EPFO

NITI Aayog: Monthly Payroll Data released for the first time

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NITI Aayog

Monthly Payroll Data released for the first time

Numbers indicate the efforts made by the Government on job creation and formalization of the economy.

26 APR 2018

The Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC) and the Pension fund Regulatory and Development Authority (PFRDA) have released payroll data.

India has, for the first time, introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment.

The payroll data, categorized age-wise, for the months September, 2017 to February, 2018 has been released on 25th April, 2018.

The numbers from these three organisations are an eye opener and put an end to all speculations and conjectures regarding job creation in the economy. They also strengthen the efforts made by the Government on job creation and formalization of the economy.

There are other organisations also, such as ICAI, Bar Council, Medical Council and other professional bodies which could have such monthly data for payroll reporting for their professionals.

Data released by EPFO shows that during September, 2017 to February, 2018, 31.10 lakh new additions across all age groups were made in the payroll. Given that the data for recent months is provisional due to continuous updation of employee records, this could be called a conservative estimate. The actual figures may well be more than this.

From the PFRDA, the New Pension Scheme (NPS) data indicates generation of 4.2 lakh new payroll during the given period, that too only from Tier-I account. NPS currently manages the corpus of around 50 lakh employees in State and Central government. For this study the Central and State autonomous bodies have been shown under Central and State governments respectively, while non-government refers to the corporate sector employees.

From the above two organisations itself, 35.3 lakh new payrolls were generated during this six month period.

In addition, the ESIC data also mirrors the payroll growth shown in the other two sets of data from EPFO and PFRDA. Since ESIC data is not Aadhar seeded there is further scope of some modifications.

The payroll data from these three organisations would now be released every month. Given that till now there was no such system in place, this data would provide a more firm basis for various analysis and studies of the economy, job creation, as also aid in policy making. We may as well as bid goodbye to the days of analyses based on random sample surveys. Hopefully this would also end the debate regarding and criticisms about jobless growth in the economy.

A more constructive phase of focusing on deriving the most out of this data for furthering development should now begin.

PIB

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Be the first to comment - What do you think?  Posted by admin - April 26, 2018 at 10:20 pm

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New Initiatives by EPFO to provide services and timely information to all stake holders

Ministry of Labour & Employment

New Initiatives by EPFO to provide services and timely information to all stake holders

25 APR 2018

EPFO has taken a number of e-initiatives to provide services and timely information to all its stakeholders in tune with the government’s motto of minimum government and maximum governance.  It has now been decided to publish the age-band wise estimate of all new subscribers as declared by their employers. The new employees have been categorised in six age bands like less than 18; 18-21; 22-25; 26-28; 29-35 and more than 35years of age. The information can be accessed at https://epfindia.gov.in. This data can be helpful in policy making, planning and research work as the planners may have an idea as to what is the estimate of employees in different age band.

EPFO has so far been intimating its members by way of SMS on credit of their respective monthly contribution into their accounts.  Now, credit information is available through e-passbook online and UMANG mobile App as well as through missed call service for all members.  EPFO members whose monthly contribution is regularly received may view their contribution details using any of these options.

However, the members whose contributions are not deposited in time remain uninformed.  It has now been decided that an intimation by way of SMS/email shall be sent to members who have registered their Mobile Number / email ID against respective Universal Account Number.

PIB

Be the first to comment - What do you think?  Posted by admin - April 25, 2018 at 9:57 pm

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Pensioner’s Portal at EPFO website

EPFO

Press Information Bureau
Government of India
Ministry of Labour & Employment

Pensioner’s Portal at EPFO website

 28 MAR 2018

EPFO has launched the pensioner’s portal https://mis.epfindia.gov.in/PensionPaymentEnquiry. The pensioner’s portal is recently launched service, available at EPFO website by which all EPFO pensioners may get the details of pension related information like Pension payment order number, Pensioner’s Payment Order details, Pensioner’s passbook information & other related information such as date of credit of pension, submission of pensioner’s life certificate etc.

It is helpful to know the status of their life certificate, in case of non-submission/rejection of life certificate of the pensioners. It also provides the details and the reason of stoppage of pension.

Track e KYC:

The enhanced “Track eKYC” facility for the convenience of members have been launched to check the status of Aadhaar seeded against their UAN and to figure out the specific mismatch details.

The facility has been made available at EPFO’s website www.epfindia.gov.in >> Online Services >> e-KYC Portal>> TRACK eKYC.

Using the facility, EPFO members can online track the status of Aadhaar seeded against his/ her UAN. While using the facility, the member will have to provide his/her UAN. After entering his/ her UAN the member can click the “Track eKYC” button and the exact status in respect of his/her UAN will be displayed on the screen.

