Page 4 - Epfo

June sees rise in female workforce participation amid 1.92 mn new EPFO jobs

Around 59.14% of new members in June 2024 were aged 18-25, reflecting an ongoing trend where the majority of individuals entering the organised workforce are young, mostly first-time job seekers

EPFO issues new rules for inoperative, inactive accounts to combat fraud

An EPF account becomes inoperative after 58 years, or 36 months, after a subscriber's retirement age of 55 years

Mega meeting on Friday to plan central database for jobs, workforce

According to the labour ministry, policy reforms across sectors and government programmes have generated employment

FM announces EPFO-Linked schemes: Boost jobs & reward first-timers employee

These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees

Youth hirings in formal sector witness upswing in April-May: EPFO data

EPFO data says women subscribers also rose after falling last year

Formal job creation hits 10-month high with 985K new subscribers: EPFO data

Surge in young and female subscribers signals recovery in labour market

EPFO officers raise concern over inadequate IT infra, seeks intervention

Employees' Provident Fund Officers' Association has sought the Union Labour Minister's intervention to improve the information technology infrastructure of the retirement fund body. In a letter to the minister earlier this week, the EPF Officers' Association (EPFOA) said it has been regularly submitting requests for urgent interventions to upgrade the EPF IT systems software, hardware, IT manpower - which are causing acute strain on EPF manpower and adversely affecting EPFO services. The situation has now turned serious with officers and offices reporting significant system deficiencies on a daily basis, the association said. Severely inadequate EPFO IT systems and resultant service bottlenecks are adversely affecting EPF services, it added. The EPFO application software serves as the foundational component of its service delivery infrastructure. The body said it is the primary platform through which our regional offices process and adjudicate member claims. In recent times, the

EPF members now receiving FY 2023-24 interest payments: Here's how to check

Pension manager says it has settled more than 2.304 mn claims and disbursed an amount of Rs 9,260 crore

SpiceJet faces new financial crisis over unpaid provident fund dues

SpiceJet faces new financial crisis: The last provident fund deposit by SpiceJet was made in January 2022 for 11,581 employees, as revealed by a query sent to the EPFO

EPFO gross new members addition dips 4% to 10.9 mn in 2023-24: Mospi report

Retirement fund body EPFO's gross new subscribers addition declined by over 4 per cent to 1.09 crore in 2023-24 compared to a year ago, as per a report by Ministry of Statistics & Programme Implementation (MoSPI). According to the report 'Payroll Reporting in India: An Employment Perspective January to April, 2024', the Employees' Provident Fund Organisation (EPFO) recorded 1,09,93,119 gross addition of new members in 2023-24 compared to 1,14,98,453 in 2022-23. The gross addition of new members was affected due to the pandemic and declined from 1,10,40,683 in 2019-20 to 85,48,898 in 2020-21. It bounced back to 1,08,65,063 in 2021-22. The Centre as well as states had imposed lockdown restriction in 2020 and 2021 to curb the spread of deadly coronavirus in the country, which had hit economic activities as well as employment. The data shows that in the last five fiscal years till 2023-24, the gross new members addition by EFPO had not recovered to pre-covid level of 2018-19. The ...

EPF withdrawal benefits extended to members with under 6 months of service

The move is expected to benefit more than 700,000 EPS members every year who leave the scheme with less than six months of contributory service

Government employee to get more salary as EPFO discontinues GIS

EPFO scheme acts as a social welfare programme under the Ministry of Labour and Employment

Fresh formal hiring at seven-month high in April, shows EPFO data

Earlier, in Sept 2023, 950,527 fresh formal employees had joined EPF. The EPFO data is considered crucial as only the formal workforce enjoys social security benefits and is protected by labour laws

EPFO discontinues Covid-19 advance facility: Check details of other options

A non-refundable advance was provided to the EPF members during the outbreak of the first wave of Covid-19 and another advance in the second wave

CITU opposes govt's move to lower penal charges on defaulting employers

Earlier on Saturday, the ministry of labour and employment issued a notification that significantly lowered the penal charges applicable on employers

Provident fund nomination: How it helps your family in getting pension

Members can now update their nominations online through the EPF members' portal

EPFO: How to add nominee to EPF account online? Here's a step-by-step guide

EPFO: Only spouse, children, and parents are considered family. Siblings can be nominated only if 'no' is selected under the 'Have Family' section

SBI MF assets top Rs 10 trn; becomes first fund house to achieve milestone

Becomes first fund house to reach the benchmark

Want to change/update your PF details online: EPFO has made it easier

The EPFO has operationalised a new software functionality on its website for PF members to update/correct their profile online

Gratuity hike setback, wellness retreat: Top personal finance stories

Our top stories this week tell you about EPFO's decision and the best well retreats in the country