The Economic Times
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| 09 March, 2021, 09:56 AM IST | E-Paper

    EPFO subscribers may feel the pinch

    Interest rate for FY21 may be cut further due to higher withdrawals, dip in contributions

    EPFO decides to retain 8.5% rate of interest on EPF deposits for 2020-21

    Retirement fund body EPFO on Thursday decided to retain 8.5 per cent rate of interest on provident fund deposits for the current financial year. EPFO has more than five crore active subscribers.EPFO decides to retain 8.5% rate of interest on EPF deposits for 2020-21

    About 12% EPFO subscribers yet to get interest payment for FY20

    Every year, the EPFO credits interest on establishment basis and not on individual basis. If the details of even one employee in the establishment do not match, payments to the entire establishment get stuck resulting in delays. This year, this glitch has impacted a considerable number of establishments.

    EPFO raises Rs 1,181-cr demand on Sahara for unpaid PF, pension dues

    The development comes nearly eight years after the issue of compliance failure was brought up by the EPFO in 2013.

    EPFO likely to declare rate of interest on EPF deposits for 2020-21 on March 4

    Speculation is rife that the EPFO may lower interest on provident fund deposits for this fiscal (2020-21), from 8.5 per cent it provided for 2019-20,in view of more withdrawals and lesser contribution by members during this fiscal mainly due to the COVID-19 pandemic.

    Separate fund under EPFO likely for new individuals

    A launch date for this fund would be announced separately when the scheme is made universal, said officials. A separate fund is being considered to ensure the new individual subscribers do not draw upon the benefits of years of investments of more than 60 million EPFO subscribers from the existing corpus of over Rs 10 lakh crore.

    EPFO net new enrolments rises 56% to 11.55 lakh in October

    Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement.

    Women's Day: EPFO office work overtime to clear all pending claims of women members

    The women officials at the EPFO Delhi West office located in Dwarka, took a unique challenge to celebrate International Women's day.

    EPFO settles 52 lakh COVID-19 claims, disburses Rs 13,300 cr: Gangwar

    In March, the government had allowed over 6 crore subscribes of EPFO to withdraw an amount not exceeding their three months basic pay and dearness allowance from their EPF account in view of the lockdown to fight the pandemic.

    Labour Min decides to notify 8.5pc interest on EPF for 2019-20, gets FinMin nod

    Now the interest rate would be officially notified in the government gazette following which the EPFO headquarter would give directions for crediting the rate of return on EPF into the subscribers accounts.

    EPFO: Net new enrolments rise by 24% to 12.54 lakh in December

    The provisional payroll data of EPFO, released on Saturday, highlights a positive trend for net subscribers base growth with addition of 12.54 lakh subscribers in December, 2020, the labour ministry said in a statement.

    EPFO likely to credit 8.5 percent interest on EPF for 2019-20 by December

    Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 per cent interest into two installments of 8.15 per cent and 0.35 per cent in its trustees meet headed by Labour Minister Santosh Gangwar.

    With spike in gilt yields, FD rates inch up too

    Alarmed by the increase in bond yields, Indian Railways Finance Corporation and National Cooperative Development Corporation cancelled bond issues. However, even as bond yields surged, ICICI Bank joined SBI, Kotak and HDFC in cutting home loan rates.

    EPFO launches WhatsApp helpline service

    This initiative will allow the PF subscribers to interact directly with EPFO's regional offices on a personalised level adhering to one-to-one guidance principle. WhatsApp helpline is now functional in all the 138 regional offices of EPFO.

    Budget 2021: Is it now time for LIC, EPFO to invest in Indian startups?

    The government has started deliberations on allowing domestic pension and insurance funds to invest in Indian startups. While the idea isn’t new, industry watchers believe now is the right time for Indian institutional investors to become stakeholders in India’s startup ecosystem.

    Formal job creation rebounds in December with 24% rise YoY in EPFO additions

    Net additions under ESIC stood at 0.93 million in November, 1.19 million in October and 1.15 million in September. Average monthly addition under ESIC in 2019-20 stood at 1.2 million.

    To keep EPFO viable, officials give House panel radical idea

    Sources said officials told the panel that EPFO had over 23 lakh pensioners drawing Rs 1,000 per month even when their contributions to the fund corpus had been less than a fourth of the benefits they were drawing. They also said this would be unviable for the government to support in the long run, unless a system of “defined contributions” was put in place.

