Epfo Subscribers

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 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 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

EPFO board to meet on November 23 to approve central pension payment system

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

EPFO mulls reinvesting 50% of ETF redemption proceeds in equity market

The move aims to enhance its equity exposure and earn higher returns for nearly 65 million subscribers

EPFO to run drive from December to recover dues from defaulting subscribers

With over 60 million subscribers and managing a corpus exceeding Rs 12 lakh crore, the EPFO provides its beneficiaries provident funds, pension, and insurance benefits through three schemes

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

Uptick in PF enrolment, 1.38 cr net users joined EPFO scheme in 2021-22

The latest EPFO payroll figures from the past five years (2017-22) indicate that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana have contributed significantly to the overall net EPFO

'Not found': EPFO's e-passbook service is still down for some users

EPFO answered users on Twitter with a message, "Dear member, we regret the inconvenience. The concerned group is investigating the matter"

New formal job creation in February at 21-month low, shows EPFO data

This is the lowest number of new subscribers joining the EPF, since May 2021, when only 649,618 new subscribers had subscribed to the fund

EPFO adds 1.6 mn net subscribers in November 2022: Labour Ministry

Retirement fund body EPFO added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago, the labour ministry said on Friday. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022. The data indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said. Of the total 16.26 lakh members added during the month, around 8.99 lakh new members came under the ambit of EPFO for the first time thus, showing that new members joining EPFO has increased by 1.71 lakh, from 7.28 lakh in October 2022. Among the new members, the highest enrolment is registered in the age-group of 18-21 years with 2.77 lakh members, followed by age-group of 22-25 years with 2.32 lakh members. The age group of 18-25 years constitutes 56.60 per cent of

Fresh formal job creation fell for third straight month, show EPFO numbers

New EPFO subscribers dipped by a sharp 26% in October, from the level a month ago

EPFO coverage to be expanded to 100 mn subscribers: Bhupender Yadav

Union Labour Minister Bhupender Yadav on Tuesday said retirement fund body EPFO's coverage will be expanded to 10 crore subscribers from the existing level of 6.5 crore. At a function to mark the 70th foundation day of the Employees Provident Fund Organization (EPFO), Yadav said, "EPFO social security schemes ambit will be expanded. It will be increased from 6.5 crore subscribers to 10 crore." He also launched the EPFO Vision 2047 document. According to him, it is the biggest responsibility of the EPFO to reduce its litigations and increase the coverage. "We have subsumed 29 labour laws into four broad codes. These codes provide for expansion of social security schemes, including EPFO," the minister said. This rationalisation and simplification of laws will minimize litigations and bring in ease of doing business. The minister expressed happiness over the way EPFO has grown in the years gone by and the way it is managing its huge corpus of savings of the members. As per a statem

How to check pension status on EPFO portal: Here's a step-by-step guide

Any EPF pensioner can get the PPO number using either the bank account number or PF number

Manufacturing states see dip in net new EPF subscriptions in August

Net payroll additions, which are calculated taking into account new additions, number of exits, and return of old subscribers, has grown only slightly from 1,652,818 in July to 1,694,211 in August.

EPFO adds 1.69 mn new subscribers in August, a 14.4% rise YoY

Retirement fund body EPFO net added 16.94 lakh new subscribers in August 2022, registering a 14.4 per cent rise as compared to the year-ago period, according to official data. The provisional payroll data of the Employees' Provident Fund Organisation (EPFO) released on Thursday highlighted that of the total 16.94 lakh members added during August 2022, around 9.87 lakh have come under the ambit of the EPFO for the first time. Out of the 9.87 lakh new members added, approximately 58.32 per cent are from the age-group of 18-25 years. This age-group signifies a crucial stage for an individual's potential in terms of earning capacity and joining organised workforce in large numbers following their education. The data showed that during the month, approximately 7.07 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by the EPFO and opted to transfer their funds from previous PF account to the current account instead of submitting claims for

EPFO sees over 1 million new subscribers for fourth straight month

Though fresh additions slip sequentially in July, women enrolment at a record high

EPFO adds 1.8 mn subscribers in July, posts 24% YoY rise, shows data

Retirement fund body EPFO added 18.23 lakh new subscribers in July 2022, registering a 24.48 per cent rise as compared to the year-ago period, according to official data. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Tuesday highlighted that of the total new members added in July, around 10.58 lakh members have come under the social security cover of EPFO for the first time, a labour ministry statement said. The data of new members joining EPFO has shown a growing trend since April 2022, it said. Out of 10.58 lakh new members added, approximately 57.69 per cent are in the age group of 18-25 years. This shows that first-time job seekers are joining the organised sector workforce in large numbers following their education and new jobs in the organised sector are largely going to the youth of the country. During the month, around 4.07 lakh members exited from the ambit of EPFO and 11.72 lakh members exited and rejoined EPFO. These members ha

EPFO adds over a million new subscribers in June for 3rd month in a row

New EPF subscribers increased marginally to 10,54,261 in June from 10,07,441 in May 2022 and 10,09,689 in April, according to data published by the National Statistical Office

EPFO witnesses 43% YoY rise in net subscribers; adds 1.83 mn in June

Retirement fund body EPFO added 18.36 lakh new subscribers in June 2022, registering 43 per cent rise as compared to the year-ago period, according to an official data. The Employees' Provident Fund Organisation (EPFO) had added 12.83 lakh net new subscribers in June 2021, the data showed. The provisional payroll data of EPFO released on Saturday highlights that the organisation added 18.36 lakh net members in June 2022, a labour ministry statement said. In June this year, the net member addition increased by 9.21 per cent as compared to May 2022. Out of the total 18.36 lakh members added during the month, around 10.54 lakh new members have been covered under EPF & MP Act, 1952 for the first time. New members joining has shown a growing trend since April 2022. Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of ...