

The Employees' Provident Fund Organisation (EPFO) explained that activating UAN and linking Aadhaar provides employees access to several services

As per the current pattern of investment notified by the labour ministry in April 2015, retirement fund body can invest anywhere between 5 - 15 per cent of all its fresh accretions in equity markets

CBT meeting on Saturday may take a call on reinvesting 50% of its ETF redemption proceeds in equity

The total amount in inoperative employees' provident fund (EPF) has jumped over five fold to Rs 8,505.23 crore in financial year 2023-24 from Rs 1,638.37 crore in fiscal year 2018-19, Parliament was informed on Monday. In a written reply to Lok Sabha, the Minister of State Shobha Karandlaje stated that there are no unclaimed accounts in EPF scheme run by retirement fund body Employees' Provident Fund Organisation (EPFO). However, she stated that as per Para 72(6) of the Employees' Provident Fund Scheme, 1952, certain accounts are classified as 'Inoperative accounts'. She informed the House that as many as 21,55,387 inoperative EPFO accounts had Rs 8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had Rs 1,638.37 crore. Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 6,804.88 crore. She told the House that the EPFO will return the amount held in the inoperative accounts to the beneficiaries concerned. In 2023-24, the tota

The Ministry of Labour & Employment has directed the EPFO to ensure the Universal Account Number (UAN) of employees is active to avail the benefits of Employment Linked Incentive (ELI) Scheme. EPFO will involve their zonal and regional offices for effective outreach, the ministry said in a statement. "To ensure that maximum number of employers and employees benefit from the ELI Scheme, it has directed EPFO to work in a campaign mode with employers and ensure activation of UAN of employees," the Ministry said. UAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices. In the first stage,

Retirement fund body EPFO logged 9.33 per cent growth in net member additions in September at 18.81 lakh compared to the year-ago month, showed payroll data released on Wednesday. Employees' Provident Fund Organisation (EPFO) enrolled around 9.47 lakh new members in September 2024, representing an increase of 6.22 per cent over September 2023, the labour ministry said. This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits and EPFO's outreach programmes, it noted. According to the statement, EPFO has released provisional payroll data for September 2024, revealing a net addition of 18.81 lakh members. This represents a 9.33 per cent year-on-year (YoY) growth compared to September 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO's effective outreach initiatives. A noticeable aspect of the data is the dominance of the 18-25 age group, which ...

The board, which is chaired by the labour minister, is also expected to approve the EPFO's account statement and Annual Report 2023-24 during the meeting

Till April 2021, maximum benefits to legal heirs of a deceased employee was capped at Rs 6 lakh

Union Labour Minister Mansukh Mandaviya on Thursday announced extension of the enhanced insurance benefits for all members of retirement fund body EPFO under Employees' Deposit Linked Insurance (EDLI) scheme. The move will ensure up to Rs 7 lakh of life cover to more than 6 crore EPFO members. The scheme has been extended with retrospective effect from April 28, 2024 onwards, Mandaviya told reporters here. EDLI Scheme, launched in 1976, seeks to provide insurance benefits to members of the Employees' Provident Fund Organisation (EPFO) in order to ensure some financial assistance to each member's family in case of the member's death. In 2018, the minimum insurance cover of Rs 1.5 lakh was introduced under the scheme. Till April 2021, the maximum benefits to the legal heir of the deceased employee was capped at Rs 6 lakh as per the criteria defined in the EDLI Scheme. Later, the government, through a notification issued on April 28, 2021, enhanced both minimum and maximum benefits

During a high-level meeting chaired by Union Labour Minister Mansukh Mandaviya, discussions focused on improving coordination between the Ministry of External Affairs and NITI Aayog