EPFO TRANSFER
Formal job creation under EPFO at 72-month high in April at 1.89 million
Provisional payroll data, released by the ministry of labour and employment on Thursday, shows new formal job created under EPFO was 31.3% higher than 1.44 million net members added to EPFO in March 2024, attributing the surge in membership to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programs.
Labour Secretary Sumita Dawra chairs review meeting on EPFO reforms
Labour & Employment Secretary Sumita Dawra praised the EPFO's automation of claim settlements to reduce rejections, as per an official statement. In a review meeting, she emphasized the need for close coordination among officials to enhance social security. The EPFO's reforms aim for faster claim settlements and streamlined processes, significantly improving efficiency.
EPFO undertakes multiple systemic reforms to enhance ease of doing business; improve ease of living
EPFO rules: At a review meeting, chaired by labour secretary Sumita Dawra, EPFO said the number of auto transfers generated by the retirement fund body has increased threefold from two lakh in April 2024 to six lakh in May 2024 while more than 25 lakh advance claims have been settled on auto mode.
Can you transfer EPF account from unexempted trust to EPFO, exempted trust?
EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund account either with EPFO or exempted trusts. However, what if you have an EPF account with unexempted trusts? Does EPF scheme rules allow an EPF member to transfer the unexempted trusts to EPFO or exempted trusts? Read on to know about it.
EPFO created 11.4% more formal jobs in 2023-24 at 15.4 million, shows payroll data
The provisional payroll data, released by the ministry of labour and employment on Monday, shows 1.44 million net members were added to EPFO in March, 2024 vis-a-vis 1.54 million added in February out of which 0.74 million were new members.
Faster EPF claim settlement: EPFO multi-location claim settlement to speed up member claims
Faster EPF claim settlement: By allowing for multi-location claim settlement, this feature will speed up member claims processing and replace the current geographical jurisdiction structure along with productivity in offices nationwide.
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When will EPF interest be credited for FY 2023-24? Here’s what EPFO has said, 4 ways to check PF balance
EPF interest for FY 2023-24: The Employees' Provident Fund Organisation (EPFO) announced the interest rate for provident fund deposits for the 2023–2024 fiscal year in February of 2024. The interest rate for 2023–24 was raised by the EPFO from 8.15% to 8.25% from the previous year.
EPFO Payroll data shows surge in youth employment; 15.48 lakh net members added in February 2024
The EPFO's provisional payroll data for February 2024 reveals a significant increase of 15.48 lakh net members, with the 18-25 age group constituting 56.36% of new additions. The data also shows a positive trend in female employment, with around 2.05 lakh new female members added during the month. The release highlights a diverse workforce, with growth seen in various industries. Overall, the data reflects a positive outlook for youth employment and inclusivity in the workforce.
Automatic EPF account transfer from old to new job: How EPFO's facility works
Automatic EPF account transfer: Employees Provident Fund (EPF) members can now automatically transfer their provident fund accounts from their old employer to new employer. However, this facility is available to certain EPF members only satisfying certain conditions. Read on to know to whom automatic EPF account transfer facility is available and how it works.
'Statistical jugglery': Congress slams govt over unemployment
Congress general secretary Jairam Ramesh said a Union Minister recently derided the ILO's Employment Report as a symptom of India's "slave mentality."
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.
Formal job creation under EPFO up by 2.7% to 1.62 million in January: Payroll data
As per the provisional data, released by the ministry of labour and employment on Sunday, the year-on-year net new subscribers addition to EPFO was higher by 7.8% when compared to 1.48 million net new subscribers added in January 2023.
EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time
EPFO added 16.02 lakh subscribers in January 2024, with a significant influx of youth members. Female participation increased, indicating a shift towards a more inclusive workforce. The data reflects continuous updates since April 2018.
How to avoid rejection of EPF withdrawal claim; Steps provident fund member should take
EPF Withdrawal claim rejection: Many individuals are struggling to get their EPF money at the time of withdrawal. The reason for rejection of their EPF claim is due to mismatch in the details available in the EPFO records as well as in the EPF account holders' PAN, Aadhaar or incomplete KYC records. Here is how the EPF claim rejection can be avoided.
Formal job creation under EPFO up 11.9% to 1.56 million in December 2023: Payroll Data
As per the payroll data released by the ministry of labour and employment on Tuesday, the year-on-year net new subscribers addition to EPFO was higher by 4.62% when compared to 1.49 million net new subscribers added in December 2022. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs, the labour ministry said
EPFO adds a net 15.62 lakh members in Dec; 8.41 lakh new subscribers join workforce
Retirement fund body EPFO recorded a net addition of 15.62 lakh members in December 2023, according to payroll data released on Tuesday. An increase of 11.97 per cent has been registered in net member addition during December 2023 compared to the previous month, a labour ministry statement said.
