EPFO NEW GUIDELINES
Why EPFO needs to extend deadline to apply for higher EPS pension for third time
Deadline to apply for higher EPS pension: ET Wealth spoke to experts on whether there is a need to extend the last date to apply for higher EPS pension for a third time. This is what they said.
Higher EPS pension: Is it fair to ask EPFO members to accept unknown pension calculation?
The deadline to apply for higher pension for eligible EPF members, who were in service on or after September 1, 2014, currently ends on May 3, 2023. Despite the SC order giving them 6 months time to come with a replacement mechanism for old higher EPS contribution method the EPFO is yet to reveal its new methodology. Is it fair for EPFO to ask members to give consent without knowing how the dues for missing contribution in past will be calculated?
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
Decoding EPFO's new guidelines: How you can apply for higher pension now
Retirement fund body EPFO on Monday directed its regional offices to implement the November 4 Supreme Court judgement upholding the Employees Pension (Amendment) Scheme, 2014 and laid out the procedures through which subscribers can apply for higher pension under the EPS scheme...
Are employees contributing to private EPF trusts also eligible to apply for higher EPS pension?
The Supreme Court in its judgement dated November 4, 2022 has upheld the amendments made by Labour Ministry via a notification in EPF and EPS scheme. Usually, employees covered under EPF scheme deposit their PF money with the EPFO. However, some companies prefer to have their private, exempted EPF trust instead. Are the employees covered under exempted EPF trust also eligible for higher pension?
Arnav Pandya on pension, PF and retirement portfolio
“Remember very clearly that the employee does not contribute to the pension part, only the employer does and the entire part of the employee’s contribution goes to the provident fund part. Now the pension part is important because this is the area where if you are eligible, then at the time of your retirement, you will start getting a pension based on the working of the EPS.”
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EPFO guidelines: How TDS on interest will be deducted if EPF contributions exceeds Rs 2.5 lakh
EPFO has issued guidelines regarding when and how TDS on interest will be deducted if EPF contributions exceed Rs 2.5 lakh in a financial year. Further, it has also clarified the information that will be shared between the old and new employer in case of transfer of EPF accounts due to job change.
From BNPL schemes, gold hallmarking to new auto debit mandate: 11 personal finance changes, trends seen in 2021
Here is a look at major trends and changes that impacted our personal finances in 2021.
EPFO invests Rs 7,715 crore in equity in April-June
The EPFO can invest up to 15 per cent of investment in equity as per the Pattern of Investment notified by the central government and the internal guidelines of the EPFO approved by the Central Board of Trustees (CBT), Employees' Provident Fund (EPF).
New players entering mutual fund space is good news for investors: N.S. Venkatesh, AMFI
"New entrants are welcome as it fosters a competitive spirit within the industry. These players will bring a diverse set of ideas. Other entrants will adapt newer technologies that will bring down the cost of operations which could be passed on to the investor," says N.S. Venkatesh CEO, AMFI .
Labour ministry issues guidelines for Atma Nirbhar Bharat Rozgar Yojana
The scheme was announced in November to incentivise formal job creation in the country and subsequently approved by the Cabinet in early December.
4 ways to link PF account with Aadhaar
To file any EPF withdrawal claim online, it is mandatory for your EPF account to be linked to Aadhaar. You are required to link your UAN to your Aadhaar number. Before starting the linking process, ensure that your UAN is active.
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.
Stopped working before completing 5 years? Your EPF could be taxable
The taxation is triggered in the year of withdrawal; however, the tax is computed as per the mechanism laid down in Rule 9 of the Fourth Schedule to the Act.
EPFO approves re-constitution of three key committees
A decision to this effect was taken at the 223rd meeting of CBT chaired by labour minister Santosh Kumar Gangwar on Tuesday.
Government borrowing cost likely to fall, thanks to EPFO
The benchmark bond yield may fall at least 10 basis points in the next few trading sessions.
EPFO prepares to accept more requests for pension hike after SC ruling
Following the SC order, it is expected that more employees will approach EPFO to retrospectively enhance their contribution to get a hike in their pension.
Should the EPFO reveal its investment portfolio? Here are 3 expert views
ET Wealth asks three experts if the EPFO should revamp its investment disclosure norms and declare details of its portfolio on a regular basis.
EPFO issues guidelines to settle death claims in seven days
CPFC informed the Minister that on Prime Ministers' directions, EPFO has issued detailed guidelines on retirement and death cases.
need2know: Don't harm thy neighbour and other policies
The global safety nets erected by central banks may not be enough for emerging markets and Raghuram Rajan has urged nations to go for responsible policy behaviour.
Budget 2016: Full text of Finance Minister Arun Jaitley's speech
Jaitley presented his third budget which took on the fiscal and physical health of the nation by setting the fiscal deficit target at 3.5% of GDP.
EPFO settles 90 lakh claims in April-Dec, FY16
Retirement fund body EPFO settled 90.6 lakh claims, including PF transfer or withdrawals, in April-December period of this fiscal and 96% cases were settled in 20 days.
EPFO settles 11.77 lakh PF claims in April
Retirement fund body EPFO settled 11.77 lakh claims like PF withdrawals in April, of which 77 per cent were disposed of within 10 days.
Labour Ministry to notify pattern of EPFO investment in equity soon
The investment pattern for the retirement fund body in this regard is likely to be notified soon by the Labour Ministry.
EPFO trustees to discuss investment in equity tomorrow
Retirement fund body EPFO's trustees will deliberate tomorrow on investing part of over Rs 6 lakh crore corpus in equities and relaxing norms for increasing exposure in housing finance firms.
EPFO considering enhancing exposure in private sector bonds
EPFO trustees will consider a proposal to increase the limit for investment in private sector bonds from existing 10% to 15% in their meeting scheduled on Dec 19.
Inoperative account norms should be strictly followed: EPFO
EPFO has asked its field formations to strictly follow guidelines while settling claims out of inoperative accounts in order to reduce the risk of frauds.
Govt may relax norms for joining New Pension Scheme
"We have taken up this matter with secretary, DoPE, and he has prepared a note which he would be soon taking to the Cabinet," said PFRDA chairman.
Aadhaar mandatory for new EPFO subscribers from March 1
New members joining the EPFO's retirement fund scheme will have to mandatorily furnish Aadhaar number as KYC (Know Your Customer) credential for enrolment from March 1, 2013.
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