Source : PIB

Be the first to comment - What do you think?  Posted by admin - March 29, 2018 at 9:27 pm

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EPFO Rate of Interest

EPFO Rate of Interest

The declared rate of interest on Employees Provident Fund (EPF) paid to the subscribers during the last three years is as under:

 

Year Rate of Interest (in per cent.) Date on which Rate of Interest declared
2014-15 8.75 23.01.2015
2015-16 8.80 23.05.2016
2016-17 8.65 24.04.2017

 

The interest rate on EPF is determined by the Central Government in consultation with the Central Board. The Central Board of Trustees (CBT), Employees Provident Fund (EPF), in its meeting held on 21.02.2018, has recommended 8.55 per cent. rate of interest to EPF subscribers for 2017-18. The proposal has now been sent to the Ministry of Finance for their concurrence to the interest rate of 8.55 per cent to the EPF subscribers for the year 2017-18.

Approximately 19,97,84,374 number of accounts of account holders are likely to be credited with the statutory rate of interest declared for the year 2017-18.

This information was given by the Minister of State for Labour and Employment Shri Santosh Kumar Gangwar in a written reply to a question in Lok Sabha on 19.3.2018.

Be the first to comment - What do you think?  Posted by admin - March 19, 2018 at 8:52 pm

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UAN Activated Members Can Know PF Balance Through Missed Call AND SMS Alert

Ministry of Labour & Employment
UAN Activated Members Can Know PF Balance Through Missed Call AND SMS Alert

EPFO-UAN-Activated-Members-Can-Know-PF-Balance

12 MAR 2018

Members registered on the UAN portal may get their details available with EPFO by giving a missed call at 011-22901406 from their registered mobile number. If the UAN of the member is seeded with any one of the Bank A/c number, AADHAAR and PAN, the member will get details of last contribution and PF balance. To avail this facility, mobile number must be activated with UAN at Unified Portal. Giving missed call from registered mobile number at 011-22901406 automatically gets disconnected after two rings. This service is available free of cost to the member. Moreover, these services can be availed from non-smart phones also.

The information for availing missed call facility and SMS service for getting PF balance and last contribution is now available on UMANG app also.

Universal Account Number (UAN) activated members may know their latest PF contribution and balance available with EPFO by sending an SMS at 7738299899 from registered mobile number. The Member has to SMS “EPFOHO UAN” to 7738299899. The facility is available in 10 languages viz. English (default), Hindi, Punjabi, Gujarati, Marathi, Kannad, Telugu, Tamil, Malayalam and Bengali. For receiving SMS in any of the languages other than English, first three characters of the preferred language needs to be added after UAN. For example, to receive SMS in Telugu, then SMS to be send will be “EPFOHO UAN TEL” to 7738299899

SMS should be sent from the registered mobile number of UAN. In response, EPFO will send last PF contribution and balance details of the member alongwith available KYC information.

PIB

Be the first to comment - What do you think?  Posted by admin - March 13, 2018 at 5:12 pm

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New Facilities for UAN- Aadhar Linking Introduces By EPFO

EPFO 

Ministry of Labour & Employment
New Facilities for UAN- Aadhar Linking Introduces By EPFO

27 FEB 2018

Employees’ Provident Fund Organisation (EPFO) has introduced UAN-Aadhaar linking facility for the convenience of members using EPFO Link in UMANG Mobile App. This is in addition to the existing web facility already available at EPFO’s website www.epfindia.gov.in >> Online Services >> e-KYC Portal>> LINK UAN AADHAAR.

The facility on e-KYC Portal has further added a new feature to link UAN with Aadhaar online using biometric credentials. Using the aforesaid facilities, EPFO members can link their UAN with Aadhaar as under:

For using this facility with UMANG APP, Member will have to provide his/her UAN. An OTP will be sent to the UAN registered Mobile Number. After OTP Verification, member will have to provide Aadhaar details and gender information (where gender information is not available against UAN). Another OTP will be sent on Aadhaar Registered Mobile Number and/or email. After OTP verification, Aadhaar will be linked with UAN where UAN and Aadhaar details are matched.

For using this facility through E-KYC Portal, Member will have to provide his/her UAN. An OTP will be sent to the UAN registered Mobile Number. After OTP Verification, member will have to provide Aadhaar details, gender information (where gender information is not available against UAN) and select Aadhaar verification method (Using Mobile/email based OTP /using Biometrics). Another OTP will be sent on Aadhaar Registered Mobile Number and/or email or Biometric will be captured using Registered Biometric Device. After verification, Aadhaar will be linked with UAN where UAN and Aadhaar details are matched.