Shift of labour to non-farm jobs: Why it's high time to reform India's job-creation laws
India aims to reduce agriculture's 'self-exploitation' through non-farm jobs. This requires addressing problems with job laws, promoting direct benefit transfer, improving infrastructure and human capital, and reforming social security and labor codes.
EPF interest rate hiked to 8.25% for FY 23-24; 4 ways to check your EPF balance
EPF interest rate for FY2023-24: The interest rate will be formally announced in the government gazette if approved by the Ministry of Finance. EPFO will then credit the agreed rate of interest to its EPF subscribers' accounts.
Have multiple EPF account UANs? Here’s how to merge more than two UANs
The UAN is constant throughout your career; even if you change jobs over the years, your UAN will remain the same. With the use of the Universal Account Number, or UAN, one can merge their multiple EPF accounts.
EPFO Interest Rate Hike: EPFO declares 8.25% as EPF interest rate for FY 2023-24
EPFO Interest Rate Hike: The Employees Provident Fund is a mandated contribution for salaried employees. An employer is also obligated to make a matching contribution to the EPF account. On a monthly basis, an employee contributes 12% of his earnings to his EPF account. The employee's whole contribution is placed into the EPF account. In the case of the employer, just 3.67 percent is deposited into the EPF account. The remaining 8.33% goes to the Employees Pension Scheme (EPS).
Latest EPFO rules: How to unblock inoperative EPF account, settle claims
The EPFO has especially outlined the procedural complications involved in UAN generation/linking, KYC seeding, blocking, unblocking, and paying claims for transaction-less accounts and inoperative Accounts. Let us take a look at what the EPFO SOP had to say about inoperative accounts.
EPFO restricts credits, deposits into EPF accounts linked with Paytm Payments Bank from this date
The EPFO advised all its Field Offices to refrain from accepting claims associated with bank accounts in Paytm Payment Bank Limited with effect from next month.
Formal job creation under EPFO down 14.2% to 1.39 million in November, according to payroll data
As per the provisional payroll data, released by the ministry of labour and employment, EPFO also registered a decline of 9.15% in formal job creation month-on-month as 1.53 million net new jobs were created in the retirement fund body in October 2023.
EPFO adds 13.95 lakh net members during November 2023
EPFO added 13.95 lakh net members in November 2023, with a higher cumulative net addition during the current financial year compared to the previous year. Majority of new members joining the organized sector workforce are youth, with the 18-25 age group constituting 57.30%. Gender-wise analysis shows a growing participation of female employees, with 20.05% net female members. Maharashtra, Tamil Nadu, Karnataka, Haryana, and Delhi have the highest net member addition.
EPFO removes Aadhaar from list of acceptable documents for proof for updation/correction of date for birth; check details
EPFO update: EPFO has announced that Aadhaar has been removed from the list of acceptable documents for proof of date of birth (DoB) for correction, updation purposes.
Employers can log in to EPF portal to check on liabilities
The Employees' Provident Fund Organisation (EPFO) in India has introduced automated solutions for damages and interest calculations to improve the ease of doing business for employers. This will enable employers to check their liability towards the retirement fund body every time they log in to their EPF portal.
Formal job creation under the Employees' Provident Fund Organisation up 18% in Oct
In October, formal job creation under the Employees' Provident Fund Organisation (EPFO) increased by 18.2% year-on-year, adding 1.53 million net new subscribers. However, compared to September's 1.72 million jobs, sequential formal job creation declined by 11%. The EPFO added 770,000 new members in October, a 6.07% rise from the same month last year, with 58.6% of the new joiners in the age group of 18-25 years.
EPFO disburses Rs 48,000 crore Covid advance to over 22 million subscribers in 3 years
As per the draft Annual Report 2022-23, EPFO disbursed Rs 17,106.17 crore in 2020-21 benefitting 6.92 million beneficiaries, Rs 19.126.29 crore in 2021-22 to 9.16 million beneficiaries and Rs 11,843.23 crore to 6.20 million beneficiaries in 2022-23.
Formal job creation under EPFO up marginally in September
Provisional payroll data of EPFO, released on Monday, shows 1.72 million net new jobs were created in September compared to 1.69 million added in August this year or 1.68 million added during the same month last year.
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