Epfo

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

EPFO subscribers may soon withdraw claim amounts from accounts through ATMs

Subscribers of the retirement fund body EPFO may soon be able to withdraw claim amounts from their accounts through ATMs, a top official said. Union Labour Secretary Sumita Dawra has reportedly said that the labour ministry is upgrading information technology infrastructure to provide enhanced services to the Indian workforce. She further said that claimants, beneficiaries or insured individuals will be able to access their claim amounts through ATMs. According to the report, the withdrawal will be capped at 50 per cent of the Employees' Provident Fund (EPF). A maximum of Rs 7 lakh is provided under the Employees' Deposit Linked Insurance (EDLI) scheme run by the EPFO to the heirs of deceased subscribers. Thus, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the settled claim. A query e-mail sent to the labour ministry did not elicit any response.

Soon, withdraw Provident Fund from ATMs. Here’s what you need to know

EPFO to give time till Dec 15 to activate UAN for financial scheme

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

EPFO deadline ends to activate UAN for ELI benefits: What to do next

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

EPFO's investible corpus more than doubled in 5 years to Rs 24.75 trillion

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

EPFO claim rejected or 'returned': Know why and how to fix errors

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

EPFO invested Rs 34,208 cr in ETFs during Apr-Oct: Centre tells Parliament

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 .

EPFO update: Aadhaar not mandatory for claims; see full list of new rules

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

Govt likely to double EPF monthly-wage cap to Rs 30,000 per month

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

EPFO Board approves reinvesting 50% ETF redemption proceeds into equity

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

EPFO 3.0 coming soon? Flexible savings, ATM PF withdrawals in the pipeline

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

Govt may allow EPFO members to hike EPS contribution for higher pension

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

EPFO: Activate UAN, link Aadhaar with bank a/cs to get ELI scheme benefits

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