Moving towards Digital India, EPFO has also launched e-Nomination facility for filing nomination form by the member. This functionality is available at Member Interface of EPFO Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/). Any member having activated and Aadhaar seeded UAN, can avail this facility.

This functionality is independent from employer. After giving nomination details online, member has to digitally sign the nomination. Aadhaar based eSign is being used for digital signing of nomination form. Aadhaar based eSign is being provided to members free of cost by EPFO. Only member’s mobile number should be linked with Aadhaar. This functionality will also be made available on UMANG mobile app soon.

PIB

Be the first to comment - What do you think?  Posted by admin - February 27, 2018 at 2:55 pm

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Abolishing of uploading of scanned copy of PAN Card at the time of registration of establishment

Abolishing of uploading of scanned copy of PAN Card at the time of registration of establishment

No.CAIU/011(2)2018/PAN Card

Date: 08.01.2018

To

All Additional Central P.F. Commissioner (Zones),
All Regional P.F. Commissioner In-charge of ROs.

Sub:- Abolishing of uploading of scanned copy of PAN Card at the time of registration of establishment – regarding.

Madam/Sir,

At the time of registration of an establishment, employer has to upload digitally signed copy of PAN card. There is a mandate of Ease of Doing business to eliminate the requirement of submitting scanned copy of PAN card at the time of registration.

2. In this regard, it is informed that the requirement of uploading the scanned copy of PAN card at the time of registration of establishment has been examined and online system has been put in place for verifying details of PAN directly from the Income Tax Department. Hence, it has been decided by the competent authority that there is no need to upload the scanned copy of PAN card at the time of registration of establishments. Information Services Division has already carried out necessary modifications in the software accordingly.

3. The field offices are, therefore, advised not to insist on the copy of PAN card at the time of registration of a new establishment.

Yours faithfully,

S/d,
(S.C. Goyal)
Addl. Central P.F. Commissioner-II (CAIU)

Be the first to comment - What do you think?  Posted by admin - January 11, 2018 at 3:44 pm

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General Provident Fund (GPF) Interest Rate from January 2018 to March 2018

GPF Interest Rate from Jan 2018 to Mar 2018 – Department of Economic Affairs (DEA) Orders

General Provident Fund (GPF) Interest Rate from January 2018 to March 2018

 Resolution – accumulations at the credit of subscribers to the GPF and other similar funds – 2017, w.e.f. 1st January, 2018 to 31st March, 2018

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)

 
F.NO. 5(1)-B(PD)/2017
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 1st January, 2018

RESOLUTION

 It is announced for general information that during the year 2017-2018, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.6% (Seven point six per cent) w.e.f. 1st January, 2018 to 31st March, 2018. This rate will be in force w.e.f.1st January, 2018 . The funds concerned are:
1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

sd/-
(Anjana Vashishtha)
Deputy Secretary (Budget)

Source: www.dea.gov.in

Be the first to comment - What do you think?  Posted by admin - January 3, 2018 at 9:10 pm

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Amendment in EPF scheme for buying homes

Amendment in EPF scheme for buying homes

 

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA
UNSTARRED QUESTION NO-1056
ANSWERED ON-27.12.2017
Amendment in EPF scheme for buying homes
1056 . Shri R. Vaithilingam

(a)whether Government will amend the Employees” Provident Fund (EPF) scheme to enable around 4 crore members of Employees” Provident Fund Organisation (EPFO) to withdraw upto 90 per cent of their fund for making down payments while buying houses;

(b)whether said amendment will also allow the EPFO subscribers to use their EPF accounts for paying equated monthly installments of home loans; and

(c)whether under the proposed provision in the EPF scheme, the subscribers would have to form a cooperative society with at least 10 members to avail of the facility?

ANSWER
MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)

(a) to (c): The Government vide Notification No. G.S.R.351 (E) dated 12th April, 2017 has inserted a paragraph 68BD in Employees’ Provident Funds (EPF) Scheme, 1952 for withdrawal from the Employees’ Provident Fund (EPF) for purchasing dwelling house or flat or construction of a dwelling house.

The withdrawal amount from the Provident Fund shall not exceed ninety per cent of the employer’s share of contribution and interest thereon and employee’s share of contribution and interest thereon.

The Scheme envisages that a member can authorise monthly installment for the repayment, wholly or partly, of any outstanding principal or interest of a loan obtained in the name of the member or spouse of the member or jointly by the member and the spouse.

