EPFO JOINT DECLARATION FACILITY
New EPF auto-settlement claim rules for medical, education, marriage, housing: How to use this facility, eligibility
EPF auto-settlement of withdrawal claims: The EPFO in a press release has announced extending the coverage of auto-settlement of withdrawal claims to marriage, housing and higher education. The auto-settlement claim was earlier available for specified medical illness only. Read on to know who can apply for these claims, documents required to apply and other details.
Nomination now optional for joint mutual fund portfolios; what MF investors must know
The deadline for all current individual unit holders who own mutual fund units, either alone or jointly, nominate or opt out of nomination is June 30, 2024; otherwise, the folios will be blocked for debits.
EPF joint declaration: List of acceptable documents required to make corrections, updations in UAN profile
Correction, updations to EPF account: The Employees' Provident Fund Organisation (EPFO) has made changes to the standard operating procedure (SOP) for collecting joint declarations to address inaccuracies in members' and employers' Universal Account Number (UAN) profiles. Here is a look at more details regarding making changes to one’s EPF account’s UAN profile.
Post Office Life Insurance policy bonus declared for Financial Year 2024-25
The government offered a bonus for Post Office Life (PLI) insurance subscribers. Bonus rates for the fiscal year 2024-25 will be effective April 1, 2024.
EPF members can do KYC, correction in provident fund account online: Here is a step-by-step guide to do it
Correction in EPF details online: It may happen that an employee details such as name, gender, date of birth, father/mother's name etc. in the EPFO records are wrong. This may be due to spelling errors or wrong details mentioned in the EPF records. The EPFO has launched an online facility to correct KYC details online. Here is a step by step guide on how to use online KYC facility to correct details.
Banks should pass reasoned orders while declaring entity/person wilful defaulter, says Bombay HC
The bench was hearing a petition filed by Milind Patel, former joint managing director of IL&FS Financial Services Limited (IFIN), challenging an order passed by the Union Bank of India in February 2023 declaring the firm and its promoters wilful defaulters under the 2015 Master Circular issued by the RBI. The RBI's circular calls for banks/financial institutions to submit data on wilful defaulters on a quarterly basis, which is also communicated to the Securities and Exchange Board of India (SEBI).
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EPF joint declaration: How many times can you make changes to member name, date of birth, marital status in EPF account
Making changes to EPF account: 11 parameters can be changed by an employee during his or her employment to their EPF account. Here is a look at how many times one can make changes to each of these parameters.
EPFO gives relief to these EPF members from submitting joint declaration form
EPFO Joint declaration form submission: EPF scheme rules require mandatory submission of this form if an EPF member wants to contribute on basic pay exceeding statutory limit of Rs 15,000 per month. The EPFO has also started sending SMSes to the EPF members to submit the joint declaration form as soon as possible.
EPFO issues SOPs for handling joint declaration application for higher pension under its Employees’ Pension Scheme
The retirement fund body EPFO, on Monday, issued the standard operating procedures (SOPs), listing out the valid documents for correction in employees’ profile while fixing timelines for processing the correction-related applications and allowing subscribers to online monitor their application.
EPFO plans to set up actuary, hire more staff
EPFO plans to overhaul its pension division by setting up an in-house actuary and hiring more staff due to the increased workload from the Supreme Court's order on higher pensions. The retirement fund body may ask exempted establishments to pay for administrative charges. The EPFO has received 1.74 million applications for higher pension validation, with 1.17 million pending.
ONGC Q3 Results: Net profit falls 10% YoY to Rs 10,356 crore; dividend declared at Rs 4/share
Oil and Natural Gas Corporation (ONGC) reported a 9.9% year-on-year (YoY) decline in consolidated net profit for the quarter ended December 2023 to Rs 10,356 crore, compared to Rs 11,489 crore in the year-ago period.
Iran's Pakistan attack amid joint drills raises eyebrows
The attack was neither preceded by any effort by the Iranian side to resolve the issue diplomatically nor any acrimonious exchange of statements between the two countries. In fact, the last significant attack by Jaish al Adl, an Iranian separatist group having presence in Pakistan, took place on a police station in Sistan-o-Baluchistan killing 11 policemen a month before the missile attacks. So, it can't possibly be the trigger for retaliation.
Employers get 5 months of extra time to upload wage details for higher pension
The Centre has extended a five-month extension for employers to upload wage details for employees seeking higher pensions. The facility, enabled by the Employees' Provident Fund Organisation, was granted after a Supreme Court order in November 2022. Over 3.6 lakh applications remain pending.
EPFO retires Covid advance facility, move may impact consumption
According to experts, the move may impact consumption as much of the Covid advance was being used for discretionary purchases and other expenses. They also opined that the decision has come too late and that it had impacted the availability of funds at EPFO's disposal.