    EPFO added 10.11 lakh subscribers in November 2020

    Age-wise analysis of the data indicates those in the 22-25 year age bracket has registered highest growth in subscriber base with around 2.72 lakh net enrollments in November.

    Government to conduct nationwide survey to identify wilful EPFO, ESIC defaulters

    There is a growing view within the government that some monitoring is needed in the absence of physical inspections to check wilful defaults.

    'EPFO to try and pay 8.5% interest at one go'

    EPFO will make “every effort” to pay the 8.5% interest to its subscribers for 2019-20 at one go . This latest view comes day after the central board of trustees of the fund which met on Wednesday decided to recommend to the finance ministry that the interest rate should be paid in two tranches.

    EPFO to credit 8.5% interest on EPF for FY20 in two installments

    EPFO on Wednesday (September 9) decided to credit a part of 8.5 per cent interest on employees provident fund (EPF) for 2019-20 into the account of its around 6 crore subscribers in a Meeting of the Central Board of Trustees of EPF held via virtual conferencing. The remaining 0.35 per cent rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year, the board further said.EPFO to credit 8.5% interest on EPF for FY20 in two installments

    EPFO moots 8.5% interest payout in 2 instalments

    The government-managed fund has recommended that 8.15% interest, from its income from debt investment, be credited immediately into the accounts of its 50 million subscribers. The balance 0.35% will be paid in December, from the sale of investment in exchange-traded equity funds, it said.

    EPF interest payout retained at 8.5% for FY2020-21

    It’s estimated that more than 20 million EPFO subscribers made cumulative withdrawals of over Rs 73,000 crore until December 31, 2020 and this could rise further by the end of the financial year to surpass annual withdrawals of Rs 81,200 crore in FY19 by 16.37 million subscribers.

    EPFO redeeming ETF investments?

    If the market continues to be at elevated levels, more redemptions from EPFO are likely. That is not good news for the bluechips.

    EPFO net new enrolments rises 56% to 11.55 lakh in October

    Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement.

    EPFO updates KYC details of 73.58 lakh members in Apr-Jun

    Further, to enable KYC seeding on such large scale, the Employees Provident Fund Organisation (EPFO) has also undertaken massive exercise of rectifying the demographic details of subscribers even during the lockdown phase.

    EPFO settles 60.88 lakh COVID-19 advance claims, releases Rs 15,255 crore till Jan 31

    The EPFO has settled 60.88 lakh COVID-19 withdrawal claims and disbursed Rs 15,255.95 crore to subscribers during the pandemic till January 31, 2021, Labour Minister Santosh Gangwar said in a written reply in the Lok Sabha.

    EPFO records 3.2 lakh new accounts in May

    The net new enrolments with the EPFO had dropped to 5.7 lakh in March 2020 from 10.2 lakh in February, according to the payroll data released in May. The net new enrolments with the EPFO hover around 7 lakh every month on an average.

    EPFO launches multi location claims settlement facility

    All types of online claims, i.e., provident fund, pension, partial withdrawal and claims and transfer claims can be processed under this novel initiative.

    ET Edit: EPF should diversify its asset classes

    The EPF corpus is large enough to diversify asset classes and achieve the right trade-off between risk and return. It can also set up a special situations fund to invest in distressed assets being turned around. The point is to mitigate risk by investing across asset classes.

    EPFO settled close to 150 lakh claims during this fiscal, disbursing over Rs five lakh crore

    As per the statement, EPFO has settled 47.58 lakh COVID-19 advance claims till October 31, 2020, disbursing an amount of Rs 12,220.26 crores to claimants while a total of 149.31 lakh final settlement have been made amounting of Rs 55,900.88 crores to PF members till October 21, 2020.

    EPFO added just 1.33 lakh net subscribers in April

    April was the first month of the nationwide lockdown imposed to prevent the spread of Covid-19 as a result of which all industries and establishments were shut down during this period, extending to May and June though it was partial in the third month.

    EPFO adds 1.39 crore subscribers in last two fiscals

    "Recently published provisional payroll data by the EPFO highlights the ever growing trend of increasing subscriber base for EPFO, since the collation of payroll data from September 2017," the Ministry of Labour & Employment said in a statement.

    Plans afoot to bring two schemes under EPFO

    ​​The discussions are currently underway on whether the EPFO need to float an entirely new scheme to extend its coverage to individuals or bring the two schemes within its fold.