The payment can be made on behalf of the member to a housing agency or primary lending agency or bank concerned, etc.

The subscriber should be a member of a cooperative society or a society registered for housing purpose under any law for the time being in force and such society has at least ten members of the Fund.

Be the first to comment - What do you think?  Posted by admin - December 28, 2017 at 10:09 pm

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Change of date of birth of members of Employees Pension Scheme 1995

Change of date of birth of members of Employees Pension Scheme 1995

Employees Provident Fund Organisation
Ministry of Labour & Employment. Government of India
Bhavishya Nidhi Bhawan
Bhikaiji Cama Place. New Delhi 110066

No. Pension-l/Instructions/Guidelines/2017/20825

Date. 12 DEC 2017

To

All ACCs (Zonal Offices)
All Regional P.F. Commissioner(In-charge of Regions).

Sub: Change of Date of Birth of Employees Pension Fund Members- reg.
Ref: (i) Head Office letter No. pension-3/8/OR/l/2005/69869 dated 12.12.2006
(ii) Head Office letter No. Pension-I/Instructions/Guidelines/2006/l 1900 dated 07.10.2006
(iii) Head Office letter No. Pension-II/Instructions/Guidelines/2016-17/33314 dated 10.03.2017
(iv) Head Office letter No. Pension-l/Instructions/Guidelines/2017/8351 dated 07.08.2017
(v) Head Office letter No. Pension-I/Instructions/Guidelines/2017/11518 dated 04.09.2017

Sir.

Please refer to this office circulars cited under reference. Further it is to inform that in the meeting on fraud analysis and management in EPFO held on 08.12.2017 at Head Office it was decided to follow the following process for change of date of birth of members of Employees Pension Scheme 1995-

(i) In case the correction required in date of birth is upto plus or minus one year, Aadhaar will be accepted as a valid document for date of birth.

(ii) In case the correction required in date of birth is more than one year. then in addition to Aadhaar. other valid documents will have to be submitted(viz.. matriculation certificate. certificate issued by Registrar (Birth). Passport etc). The concerned member should be intimated for submission of additional valid proof of birth in such cases while applying online/mobile/offline.

2. It is requested to strictly adhere to the aforementioned instructions.

[This issues with the approval of CPFC]

(R.M. VERMA)
Addl. Central P.F. Commissioner- I(Pension)

Source: epfindia.gov.in

Be the first to comment - What do you think?  Posted by admin - December 20, 2017 at 9:15 pm

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219th Meeting of Central Board of EPFO Held

219th Meeting of Central Board of EPFO Held

The 219th meeting of the Central Board of Employees’ Provident Fund Organisation (EPFO) held in New Delhi yesterday under the chairmanship of Union Minister of labour & Employment Shri Santosh Kumar Gangwar.

Following where are the key decisions of the Board:

a) The Board took note of the 10 requests from ineligible establishments for waiver of damages during the period May 20, 2017 to September 30, 2017 which were earlier rejected by EPFO.

b) The Central Board started investing in Equity Exchange-Traded Funds (ETFs) from August 2015. The Accounting Policy for valuation and accounting of equity investments were prepared in consultancy with IIM Bangalore. The observations of the CAG were also incorporated in the accounting policy. The same was approved by the Central Board.

c) Present decentralized system of EPFO for making payment to its beneficiaries involves higher cost of transactions, delays in recredits in case of failed transaction and does not provide for AADHAAR enabled payments. Hence, EPFO proposed to move towards the Centralised Payment System using National Payments Corporation of India (NPCI) platform. The benefits of the proposed system are:

  • Funds will be transferred on the same day to the beneficiaries through NPCI platform.
  • Office may reconcile the transaction status on T+0 basis. This will result in early recredit in the accounts of beneficiaries in the case of failed transactions.
  • Availability of the facility of AADHAAR enabled transfer of funds.
  • Transaction cost by way of bank charges will also come down.

The Board gave in-principle approval for the same.

The Central Board also took note of the recent IT based initiatives of EPFO for better services to its stakeholders:-

(1) Online Adhaar Verified UAN allotment to any citizen at Unifed Portal: Universal Account Number (UAN) is mandatory for filing the returns and depositing the contributions. However, the establishments face difficulties in seeding Aadhaar details of the employees. To obviate this difficulty, an open functionality has been introduced through which any citizen / present prospective employee can generate his/her UAN on the basis of Aadhaar and link his KYC details. The registration facility is available at Member Interface in the Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/). It being an online facility, there is no need to submit any physical documents.

