The Employees' Provident Fund Organisation (EPFO) has introduced a new rule to simplify the process of claiming EPF benefits after a member's death. This initiative aims to address challenges faced by field offices in updating or rectifying Aadhaar details posthumously.
Learn how to navigate EPF interest calculations with our comprehensive guide to understanding EPF account interest. The EPF, a retirement savings scheme backed by the Central Government, requires monthly contributions from both employees and employers.
This is the highest number of net additions in the last 11 months. The data also shows that the EPFO's monthly average wage grew by 10.47% in June 2023 to Rs. 21,237.
The central government approved in July this year raising the interest rate on Employees Provident Fund (EPF) deposits to 8.15% for the financial year 2022–23.
The body in charge of the provident fund had previously extended the deadline twice, first from March 3 to May 3 and then to June 26. The deadline was extended to give pensioners more time to solve any issues they might have.
EPFO data: Employee Provident Fund witnessed a healthy growth rate as 1.39 crore members enrolled in the retirement fund body in 2022-23.
The EPFO is a social security organisation responsible for providing a number of benefits to the members covered under the statute of EPF & MP Act, 1952.
EPF Interest Rate: Contributions towards EPF accounts are done by the employee and the employer as well. The employer deposits the amount into the EPF account of employees directly on a monthly basis.
The Employees Provident Fund Organisation (EPFO) on Saturday decided to lower the interest on provident fund deposits for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent provided in 2020-21.
At present, all those employees in the organised sector whose basic wage (basic pay plus dearness allowance) is up to Rs 15,000 per month at the time of joining service are mandatorily covered under EPS-95.
Many money-related developments are expected from January 2022. From ATM fees becoming costlier to new guidelines on bank lockers. Here are some key regulatory and operational changes that are likely to come into effect from 2022.
Of the total 14.81 lakh net subscribers, around 9.19 lakh new members have come under the social security ambit of EPFO for the first time.
A highly placed source told PTI that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 per cent rate of interest on EPF for 2019-20 earlier this month.
The Ministry of Labour & Employment has implemented new rules that allow for reduced employees' provident fund (EPF) contributions for three months till July. Here are key points to know about new EPF rules:
Finance Minister Nirmala Sitharaman on Sunday said around 12 lakh members of the Employees' Provident Fund Organisation (EPFO) withdrew Rs 3,360 crore retirement savings during the coronavirus-induced lockdown.
Finance Minister Nirmala Sitharaman on Sunday said around 12 lakh members of the Employees' Provident Fund Organisation (EPFO) withdrew Rs 3,360 crore retirement savings during the coronavirus-induced lockdown.
The date of birth recorded in 'Aadhaar' will now be accepted as valid proof of date of birth for the purpose of rectification, provided that the difference in the two dates is less than 3 years. The Provident Fund subscribers can submit the correction requests online.
EPFO has made a change in its EPF rule to allow subscribers non-refundable withdrawal of PF money. EPFO subscribers will be allowed to withdraw 75 per cent of PF balance or three months' wages, whichever is lower. EPF account holders can claim for 'advance' withdrawal via EPFO's unified portal -- unifiedportal-mem.epfindia.gov.in. Here's a step-by-step guide to withdraw EPF money citing COVID-19 outbreak.
Provident Fund subscribers alert: The Employees' Provident Fund Organisation (EPFO) announced a big bonanza for around 6 crore employees. Union Labour Minister Santosh Gangwar announced the decision which said EPFO would now provide an 8.65 per cent interest rate on employees provident fund (EPF) for 2018-19 before Diwali festival.
Good news for over 6 crores EPF subscribers as the retirement fund body EPFO is all set to credit Rs 54,000 crore EPF interest for the year 2018-19 into their bank accounts. Here's How and where to check if EPF interest has been credited.
Top News
Latest News