    EPFO extends deadline to submit life certificate by pensioners till February 28

    "In view of the ongoing COVID-19 pandemic and the vulnerability of elderly population to coronavirus, the Employees' Provident Fund Organisation (EPFO) has extended the time limit up to 28th February 2021 for submission of Life Certificate (Jeevan Pramaan Patra-JPP) in respect of the Pensioners drawing pension under EPS 1995 (Employees' Pension Scheme-1995) and whose Life certificate is due in any month till February 28, 2021," a labour ministry statement said.

    EPFO cuts back on debt, equity play as lockdown hurts inflows

    The fund is estimated to have halved its investments to about 5,000 crore since May

    Pensioners can now submit life certificates at common service centres: EPFO

    In addition to CSC centers, EPS pensioners can continue to submit jeevan pramaan through 135 regional offices and 117 district offices and pension disbursing banks.

    EPFO is settling coronavirus-related withdrawal claims in three days: Here's how

    Artificial Intelligence is playing a major role in bringing down the withdrawal time from the usual requirement of 10 days.

    Firms to forego deduction if they delay deposit of employees' social security contributions

    Besides it is proposed to tax interest earned on annual provident fund contribution of over Rs 2.5 lakh from April 1, 2021. At present there is no tax on interest earned on provident fund deposits.

    EPFO settles 52 lakh COVID-19 claims, disburses Rs 13,300 cr: Gangwar

    In March, the government had allowed over 6 crore subscribes of EPFO to withdraw an amount not exceeding their three months basic pay and dearness allowance from their EPF account in view of the lockdown to fight the pandemic.

    EPFO adds 14.9 lakh net new subscribers in September; quarterly addition at pre-Covid levels

    The net payroll addition for the second quarter of FY’21 stood at 30.34 lakh, which is approximately equal to payroll figures of second quarter of FY’20. “This indicates a robust recovery to pre Covid-19 levels,” the organisation said.

    EPFO dismisses reports about fall in number of subscribers, contributing firms in October

    The EPFO has emphasised that the dataset published regarding contributory members and establishments does not match with the official data of the organisation for any of the wage months mentioned.

    EPFO updated KYC data for 52.62 lakh subscribers in April, May

    This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (UAN activation) for 9.87 lakh subscribers and bank account seeding for 11.11 lakh subscribers, the Employees’ Provident Fund Organisation said in a statement on Wednesday.

    EPFO to disburse restored pension from next month

    The move will benefit 6,30,000 pensioners every month, although it will cost the government Rs 1,500 crore at a time when it is facing a resource crunch due to the Covid-19 virus outbreak and the related nationwide lockdown that has hurt the economy.

    Why is India still lagging behind in ease of doing business?

    Scores of compliances, land and labour challenges and tedious bureaucratic processes doesn’t quite tantamount to efficiency for businesses in India. A range of policies and reforms is the need of the hour to uplift India’s position in a real sense.

    Herculean task of providing social security cover for informal workers awaits EPFO in 2021

    The Employees' Provident Fund Organisation will have a herculean task in improving the delivery of services with focus on implementation of the ambitious Aatmanirbhar Bharat Rojgar Yojana that seeks to boost fresh hiring in 2021.

    EPFO settles 56.79 lakh COVID-19 advance claims, releases over Rs 14,000 cr till December

    When the coronavirus-induced lockdown was imposed in March, the central government had allowed over 6 crore subscribers of the Employees' Provident Fund Organisation's (EPFO) to withdraw an amount not exceeding their three months basic pay and dearness allowance from their EPF account, to support them during the nationwide lockdown.

    Has EPFO's historical aversion to stocks hurt your retirement corpus? Here's the math

    The Employees’ Provident Fund Organisation (EPFO) has started investing in stocks. We crunched some numbers to calculate how much the EPFO’s aversion to equity may have hurt you. Also find out if you are saving enough for your retirement kitty.

    EPFO may slash FY20’s interest rate; payout of 8.5% unlikely as PF contributions fall

    EPFO may cut 8.5% rate declared for FY20 because of declining return on investments and cash flow.

    AITUC seeks labour minister's intervention against alleged malafide campaign to reduce EPF interest rate

    The AITUC shot off a letter to Gangwar on July 29, after a report suggested that there were withdrawals to the tune of Rs 30,000 crore in April-June this year during the coronavirus-related lockdown.

    EPFO allows employers to register digital signatures via e-mail

    EPFO is of the view that due to lockdown, many employers are facing difficulties to send the one time registration requests to the regional offices in the existing scenario.