(2) Introduction of Online request functionality to EPF Subscribers for correction in Name, DoB and Gender:

In line with the decision of Government for digital India, a functionality has been developed where member can give online request to his/her employer at Member Interface in the Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/) for correction in Name, DoB and Gender.

EPFO is committed to strengthen the e-governance system to bring more transparency and to provide better services to its stakeholders. EPFO has already launched a number of e-governance initiatives such as Electronic Challan-cum-Return, Member e-passbook, payment through National Electronic Fund Transfer, Online Registration of Establishments, Mobile governance, Online receipt of claims, Auto transfer of Accounts etc.

PIB

Be the first to comment - What do you think?  Posted by admin - November 24, 2017 at 3:13 pm

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EPFO Organized National Seminar on Fraud Risk Management – The New Initiatives

EPFO Organized National Seminar on “Fraud Risk Management – The New Initiatives”.

As a part of “Vigilance Awareness Week – 2017″ organized nationwide to promote transparency and probity in public governance, EPFO organized a national seminar on “Fraud Risk Management – The New Initiatives” at India Habitat Centre, New Delhi today. The seminar was inaugurated by Dr. T.M. Bhasin, Vigilance Commissioner, CVC. Dr. V.P. Joy, Central P.F. Commissioner presided over the function.

Setting the tone of the seminar, Shri Bhasin appreciated the efforts of EPFO in embracing technology for improving transparency in citizen-government interface. He congratulated EPFO in adding value to Ease of Doing Business in the country that helped India jump 30 points to come in the prestigious group of 100 countries in ease of doing business. He stressed the need for further systemic improvements for mitigation and prevention of occurrence of frauds.

Dr. V.P. Joy, CPFC highlighted the recent digital initiatives undertaken in EPFO for ensuring transition from the erstwhile manual system of claim settlement to online claim submission and payment system that has freed employers from mandatory cumbersome paperwork and has given much needed relief to employees in getting their claims settled promptly in a very transparent manner. He further added that EPFO is set to become an electronic paper free organization by 15th August 2018 which would certainly herald a new and dynamic phase of business and service delivery proficiency.

Shri Nilimesh Baruah, Principal Commissioner of Income Tax and former Director, SFIO spoke about the early warning system for identification and detection of corporate frauds and gave the details of the structure and mode of operations of the shell companies in managing unaccounted cash and importance of creating proper database for fraud detection.

A documentary film on EPFO highlighting its initiatives and achievements was also screened in the seminar.

PIB

Be the first to comment - What do you think?  Posted by admin - November 3, 2017 at 6:51 pm

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EPFO introduces a new facility for its members to link their respective UAN with Aadhaar online

EPFO introduces a new facility for its members to link their respective UAN with Aadhaar online

On the eve of Deepawali, Employees’ Provident Fund Organisation (EPFO) is pleased to introduce a new facility for its esteemed members having Universal Account Number (UAN) and other relevant details to link their respective UAN with Aadhaar online. This, in turn, would facilitate the members, a better and speedy EPFO services.

 

The facility has been made available at EPFO’s website www.epfindia.gov.in >> Online Services >> e-KYC Portal >> LINK UAN AADHAAR.

Using the facility, EPFO members can online link their respective UAN with Aadhaar. While using the facility, the member will have to provide his/her UAN. An OTP will be sent to his/her mobile linked with UAN. After OTP verification, the member will have to provide his/her Aadhaar Number. Another OTP will be sent to his/her mobile/email linked with Aadhaar. After OTP verification, if UAN details are matched with Aadhaar details, then UAN will be linked with Aadhaar. After linking, the EPFO member may avail online EPFO services linked with Aadhaar.

Be the first to comment - What do you think?  Posted by admin - October 19, 2017 at 8:17 am

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Aadhaar linking and interoperability of General Provident Fund (GPF), Public Provident Fund (PPF) and Employees Provident Fund (EPF)

Aadhaar linking and interoperability of General Provident Fund (GPF), Public Provident Fund (PPF) and Employees’ Provident Fund (EPF)

No.CAIU/011(44)2016/Aadhar/10273

Date: 22 SEP 2017

To
All ACCs (Zones) including ACC (ASD),
All RPFC-I/ RPFC 11 (Regional Offices),
Sub: Aadhaar linking and interoperability of General Provident Fund (GPF), Public Provident Fund (PPF) and Employees Provident Fund (EPF) -regarding.

Sir,
Please find enclosed herewith a letter No.D-11011/36/2016-DBT (Cab.) dated 29.08.2017 received from Assistant Director, Cabinet Secretariat, DBT Mission forwarding therewith record of discussions of the meeting held under the Chairmanship of Joint Secretary, DBT Mission on 25.08.2017, wherein it has been directed that all the Departments should ensure 100% of Aadhaar seeding by December 31,2017.

