Centre amends the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2021
The Central Government has revised the Employees’ Deposit-Linked Insurance (EDLI) Scheme to increase the monetary benefits to the claimants. On death of an employee, claimants are eligible up to 7 lakhs of assurance benefit.
The EDLI (Amendment) Scheme is effective from 28 April 2021 and the first proviso (assurance benefit shall not be less than two lakh and fifty thousand rupees) is retrospectively effective from 15 February 2020 for a period of 3 years.
As per the EDLI (Amendment) Scheme, 2021 the above-mentioned provisions to be read as:
Paragraph 22(3) -
On the death of an employee, who is a member of the Fund or of a provident fund exempted under Section 17 of the Act, as the case may be, and was in employment for a continuous period of twelve months, preceding the month in which he died, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations to be paid an amount, equal to:-
(I) The average monthly wages drawn subject to a maximum of fifteen thousand rupees, during the twelve months preceding the month in which he died, multiplied by thirty five times plus fifty percent of the average balance in the account of the deceased in the fund or of a provident fund exempted under section 17 of the Act or under paragraph 27 or 27 A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding twelve months subject to a ceiling of one lakh and seventy-five thousand rupees:
Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees: Provided further that the assurance benefit shall not exceed seven lakh rupees:
(The amount of benefit under sub-paragraph (I),
Whichever is higher.
The Central Provident Fund Commissioner (or Additional Central Provident Commissioner (Head Quarters) or Additional Central Provident Fund Commissioner) may by order and subject to such conditions as may be specified in the order exempt from the operation of all or any of the provisions of this Scheme any class of employees to whom this Scheme applies, on receipt of an application therefor, in such form as the Commissioner may specify:
Paragraph 29 - Punishments for failure to submit returns etc.
If any person –
Deducts or attempts to deduct from the wages or other remuneration of a member the whole or any part of the employer’s contribution, or,
Fails or refuses to submit any return, statement or other documents required by this Scheme or submits a false return, statement or other documents, or makes a false declaration, or
Obstructs any Inspector or other official appointed under the Act or this Scheme in the discharge of his duties or fails to produce any record for inspection by such Inspector or other official, or
Is guilty of contravention of or non-compliance with any other requirements of this Scheme,
He shall be punishable with imprisonment which may extend to one year or with find which may extend to twenty-five thousand rupees, or with both.
Employers have to register their Contractors on PF Portal
22 Sep, 2021
The PF Regional Office has emailed the employers on 22 Sep 2021, instructing them to immediately register all their existing contractors and sub contractors engaged for manpower, civil and other works; and to ensure that all upcoming and existing contracts awarded are mandatorily registered in the portal.
The CBDT through the Income-tax (25th Amendment) Rules, 2021 has provided the calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit. This Amendment will come into force from 01 April 2022.
EPFO relieves employers for Dues deposit delay, ECR filing for May 2021
31 Aug, 2021
EPFO has directed its field offices not to presume Employers default with respect to the delay in filing of ECRs for the month of May, 2021 which are statutorily due on or before 15th June 2021 on account of non-seeding of Aadhar with the UANs and to appreciate each case in its own facts under section 14B of the PF Act.
EPFO Notifies Employer Guidelines For Rectification Of Details For KYC Update Of Members
26 Aug, 2021
In case of employers filing incorrect details of their member employees with EPFO, such employees find it difficult to fill in their KYC online.
In order to rectify the incorrect filing, EPFO has provided a detailed process to the employers that can be completed online and offline based the type and number of errors along with submission of certain supporting documents.
Filing of E-nomination under Bharat Ka Amrut Mahotasav (BKAM)
30 Jul, 2021
The EPFO has circulated a letter directing all its field offices to make all efforts maximizing the number of E-nominations filed on a weekly basis. A campaign may also be launched for all EPF members to create awareness of the benefits of this online facility.
Aatmanirbhar Wage Subsidy Scheme via EPFO extended till 31 March 2022
28 Jun, 2021
The Aatmanirbhar Bharat Rozgar Yojana (ABRY) scheme launched on 01 October 2020 has been extended till 31 March 2022. The Government has launched the ABRY scheme last year to incentivise employers for creating new employment and restoration of employment loss through EPFO.
EPF, Pension, EDLI security benefits to children of COVID victims
24 Jun, 2021
EPFO has requested all employers to submit/forward the list of employees of their organisation who have lost their lives due to the COVID -19 pandemic disease in prescribed format to provide the applicable social security benefits to the surviving dependants.
Karnataka High Court orders emergent notice to UOI and EPFO on mandatory Aadhar seeding
17 Jun, 2021
The Hon’ble High Court of Karnataka being convinced on the practical difficulties faced by the employers and employees for seeding the Aadhar details with EPFO. After hearing the petitioner’s submissions, it has issued an emergent notice to the respondents – Union of India & EPFO.