Provident Fund

SpiceJet clears Rs 160 crore pending employee provident fund dues

SpiceJet on Friday said it has cleared all employee provident fund dues worth Rs 160.07 crore that were pending for over two years. The low-cost carrier, which has been facing multiple headwinds, recently raised Rs 3,000 crore, following which it has been clearing statutory, GST (Goods and Services Tax) and other dues. Employee provident fund dues amounting to Rs 160.07 crore, spanning over two years, have been cleared, the airline said in a release. According to the release, since October, SpiceJet has been utilising its internal cash flows to meet its statutory obligations, including provident fund and TDS (Tax Deduction at Source) payments, the release said. The airline has also resolved various disputes with aircraft lessors and other creditors. Shares of SpiceJet rose 1.38 per cent to close at Rs 58.59 apiece on BSE.

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

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

Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 years

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

SpiceJet says cleared salary, GST dues; deposited 10-month PF dues

Crisis-hit SpiceJet, which has recently raised Rs 3,000 crore, on Friday said it has cleared all pending salary and GST dues as well as deposited ten months' dues of provident fund. On September 23, the airline announced raising Rs 3,000 crore through Qualified Institutional Placement (QIP) of shares. An airline spokesperson said that within the first week of raising fresh funds, it has cleared all pending salary and GST dues and has made significant progress by depositing ten months' dues of PF. The process of clearing other outstanding dues is ongoing, he said in a statement. Among other efforts, the airline has reached settlement with various aircraft lessors. SpiceJet has been facing multiple headwinds, including financial problems and legal woes. It is also operating with a reduced fleet. On Friday, shares of SpiceJet fell 4.25 per cent to close at Rs 62.79 apiece on BSE.

Now, withdraw up to Rs 1 lakh from your PF, even within 6 months of joining

If you are an EPFO contributor and there's a family emergency, you can now withdraw a higher amount

Develop mechanism to notify members on deductions: Mandaviya directs EPFO

Union Minister Mansukh Mandaviya on Friday directed EPFO to develop and implement a mechanism to regularly notify members about their deductions. The move will bring transparency in Employee Provident Fund (EPF) deductions to build trust between employers and employees, the Minister for Labour & Employment said in a review meeting with EPFO Officials. The minister has directed the Employees' Provident Fund Organisation (EPFO) "to implement a robust and transparent system for all members regarding their Employee Provident Fund (EPF) deductions", the ministry said in a statement. He has directed the EPFO officials to develop an efficient and time-bound digital mechanism that would regularly notify employees about the PF deductions made from their salaries, it said. "Mandaviya underscored that 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," the ministry .

PF account freeze/ defreeze: Check out new EPFO SOPs to prevent frauds

To safeguard your provident fund, the EPFO has introduced new guidelines for freezing and defreezing EPF accounts to improve security and reduce fraud

29% elderly have access to social security schemes like pension, PF: Study

Only 29 per cent elderly people reported to have access to social security schemes, such as old-age pensions or provident funds, according to a study by the NGO HelpAge. A similar proportion receives financial support from family members, with elderly women slightly more likely to receive support than their male counterparts, the study -- 'Ageing in India - Exploring Preparedness & Response to Care Challenges - A HelpAge India Report' -- released on Friday on the eve of World Elder Abuse Awareness Day said. The study, which surveyed 5,169 elders and 1,333 caregivers from different socio-economic categories across 20 Tier I and Tier II cities in 10 states, sheds light on issues related to work participation, financial security, health, caregiving, social participation, and digital access. It reveals that only around 15 per cent of elderly persons are currently working, with a stark gender disparity: 24 per cent of elderly males compared to just seven per cent of elderly females. ...

Voluntary Provident Fund (VPF): Check benefits and process to invest

Individuals working for companies that come under the Employees' Provident Fund Organisation and have an EPF account are eligible to open a VPF account

Inclusion of foreign workers in PF is 'unconstitutional': Karnataka HC

The decision comes 15 years after the extension of PF and pension coverage to foreign workers via a legislative amendment

How to withdraw provident fund online: Step-by-step guide

India's fresh formal job creation slowed to three-month low in February

In what suggests some robustness, nearly 67 per cent of the total new EPF subscribers belong to the 18-28 age group, a cohort mostly comprised of new entrants to the labour market

EPFO net subscribers' addition rises over 19% to 16.5 million in FY24

Retirement fund body EPFO registered over 19 per cent growth year-on-year to 1.65 crore members in 2023-24, as per the latest payroll data, showing improvement in the employment situation in the country. "In last 6 and half years alone, more than 6.1 crore members joined the EPFO (Employees' Provident Fund Organisation) fold, indicating formalisation of the job market," a labour ministry official told PTI. The data shows that the EPFO had added 61.12 lakh net subscribers in 2018-19, which increased to 78.58 lakh in 2019-20. However, it dipped to 77.08 lakh in 2020-21, mainly due to the pandemic effect and improved again to 1.22 crore in 2021-22 and 1.38 crore in 2022-23. The official informed that the net subscribers addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared to 1.38 crore in 2022-23. The net addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market, and the coverage of social security benefits to the

New EPFO rule for you: No need to request for PF transfer on changing jobs

The EPFO has rolled out a system that enables the automatic transfer of an employee's PF balance when they switch employers

Opted for old tax regime? Explore last-minute income tax saving options

Last-minute income tax saving options: ELSS funds, PPF, NPS, and fixed deposits are some of the popular options under section 80C. Don't forget health insurance

Govt on course to achieve small savings scheme collection target for FY24

The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said

Centre allows woman employees to nominate son, daughter for family pension

In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday. Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse's ineligibility or demise, the statement said. Union Minister of State for Personnel Jitendra Singh said that the Department of Pensions and Pensioners' Welfare (DoPPW) has introduced an amendment to the Central Civil Services (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, in place of of their spouse. The amendment will address situations where marital discord leads to divorce proceedings or cases filed under laws such as the Protection of Women from Domestic Violence Act, Dowry ...

NPS: Ambit of reasons for withdrawal expanded; use facility cautiously

Withdrawal made during tenure for other goals will erode retirement corpus

PFRDA seeks tax parity for NPS contributions with PF contributions

The aspiration is to take it to 14 per cent over the period to encourage wider acceptance of pension