2. It is requested to implement the instructions issued by the Cabinet Secretariat, DBT Mission, New Delhi for seeding of Aadhaar by December 31, 2017.
[This issues with the approval of ACC-II (CAIU)].

Yours faithfully,
Encl: As above
(A.K. Mandal)

Authority: www.efpindia.com

Be the first to comment - What do you think?  Posted by admin - September 25, 2017 at 1:06 pm

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Declaration of Productivity Linked Bonus (P.L.B.) for the employees of the EPFO for the year 2016-2017

60 Days Productivity Linked Bonus (PLB) for the Employee of EPFO for the year 2016-17

EPFO-BONUS-2016-2017

Employees’ Provident Fund Organisation
(Ministry of Labour & Employment, Govt. of India)
Head Office
Bhavishya Nidhi Bhawan,14-Bhikaiji Cama Place, New Delhi-110066

No. WSU/25(1)/2016-17/PLB/10141

Date: 20.09.2017

To

All Addl. CPFC (HQ/Zones),
Addl. CPFC (ASD), Head Office
Director (PDUNASS) and
All Regional P.F. Commissioners-Incharge of

Regional Offices.

Sub: Declaration of Productivity Linked Bonus (P.L.B.) for the employees of the EPFO for the year 2016-2017.

Sir/Madam,

The Central Government, in terms of Section 5D(7) of the Employees’ Provident Funds Miscellaneous Provisions Act, 1952, has conveyed its approval to the existing Productivity Linked Bonus Scheme for the year 2016-2017 for the employees of EPFO vide letter No A-26022/1/94-SS.1 dated 20th September, 2017.

2. Accordingly, the competent authority is pleased to convey the approval for payment of the Productivity Linked Bonus for the year 2016-2017 for 60 (Sixty) days in all the offices of EPFO. The bonus of 60 days has been assessed on the basis of data/information submitted by the Regional Offices in compliance to Head Office letter dated 21.08.2017. The payment of bonus is to be released to all Group ‘C’ and Group ‘B’ (Non-Gazetted) employees of EPFO.

3. The terms and conditions governing payment of P.L.B. will be as per the instructions issued by the Government of India for payment of the bonus to the employees in Central Government departments from time to time. However, the quantum of bonus may be assessed as per the following formula circulated vide Govt. of India, Ministry of Finance O.M. No. 7/4/2014/E.III(A) dated 19.09.2017.

(AVERAGE EMOLUMENTS) X (NUMBER OF DAYS OF BONUS)
30.4*

(* Average number of days in a month)

4. Further, Ministry of Finance vide O.M. No. 7/4/2014-E-IIIA dated 29.08.2016 has revised the calculation ceiling of monthly emoluments for the purpose of payment of P.L. Bonus from Rs. 3500 to Rs. 7000 revised w.e.f. 01.04.2014.

5. The term ‘emoluments’ occurring in these orders will include Basic Pay, Personal Pay, Special Pay, Deputation (Duty) Allowance and Dearness Allowance, but will not include other Allowances, such as HRA, CCA Special Compensatory (Remote locality) Allowance, Bad Climate Allowance, Children Education Allowance and Interim Relief etc.

6. The expenditure incurred for payment of bonus may be debited from the budget head “Productivity Linked Bonus.”

(This issues with the approval of Central P.F. Commissioner).

Yours faithfully,

(J.K. Sangalay)
Regional P.F. Commissioner-I (WSU)

Be the first to comment - What do you think?  Posted by admin - September 23, 2017 at 11:48 am

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Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS)

Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS); NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than Rs. 2.04 lakh crores.

A Conference on Portability from Superannuation and recognized Provident Funds to National Pension System (NPS) was organized by the Pension Fund Regulatory and Development Authority (PFRDA) in coordination with Willis Towers Watson in national capital. The Prime objective of the Conference was to provide a knowledge base platform to the Corporate by providing solutions to address the issues / challenges of portability of superannuation funds to NPS.

160 participants comprising Corporate, Points of Presence (POPs), Pension Funds, Central Record Keeping Agencies (CRAs) participated in the Conference.

Dr. B. S. Bhandari, Whole Time Member (Economics), PFRDA, highlighted the need to expand the coverage of NPS in an efficient and sustainable way. He asserted the fact that there are more employees in the Corporate – Private sector than in the government sector and hence there is a great potential for NPS in the corporate sector. PFRDA has been constantly engaging with its stake holders in the NPS and has been working with industry associations for promotion of NPS in the Corporate – Private sector. To make NPS entry easy and the interface user friendly, various modifications have been carried out in the product.

