Page 2 - Provident Fund

EPFO extends deadline till May 31 for employers to upload pension details

Retirement fund manager EPFO has extended the deadline till May 31 for employers to upload wage details of those opting for higher pension to its database. Earlier, the deadline for employers to upload wage details for those opting for higher pension on higher contribution was December 31, 2023, a labour ministry statement said. EPFO (Employees' Provident Fund Organisation) had earlier provided all its subscribers an online facility for submitting applications for validation of option/joint options for pension on higher contributions. The higher pension option was offered to eligible pensioners/EPFO members in compliance with the Supreme Court order dated November 4, 2022. The online application facility was launched on February 26, 2023 with an initial deadline of May 3, 2023. However, considering the representations from the employees, the deadline was extended to June 26, 2023 in order to provide complete four months' time to eligible pensioners/members for filing ...

No pension, PF for I-T, GST tribunal members under amended tribunal rule

Earlier, serving judges of the High Court or the Supreme Court were appointed as chairperson or a member while staying in their existing service, and were entitled to pension and other benefits

EPFO to generate 16 mn net payrolls in FY24, says SBI Ecowrap report

More people might be sticking to current employment as number of members rejoining or resubscribing pension fund has declined, it says

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

CBI books EPFO official, 13 ex-employees of Jet Airways in PF fraud case

The CBI bas booked a Mumbai-based officer of EPFO and 13 former employees of grounded airline Jet Airways who had paid bribes to him to settle their provident fund claims, officials said Thursday. The case was handed over to the CBI after a probe by the Employees Provident Fund Organisation (EPFO) vigilance found alleged fraudulent activities of Machindra Jagannath Bamne, senior social security assistant posted at accounts section of its regional office in Kandivali(E). It emerged that Bamne received illegal gratification in his as well as his wife's bank accounts through multiple mode of online banking from employees of various establishments in lieu of their claim settlement. It is alleged that Rs 1.77 lakh were credited in his and his wife's accounts by 13 employees of Jet Airways which has stopped operations. "This aspect has been confirmed in the investigation by cross verifying the online credit entries in the accounts of the official and his wife with the corresponding debit

Byju's yet to pay provident fund for several months to many ex-employees

Byju's made contributions for December 2022, January, February and March on June 19 and then too all employees did not receive the payment

Personal finance: Here are the money changes and PF deadlines for June 2023

From more expensive third-party motor insurance to pricey E2Ws to new rules for safe deposit lockers, read it all here

EPFO fixes 8.15% interest rate on employees' provident fund for FY23

Fund paid 8.1% interest rate to subscribers in 2021-22, marking a four-decade low

EPFO marginally raises interest rate on PF deposits to 8.15% for FY23

Not enough to meet rising inflation, say some quarters; EPFO likely to distribute Rs 90,000 cr to members' accounts, on a total principal amount of Rs 11 trn

EPFO raises interest rate to 8.15% for FY23 from 8.1% last year: Report

Earlier, in March 2022, EPFO had lowered the interest on EPF to over a four-decade low of 8.1% from 8.5% in 2020-21

EPFO's new guidelines: How can employees opt for higher pension under EPS?

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

PFRDA expects AUM of Rs 9 trillion by end of FY23, shows data

Amongst the newer assets, PFRDA has invested around Rs 1,100 crore in REITs and InvITs, accumulating better returns than all other categories

European cargo airline moves NCLT to acquire 3 Jet Airways aircraft

Fresh challenge for reviving Jet as union opposes sale of assets until employees get provident fund and gratuity

EPFO wage ceiling likely to be raised from Rs 15,000 per month to Rs 21,000

The ceiling was last revised in 2014 from Rs 6,500 per month to Rs 15,000 and is applicable only to enterprises that have more than 20 workers

EPFO aims to invest more in equity for younger members, expand horizon

At present, EPFO is allowed to invest between 5-15 per cent of its investible deposits in equity instruments irrespective of the age or risk profile of its members

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

Top AMCs see share of less-profitable passive schemes double in 3 years

Of every Rs 100 AUM of top 10 fund houses, ETFs and index funds accounted for Rs 14 in the first quarter of FY23

EPFO likely to set up offices in Latin America, Africa soon: Report

With the new offices in other continents, the organisation is aiming to help the smaller countries in the region to develop their own social security

Bad loan recovery process can get worse

Apart from creating a distinction between financial creditors and operational creditors, the latest Supreme Court judgment also leads to the creation of a new category of default - temporary default

How has EPFO's equity investment experience been?

From investing in traditional instruments, the Employees' Provident Fund Organisation (EPFO) has been exploring the virtues of markets for a while now. Is the statutory body's move bearing fruits now?