The Ministry of Labour and Employment has released a press release with respect to enhancement in minimum pension of Rs.1000 per month to the pensioners under the Employees' Pension Scheme (EPS) by providing additional budgetary support.
The Government had, for the first time, provided a minimum pension of Rs.1000/- per month to the pensioners under Employees’ Pension Scheme (EPS), 1995 from 01.09.2014 by providing additional budgetary support. In addition, Government provides budgetary support of 1.16% of wages of the member to Employees’ Provident Fund Organisation (EPFO).
Representations have been received for enhancement of minimum pension under EPS, 1995. The EPS, 1995 is a ‘Defined Contribution-Defined Benefit’ Social Security Scheme. The corpus of the Employees’ Pension Fund is made up of (i) contribution by the employer @ 8.33 per cent of wages; and (ii) contribution from Central Government through budgetary support @ 1.16 per cent of wages, up to an amount of Rs.15,000/- per
month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as on 31.03.2019, there is an actuarial deficit.
Determination of Eligible Service for Settlement of Pension Claims
17 Aug, 2022The EPFO has issued a clarification for the determination of eligible service for the settlement of pension claims related to workers of seasonal factories or establishments.
Standard Operating Procedure to settle death claims
03 Aug, 2022EPFO has published a notification on Standard Operating Procedure (SOP) to settle claims in cases of death due to Industrial Accident.
EPFO clarifies student-trainees status
27 Jul, 2022EPFO has provided clarification on status of student-trainees of educational/technical institute engaged in relevant industries.
EPFO to award establishment that files E-Nomination
22 Jul, 2022The EPFO has decided to award one establishment from each region (north, south, east,west and NER) who will complete highest number of filing of e-nomination by 31 March 2023.
PF rate of interest for the year 2021-22
03 Jun, 2022The Ministry of Labour and Employment has notified the concerned authorities to credit the interest @ 8.10% for the year 2021-22 to the members of EPF scheme.
EPF Compliance for contract employees
27 Apr, 2022EPFO has circulated letter giving detailed instructions to its field officers for adopting a pro-active approach in compliance with the provisions of the EPF Scheme in respect of the contractors engaged by the principal employer.
EPFO clarification on final EPF withdrawal for International Workers
27 Apr, 2022EPFO has notified clarification regarding the EPF final withdrawal for international workers from countries not having a Social Security Agreement with India (non-SSA countries).
TDS on EPF contribution exceeding specified limit
05 Apr, 2022EPFO has notified about the calculation and deduction of taxable interest relating to PF contribution that exceeds 2.5 Lakhs.
EPFO draws action plan for Swachhata Pakhwada, 2022
23 Mar, 2022EPFO has issued a circular for action Plan to create awareness for Staff, Establishment and Members of EPFO on the occasion of Swachhata Pakhwada, 2022.
Clarification on NEEM Trainees as the employees under PF Act
24 Feb, 2022The EPFO and Ministry of Labour & Employment has issued a circular clarifying that the National Employability Enhancement Mission (NEEM) trainees are employees under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952.
PF rate of interest declaration FY 2020-21
02 Nov, 2021The Ministry of Labour and Employment, has approved for crediting interest at the rate of 8.50% on EPF accumulation for the financial year 2020-21 to the account of each member of the EPF Scheme.
Employers have to register their Contractors on PF Portal
22 Sep, 2021The 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.
Aadhar Seeding time extended to 3 class of establishments
11 Sep, 2021The EPFO has extended the time granted for Aadhar seeding of UAN of EPF members to 01 October 2021 and 31 December 20201 subject to certain conditions.
Taxable Income on PF contributions
31 Aug, 2021The 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, 2021EPFO 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, 2021In 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 Pension E-nominations under Bharat Ka Amrit Mahotasav (BKAM)
23 Aug, 2021EPFO has directed all its field officers to maximize the filing of Pension e-nominations of its members who do not have ready access to computer, or mobile facility to complete their filing.
Filing of E-nomination under Bharat Ka Amrut Mahotasav (BKAM)
30 Jul, 2021The 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, 2021The 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, 2021EPFO 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, 2021The 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.
Aadhar seeding deferred by 3 months and will be effective from 01 September 2021
15 Jun, 2021The mandatory requirement of Aadhar seeding for filing ECR has been deferred by 3 months, with the effective date being 01 September 2021.
EPFO Message on mandatory Aadhar seeding of contributory members
01 Jun, 2021Employers shall seed the Aadhar numbers of PF contributing members and verify it with UANs to file the ECR with effect from 01 June 2021.
EPFO allows its members to avail second COVID 19 advance
31 May, 2021Under the EPF Scheme, the member employees can avail second non-refundable advance from their PF account.
Centre amends the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2021
29 Apr, 2021The 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.