Shri Rohit Jain, Head, Willis Towers Watson (India), speaking on the occasion, told that the average life expectancy of persons in India has risen and hence there is a greater need for a retirement / pension product for all. Traditional pension products cover only 30% of the population. In this changing scenario there is a latent demand for product like NPS as there is no universal pension product.

Shri Hemant Contractor, Chairman, PFRDA in his key note address, informed that, earlier, people used to retire from the same job not only in the government sector but also in private sector. With opening up of economy people started getting more job opportunities switching jobs suitable to their skills and talents. Job switching has become more frequent and people seek more controls on their finances, when they start moving jobs and place from one to another. The concept of portability came in and people started thinking about having better control on their retirement savings.

Defined Benefit Pension schemes, which were predominant, became unsustainable not only for the government sector but also for the private sector because of various factors. A Defined Contribution scheme was therefore launched in 2004 which was initially only for Central Government employees, but which was later extended to State Government employees and later to the private sector. This scheme is the National Pension System (NPS), which is regulated by PFRDA.

NPS addressed the concerns of subscribers relating to portability and freedom of choice, and gradually started to pick up momentum in the private sector. The other features of NPS, namely, low cost, attractive returns, transparency, flexibility and domain expertise in each area of pension activity were the other factors which appealed to the private sector. Innovations and changes are made from time to time in the NPS product and processes, some recent examples being, introduction of two new life cycle funds, inclusion of alternative assets in investment portfolio, online entry and exit etc.

The entry age to NPS is now proposed to be increased to 65 years from 60 years and there is an option to continue up to age of 70 years.

The Chairman also mentioned that NPS should also be explored, as an additional retirement benefit, for corporates where superannuation funds are not available and employees are covered only under the mandatory EPFO schemes.

He highlighted the growth of 47% in AUM and 26% in number of subscribers in the last financial year (2016-17). He also made a reference to Atal Pension Yojana, the pension platform available for unorganized segment through Government of India / PFRDA and its year on year growth indicating the underlying demand for pension products in India.

During the conference, a panel discussion comprising industry experts such as Willis Towers Watson, HDFC Pension Funds, Siemens Limited, Vedanta Group and NSDL e-Governance Infrastructure Limited eyeing the opportunities, addressing the challenges / issues and preparation of necessary guidelines on superannuation funds and NPS portability was conducted.

In the second half, a Conference for Point of Presence (PoPs), the distribution channel for NPS, was conducted.

Shri Hemant Contractor, Chairman, PFRDA, in his keynote address stressed on the need for robust distribution of the NPS through the current distribution network being managed by POPs which are Banks and other financial institutions. He also laid emphasis on the fact that, the key to last mile connectivity is increased distribution network by the POPs by registration and activation of more branches and through awareness campaigns. He informed that PFRDA has empanelled IL&FS Skill Development Corporation Limited as its training agency to impart training on NPS to POPs and Corporate and urged the POPs to utilise the services of the Training Agency for training of their staff member on NPS.

During this conference, awards were distributed to the POPs, for their performance in FY 2016-17 under various categories.

Currently, NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than Rs. 2.04 lakh crores.

PIB

Be the first to comment - What do you think?  Posted by admin - September 15, 2017 at 5:33 pm

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Agreements with Banks for easy deposit & withdrawals of EPF Contributions

Agreements with Banks for easy deposit & withdrawals of EPF Contributions

The Employees’ Provident Fund Organisation (EPFO) has tied up/entered into agreement with ten banks to collect EPFO dues and to make payments of Provident Fund (PF) withdrawals, pension and insurance to EPFO beneficiaries. These banks are State Bank of India, Punjab National Bank, Indian Bank, Allahabad Bank, Union Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.

The main objective of the multi banking arrangement is to provide more options to the employers to remit the Employees’ Provident Fund (EPF) contribution directly from their bank accounts. This will not only make the transactions cost effective but also ensure real time transfer of funds through net banking.

This information was given by Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in a written reply to a question in Rajya Sabha, today.

PIB

Be the first to comment - What do you think?  Posted by admin - August 2, 2017 at 5:51 pm

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Inoperative EPF Accounts

Inoperative EPF Accounts

The Government vide notification no. G.S.R. 1065 (E) dated 11.11.2016 has amended paragraph 72(6) of the Employees’ Provident Funds (EPF) Scheme, 1952 wherein changes have been made in the conditions leading to a Provident Fund (PF) account becoming an Inoperative Account. As per amended definition of Inoperative Account (w.e.f. 11.11.2016), an account becomes inoperative after the age of 58 years, i.e., 36 months after the retirement age of 55 years. The details of inoperative accounts and amounts involved therein, consequent upon implementation of the above notification, have not been ascertained by Employees’ Provident Fund Organisation (EPFO) presently as the date of birth in respect of many employees is not available in the EPFO database presently.