    EPFO likely to credit 8.5 percent interest on EPF for 2019-20 by December

    Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 per cent interest into two installments of 8.15 per cent and 0.35 per cent in its trustees meet headed by Labour Minister Santosh Gangwar.

    EPFO settles 36.02 lakh claims worth Rs 11,540 crore in April-May

    Out of this, 15.54 lakh claims, which saw disbursement of Rs 4,580 crore to claimants, were related to the recently introduced COVID-19 advance under Pradhan Mantri Garib Kalyan Yojana (PMGKY).

    Spike in internal remittance, new EPFO registrations indicate recovery: Report

    Similarly, according to the payroll data from the Employees' Provident Fund Organisation (EPFO), during April-August 2020, 25 lakh new EPF subscribers have joined, of which 12.4 lakh were first-time payroll entrants.

    EPFO disburses Rs 868 crore of pension along with Rs 105 crore arrears for commutation

    The government, had, in February this year notified the restoration of full pension after 15 years of retirement for pensioners who have commuted part of their pension at the time of retirement.

    ESIC too may be allowed to invest 15% of corpus in mutual funds, stocks

    The ESIC corpus currently stands at over ₹90,000 crore. Of this, over ₹23,000 crore is earmarked as reserve fund, while the rest is invested in government securities (45-65%), debt and related instruments (20-45%), and short-term debts including fixed deposits (5-10%) based on the traditional investment pattern of ESIC.

    3.31 lakh PF withdrawal claims processed in 15 days: EPFO

    Government had notified the special withdrawal provision from the EPF Scheme on March 28 to tide over the COVID-19 pandemic as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) package.

    EPFO extends challan filing date for employers by a month to May 15

    "The employers disbursing the wages for March 2020 not only get relief of extension of due date for payment of EPF dues for March, 2020 but also avoid liability of interest and penalty, if they remit on or before May 15, 2020," EPFO added.

    Is there any restriction in contribution to EPF for a person who is in full-time employment, aged above 60?

    As per the EPF scheme, an employee shall cease to be the member of EPS from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier.

    EPFO records 10.05 lakh new enrolments in August

    Latest data released on Tuesday showed that net new enrolments in April were in the negative zone at (-) 1,04,608 against the figure of (-) 61,807 released in September. This means that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme.

    Advance pension amounting to Rs 764 crore under EPS disbursed in April: EPFO

    "All 135 field offices of EPFO processed pension payment for April, 2020 in advance to avoid inconvenience to pensioners on account of nation wide Covid-19 lockdown," EPFO said in a statement.

    Don't cut salaries or resort to layoffs: EPFO appeals to employers

    New Delhi: Amid the ongoing lockdown imposed to contain the transmission of coronavirus, which has forced companies to halt operations temporarily or ask employees to work from home, the retirement fund body Employees' Provident Fund Organisation (EPFO) has requested employers for neither cutting salaries of employees nor laying them off.Don't cut salaries or resort to layoffs: EPFO appeals to employers

    Net new enrollments with EPFO dip to 5.72 lakh in March from 10.21 lakh in February

    The data also showed that during September 2017-March 2020 period, the number of net new subscribers was around 1.55 crore. The net new enrollments with EPFO was 15.52 lakh during September 2017-March 2018.

    Lockdown: EPFO not charging penalty from cos for delay in payment of provident fund dues

    Earlier on April 30, the EPFO allowed employers to file monthly EPF returns without making simultaneous payment of dues, which gave a relief to about 6 lakh firms amid the lockdown.

    EPFO subscribers up 45 lakh in FY21, big indicator of job creation: Apurva Chandra, Labour Secretary

    If you look at the EPFO payroll data since February, it showed there was a loss of employment in April and May. Since then, EPFO has seen net additions in subscribers, says Apurva Chandra.

    Coronavirus impact: EPFO asks for timely credit of monthly pension to EPS pensioners

    The Central Provident Fund Commissioner has directed the field offices of EPFO to generate and reconcile pensioners' details and pension amount statements for the current month by 25th March 2020.

    Exempted PF trusts disburse over Rs 481 crore under PM Garib Kalyan Yojana

    Under the scheme, notified on March 28, members can avail non- refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to the member’s credit in the EPF account, whichever is less, to tide ove the financial crisis emerging out of COVID-19.

    EPFO sets up ex-gratia death relief fund for families of employees who die due to coronavirus

    The decision has been taken in the wake of provident fund and pension services been declared as essential during the nationwide lockdown since March 23.