G20 parliamentary speakers pledge to combat terror, violent extremism
The speakers of parliaments from G20 countries have pledged to use their legislative and budgetary powers to combat terrorism and violent extremism. They condemned all forms of terrorism, including those based on xenophobia, racism, and religious beliefs. The joint statement also emphasized the importance of international cooperation and the protection of human rights in countering terrorism.
The ultimate guide for NRIs and Indian residents for opening a joint account in India
Non-Resident Indians (NRIs) can now open joint bank accounts with Indian residents, thanks to regulatory changes made by the Reserve Bank of India in 2011. This allows NRIs to provide financial support to their families in India more easily. NRIs can only hold resident savings accounts as joint holders with Indian residents, and cannot be single holders of the resident account.
EPFO extends deadline to upload details by employers for higher pension option by 3-month till December 31
The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release.
EPFO issues new process for EPF accounts updation to correct name, Aadhaar, date of birth, 8 other details
The Employees' Provident Fund Organisation (EPFO) has issued a new circular on August 23, 2023, to standardise the process of correcting details in the EPF account. As per the new process, an EPF member can correct 11 details in her profile. The new circular has put the restrictions on number of times these 11 details can be corrected or updated.
EPFO extends deadline to opt for higher EPS pension; last opportunity to apply
The Employees Provident Fund Organisation (EPFO) has extended the deadline for the third time to apply for higher EPS from June 26, 2023 previously. The option to apply for higher EPS is available online on the member Sewa website and is available irrespective of whether the EPF account is held with the private trust or EPFO.
EPFO launches calculator for higher EPS pension additional contribution after much delay
The Employees' Provident Fund Organisation (EPFO) launched an excel based calculator for eligible employees to calculate the dues that they have to pay to receive higher pension at the time of retirement. Read on to know how you can download it and how it can be used to estimate the money that you have to pay.
EPFO likely to extend the deadline for higher EPS pension by three months: Sources
Employees were facing many issues while applying for higher pension due to a lack of clarity on various rules and delayed clarification from EPFO made it difficult for large number of employees to exercise their hard-earned option to apply for higher pension from Employees' Pension Scheme (EPS). Here are some reasons why extension is needed.
Does eligible employee have an exit option to get out of higher EPS pension application?
The circular issued by the Employees' Provident Fund Organisation (EPFO) on May 11, 2023, clarifies that how dues will be calculated to be paid for higher EPS pension. Further, a written consent is mandatory for diversion or depositing funds for higher pension from EPS. However, what will happen if written consent is not provided by the EPFO?
EPFO issues FAQs on higher EPS pension, but no clarity on computation
EPFO said applicants will have up to three months to provide written consent to EPFO to either draw arrears from their PF, or to deposit funds separately in case of a shortfall in their PF kitty.
Why EPFO must extend the deadline for EPS members to apply for higher pension: View
The last date to apply for a higher pension from the Employees' Pension Scheme (EPS) is fast approaching. However, given the issues that are yet to be clarified by the Employees' Provident Fund Organisation (EPFO), there is a need for an extension of the deadline. Here are a few reasons that make a compelling case for the extension of the deadline.
Higher EPS pension: How much do you have to pay to get it? New EPFO circular clarifies method
Higher EPS pension: As per the circular, once the joint application form is submitted, the EPFO field offices will be examined by the EPFO field offices. Once the requirements are complete and the wage details submitted by the employers, then it will be verified with the data available with the EPFO.
How employees can submit joint application for higher EPS pension sans documents post Kerala High court order
Employees who are eligible to apply for higher pension under the Employees' Pension Scheme (EPS) are confused about how they can submit joint application form on the Member Sewa portal if they do not have necessary documents. The Kerala High Court judgement dated April 12, 2023 has asked EPFO not to insist on the proofs. Here's how an employee can submit the form to apply for higher pension.
Crucial EPFO board meeting begins today; EPF interest rate for FY2022-23 likely to be announced by tomorrow
The Central Board of Trustees of the EPFO is holding a crucial two-day meeting commencing on Monday in the national capital to decide the EPF interest rate on the retirement corpus for 2022-2023.
EPFO circular on higher pension under EPS; read the full guidelines here
EPFO issued a circular on February 20, 2023, with guidelines on how eligible employees who missed out on opting for a higher pension under the EPS can now apply for it. Here is the circular issued by EPFO on February 20,2023
EPFO issues guidelines for higher pension from EPS: Know where, how to apply
The EPFO on February 20 released a circular providing guidelines how eligible employees can apply for higher pension under the Employees Provident Scheme (EPS). The last date to apply for higher pension is March 3, 2023 as mandated by the Supreme Court judgement.
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