As per paragraph 60(6) of EPF Scheme, 1952, interest shall not be credited to the account of a member from the date on which it has become an inoperative account under paragraph 72(6) of EPF Scheme, 1952. However, as per amended definition, an account shall be classified as Inoperative after the member attains the age of 58 years. Hence, interest shall be credited to the account of a member upto the age of 58 years.

This information was given by Shri Bandaru Dattatreya the Minister of State (IC) for Labour and Employment, in a written reply to a question in Lok Sabha, today.

Be the first to comment - What do you think?  Posted by admin - July 24, 2017 at 6:11 pm

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Multiple Banking System for EPFO contribution and payments by Signing of Agreement between EPFO and Public & Private Sector Banks

Multiple Banking System for EPFO contribution and payments by Signing of Agreement between EPFO and Public & Private Sector Banks

In keeping with the Government’s mandate for facilitating ‘Ease of doing business’, EPFO has taken a step further. In the august presence of Shri Bandaru Dattatreya, the Minister of State (Independent Charge) for Labour & Employment, EPFO has entered into agreement for collection of EPF dues from employers and payment to beneficiaries as well through multiple-banks in place of erstwhile single banking system here today. Collections of EPF dues have been started with PNB, Allahabad Bank, Indian Bank, Union Bank of India in addition to State Bank of India through direct online mode.

Now, EPFO has signed agreement with another five banks viz. Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank for collection of remittances and payments to beneficiaries, at zero transaction charges.

It will facilitate all the stakeholders of EPFO by allowing the employers to deposit their EPF dues in a hassle-free, anywhere, anytime manner and PF members by direct payments of their bank accounts.

Consequent upon signing of agreement, the employers having bank account with these banks may deposit EPF dues directly in EPFO’s account using internet banking on real time basis instead of going through the aggregator mode.

PIB

Be the first to comment - What do you think?  Posted by admin - July 5, 2017 at 6:40 pm

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EPFO signs MoU with HUDCO under new Housing Scheme of EPF & MP Act-1952

EPFO signs MoU with HUDCO under new Housing Scheme of EPF & MP Act-1952

Dr. V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO signed a Memorandum of Understanding (MoU) in the august presence of Union Minister of Urban Development, Housing & Urban Poverty Alleviation, Shri M. Venkaiah Naidu and the Minister of State (Independent Charge), Labour & Employment, Shri Bandaru Dattatreya for facilitating “Housing for All by 2022″ here today.

By taking one step forward to achieve Hon’ble Prime Minister Shri Narendra Modi’s vision of Housing for all by 2022, EPFO has amended EPF Scheme 1952 vide Gazette notification No. G.S.R. 351(E) dated 12th April, 2017 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from the provident fund to the extent of 90% of the total PF accumulation and also facilitating payment of installment of housing loan. The major objective of this scheme is to assist in building houses for workers integrating with housing programmes of the Central and State Governments.

The salient features of this scheme are:-

1. Bringing together all stake holders namely, workers, employers, financial institutions & housing agencies to provide workers’ need for Housing.

2. Forming Housing societies for collective action, ten or more members can register a society. Society will arrange housing units from public/private housing providers, apply to the concerned PF office through the society for getting Certificate of Fund & Contribution.

3. Channelizing the corpus of EPF savings to build affordable housing for the working class, withdrawal of up to 90% of accumulations in members Provident Fund Accounts is allowed.

4. Banks/Financing Agencies can make use of certificate issued by Commissioner to arrive EMI for withdrawal under Para 68 BD (3) of EPF Scheme.

5. Full/ Part repayment of loans out of monthly P.F. Contributions.

6. Eligibility condition relaxed for such withdrawal, now membership period of EPF reduced from 5 years to 3 years.

7. Members can avail interest subsidy up to 2.20 lakh in Credit Linked Subsidy Scheme (CLSS) through Ministry of Housing and Urban Poverty Alleviation through its Nodal Agency HUDCO and National Housing Bank for those members whose annual income is less that the amount specified in Pradhan Mantri Awas Yojna.

8. Individual housing loan repayment can be done by authorizing EPFO to pay installments directly to the lending agency.

PIB

Be the first to comment - What do you think?  Posted by admin - June 24, 2017 at 1:53 pm

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