    Finance Ministry okays 8.5% on PF deposits for 2019-20

    EPFO’s Central Board of Trustees, the apex decision-making body under the labour minister, had in March this year approved 8.5% interest rate on EPF for 2019-20. In September, the retirement fund body had decided to split payment of 8.5% interest into two tranches of 8.15% and 0.35%.

    EPFO settles 149.3 lakh claims; disburses over Rs 55,000 crore

    “Innovative measures like auto-settlement mode and multi location claim settlement have ensured that most of the Covid-19 claims are settled within three days despite severe restrictions on full deployment of staff,” EPFO said in its letter dated November 20 to the members of the central board of trustees.

    EPFO slashes interest rate on deposits to 8.5% for FY20

    Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday. The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.EPFO slashes interest rate on deposits to 8.5% for FY20

    Net enrolments with EPFO dips to 10.34 lakh in Feb from 10.71 lakh in Jan

    During the April-February period in 2019-20, the number of net new subscribers rose to 76.53 lakh compared to 61.12 lakh recorded by Employees' Provident Fund Organisation (EPFO) during the entire 2018-19.

    EPFO mulls rate cut on PF deposits to 8.5% for FY20

    The EPFO is considering a cut of 15 basis points in the interest rate on PF deposits in FY20 to 8.5%.

    How to use EPFO WhatsApp helpline to resolve your EPF account problems

    In order to provide more facilities to an EPF member to resolve his/her complaints, the retirement fund body, EPFO, has launched WhatsApp helpline number. However, each regional office has its own dedicated WhatsApp helpline number. Here's how to use this facility.

    EPFO provides pensioners multiple options to submit digital life certificates amid pandemic

    In the current scenario of COVID-19, the Employees' Provident Fund Organisation (EPFO) has facilitated multiple options for EPS-95 pensioners to submit their DLC close to their home or at their doorstep, the ministry said in a statement.

    Employees' PF contribution can go higher than 10%, not of employers: Labour ministry

    The ministry on Monday notified lower rates of provident fund contribution at 10 per cent, increasing the in-hand salary of 4.3 crore provident fund subscribers. Last week, Finance minister Nirmala Sitharaman had announced the reduction of statutory provident fund contribution by both employers and employees for the next three months to 10 per cent of basic wages from 12 per cent.

    EPS pension: Here's how to calculate it

    A member of the Employees Provident Fund Organisation is eligible to receive a pension provided he/she has completed a minimum of 10 years of service. Here is how you can calculate the EPS pension you are eligible to receive.

    EPFO records 8.45 lakh new enrolments in July

    Provisional payroll data released by the EPFO shows net enrollment in June have been revised down to 4.83 lakh compared to 6.55 lakh in June shown last month.

    Pension commutation under EPFO from Jan 1

    The move, which comes 10 years after the provision was withdrawn, follows a decision at a recent meeting of the EPFO’s central board of trustees and will benefit around 630,000 pensioners.

    EPFO directs field offices to timely credit pension to 65 lakh EPS beneficiaries

    Retirement fund body EPFO on Monday said it has issued directions for timely credit of monthly pension to over 65 lakh employees' pension scheme (EPS) beneficiaries amid the coronavirus outbreak.

    8.2 lakh workers dip into retirement savings to survive in lockdown

    Claims settlement involves disbursal of total amount of Rs 4,684.52 crore which includes Rs 2,367.65 crore COVID claims under the PMGKY package. The exempted private PF trusts have also risen to the occasion amidst the COVID-19 pandemic.

    Govt plans to bring voluntary pension scheme for small traders, unorganised workers under EPFO

    “We are looking at bringing the Pradhan Mantri Shram Yogi Maandhan for unorganised workers and the National Pension Scheme for traders and self-employed persons under the administrative control of EPFO,” an official aware of the deliberations told ET.

    Framework for Public Wifi, 22,880 crore outlay for new employment scheme among key cabinet decisions

    Millions of data-hungry consumers across India will soon enjoy top download speeds and quality video experience anywhere and at all times with the Union Cabinet backing the sector regulator’s call to boost countrywide broadband penetration through the public WiFi route using unlicensed entities - something like the PCO model of yore.Framework for Public Wifi, 22,880 crore outlay for new employment scheme among key cabinet decisions

    Early signs of formal employment gaining ground appear as suggested by EPFO data

    In what could be early signs of formal employment gaining ground after significant dip in April due to nationwide lockdown, the number of subscribers who left and rejoined Employees Provident Fund (EPF) scheme stood at an all-time high so far this year in June, while the number of exits from the scheme dropped significantly.

    EPFO, CMPFO merger on cards

    CMPFO’s payments have started exceeding inflow since 2016-17.

    Govt proposes to relax EPF withdrawal rules

    As per the announcement, due to pandemic situation, the government will amend Employees Provident Fund withdrawal rules and also, will pay both employer and employee contrition to the EPF account for the continuity of the account for the next three months.

    September registers creation of highest number of formal jobs in this fiscal

    The payroll data of the ministry of statistics and programme implementation, released on Wednesday, shows rise in numbers of EPFO, ESIC and NPS subscriptions.

    Currently there are 4.5 crore active EPFO members: Labour minister

    “The number of active members under EPFO, at present, are 4,50,60,972 (contributing UANs of last three wage months viz. August, 2019 to October, 2019)," said labour and employment minister Santosh Kumar Gangwar .

    Nov FPI investment may equal aggregate inflows of last 2 years: Nilesh Shah, Kotak AMC

    Calendar 2019 witnessed total inflows of Rs 1,01,122 crore while Calendar 2018 saw FPI outflows of Rs 33,014 crore. Net inflows for last two years stood at Rs 68,108 crore. This month, FPIs have already infused Rs 48,278 crore so far.

    PF rates slashed to 7-Year Low of 8.5%

    The proposed rate is 15 basis points lower than 8.65% announced for FY 2018-19. The finance ministry will have to vet the interest rate of 8.5% agreed upon by CBT before it is notified by the labour ministry.

    EPF interest rate lowered by 15 bps to 8.5% for FY20

    The interest rate is a big sentiment booster and any cut may further hit the employee sentiment.

    EPFO to use CSCs for life certification of pensioners

    Looking to bring service delivery closer to the doorsteps of Employees' Pension Scheme (EPS) pensioners, especially during the coronavirus pandemic, EPFO has partnered with CSC to provide facility to submit Digital Jeevan Pramaan, the labour ministry said in a statement.

    EPFO withdrawals hit Rs 30,000 crore during April-July lockdown

    As much as Rs 30,000 crore has been withdrawn in under four months starting April by 8 million subscribers of the Employee Provident Fund Organisation. EPFO manages a corpus of Rs 10 lakh crore built on mandatory contributions from nearly 60 million salaried people and their employers. The huge outgo is likely to impact the fund’s earnings in FY21. Going by the current trend, EPFO expects nearly 10 million subscribers to withdraw from their savings in the coming days.EPFO withdrawals hit Rs 30,000 crore during April-July lockdown

    EPFO eases compliance burden for companies

    As per EPFO, in the current scenario the businesses and enterprises are not able to function normally and are facing liquidity or cash crunch to pay their statutory dues even though they are retaining the employees on their rolls.

    Now workers can generate UAN from EPFO portal directly

    At present, workers are required to apply through their employers to get the universal account number (UAN), which enables them to avoid filing PF transfer claims on changing jobs. Now they do not have to depend on his or her employer for getting the UAN. The UAN remains the same throughout the life of a worker.

    Stimulus 3.0 signals a cautious approach towards economic recovery

    As per the recent estimates of RBI, GDP growth rate for Q2 would be at -8.6 percent, pushing the economy to a recessionary phase. In such a scenario, strong measures are needed to guide the economy to a recovery path.

    Recovery in formal job market pushes EPFO enrolments to 8.45 lakh in July

    The payroll data, released by the ministry of statistics and programme implementation on Friday, shows the members exiting the EPFO scheme fell to 3,12,744 as against 5,70,664 in June, which has been revised upwards while those who rejoined the scheme stood at 5,47,755 compared to 5,14,659 in June.

    EPFO to focus on subscribers' convenience, ease of doing business through digital tools in 2020

    Employees' Provident Fund Organisation (EPFO) is undertaking several digital initiatives including online Universal Account Number (UAN) generation facility for subscribers and e-inspection system for employers.

    EPFO Delhi West office settles 4.4 lakh claims in 150 days of lockdown

    Writing a foreword, Labour Minister Santosh Gangwar expressed that the EPFO Delhi West has strengthened social accountability through public review of its performance using social media on a daily basis.

    Atmanirbhar Bharat Rozgar Yojana: Job plan may have a tough job to do

    The ceiling will exclude employers from benefiting from the subsidy for jobs that pay even slightly more than ₹15,000 but well within wage range for lower-end jobs in manufacturing and services sectors.

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