Posts Tagged ‘EPFO’

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

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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)

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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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Withdrawal under paragraph 68-BD of EPF Scheme, 1952 for housing needs of the PF members

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/39(1)2017/Housing Scheme/4106

Date: 24.05.2017

To
All Addl. CPFC (HQ/ Zone),
Regional P.F. Commissioners-incharge of
Regional Offices.

Sub: Withdrawal under paragraph 68-BD of EPF Scheme, 1952 for housing needs of the PF members.
Ref: HO circular dated of even numbers dated 21.04.2017, 02.05.2017 & 19.05.2017

Sir,
Please refer to the above said subject.

  1. There are a number of State Housing Boards or other authorities owned by the Government which construct and sell houses. In certain cases their houses remain unsold. Considering this, it is advised that RPFCs-incharge of ROs should contact all such Housing Board/authorities in their jurisdiction and persuade them for allotment of such unsold houses directly to the PF Workers’ Cooperative Societies but EPFO shall not recommend or be associated in the agreement with any particular housing agency/housing society. RPFCs should also discuss the issue with PF Workers’ Union and employers of establishments for formation of cooperative societies so that the concerned society may also negotiate with such Housing Board/ authorities.
  1. Accordingly, it is advised that provisions of paragraph 68-BD of EPF Scheme, 1952 be given due focus and publicity by all such possible means in the interest of the workers.

 

Yours faithfully,

S/d,
(K.L. Taneja)
Addl. Central P.F. Commission (Housing)

Source: epfindia.gov.in

Be the first to comment - What do you think?  Posted by admin - May 29, 2017 at 5:27 pm

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EPFO: To hike take-home pay of employees, government plans to cut employers contribution to 10%

EPFO: To hike take-home pay of employees, government plans to cut employers contribution to 10%

Chief provident fund commissioner (CPFC) V P Joy told FE the matter is on the agenda and that the opinion of the CBT members would be sought.

In a move that will increase the take-home pay of employees, the government plans to prune employers’ contribution to the employees’ provident fund (EPF) to 10% from 12% currently. Sources said the proposal to trim employers’ contribution, aimed at promoting formal employment, will be placed before the central board of trustees (CBT), the highest decision-making body of the employees’ provident fund organisation (EPFO), at its meeting on Saturday.

Chief provident fund commissioner (CPFC) V P Joy told FE the matter is on the agenda and that the opinion of the CBT members would be sought. Joy denied the government was putting pressure on it to take up the matter with the CBT members. Apart from representatives from both the Centre and the states, CBT is represented by the employers’ and workers’ organisations including central trade unions.

This proposal is in line with the government’s policy to extend social security benefits to all workers and at the same time ensure ease of doing business. “The labour ministry feels that by reducing the quantum of employer’s contribution, it can persuade more units to extend the EPF benefits to its workers,” a labour ministry official said. The EPFO currently has 4.15 crore active subscribers.

Under the present law, it is mandatory for units employing 20 or more persons to provide EPF benefits to workers. While employees contribute 12% of the basic pay to EPF, the employer contributes 8.33% towards the employees’ pension scheme and 3.67% to the EPF itself.

Additionally, employers also pay 0.5% towards EDLI, 0.65% as EPF administrative charges and 0.01% as EDLI handling fee, taking the total contribution to 13.61%.

“It is to be condemned that the Centre’s labour department has proposed a reduction in the employers’ contribution to the EPF from 12% to 10% of the basic pay. While the government claims the rights of the workers will be safeguarded, this move to reduce EPF contribution of employers exposes the pro-corporate policies of the government and its only concern is “ease of doing business,” said CITU General secretary Tapan Sen. AITUC’s national secretary DL Sachdeva also said that the proposal would be protested at the meeting.

Vrijesh Upadhyay, general secretary, Bharatiya Mazdoor Sangh (BMS), the biggest trade union and affiliated to the RSS, said savings should rise proportionately with the income.

There has been discussion yet on whether the share of employees too will be lowered, sources said should it be decided that employers will contribute 10%. Driven by a policy to extend social security benefits to workers who are currently outside its ambit, the government was considering lowering employers’ liability towards EPF in the construction sector to 10% of the basic pay from 12% now. Employers with some other sectors already get the benefit.

EPFO has, of late, been on a enrolment drive. Enthused by an encouraging response to its first three-month enrollment programme, through which over 30 lak new subscribers joined the scheme, EPFO extended the programme for another three months with effect from April 1.

Source: www.financialexpress.com

Be the first to comment - What do you think?  Posted by admin - May 27, 2017 at 1:44 pm

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Aadhaar Seeding Application launched by Shri Bandaru Dattatreya

Aadhaar Seeding Application launched by Shri Bandaru Dattatreya

Minimum assured amount on death in service and loyalty cum life benefit to EDLI members on superannuation recommended to Government

Employee Enrolment Campaign enrolls about 5 million workers in EPFO upto 31st March, 2017

The Central Board (EPF) under the chairmanship of Union Minster of State for Labour and Employment (Independent Charge) Shri Bandaru Dattatreya held its 217th special meeting in New Delhi.

In pursuance to the policy of the Government for optimum use of information technology for efficient service delivery and widening the reach of EPF benefits, Hon’ble Minister of Labour & Employment, Sh. Bandaru Dattatreya launched Aadhaar Seeding Application. The EPFO has developed this Aadhaar seeding application with support of the Common Service Centers (CSC) and CDAC. The CSCs are ICT enabled front end service delivery points at the village level for delivery of Government and private services. With the implementation of Aadhaar Seeding Application, now Provident Fund member or pensioner can walk in any of the field offices of EPFO or CSC outlets with UAN & Aadhaar and seed the Aadhaar with the UAN.

The Board has recommended a proposal of extending minimum assured benefit of Rs.2,50,000/- (Rs. Two lakh fifty thousand) on death of EDLI member. Provisions have also been recommended in EDLI Scheme for Loyalty cum life benefit to members on superannuation on completion of 58/60 years of age/total and permanent disablement with minimum 20 years of contributory service as a pilot project for two years. Thereafter the scheme will be reviewed.

Central Board also took note of the fact that EPFO has enrolled 49,39,929 workers during 01.01.2017 to 31.03.2017.

PIB

Be the first to comment - What do you think?  Posted by admin - April 13, 2017 at 6:32 pm

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GPF Rules

GPF Rules

With effect from 7th March 2017, Government has simplified and liberalised the conditions for taking advance from the fund by the subscribers for education, illness, purchase of consumer durables. Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. have also been liberalised. No documentary proof is required to be submitted now for advance and withdrawal applications. A simple declaration by the subscriber is sufficient. A time limit for sanction and payment of advance/withdrawal has also been fixed.

There is no proposal under consideration of Government to increase/link the rate of interest on GPF at parity with that of EPF. The interest rates on EPF are decided on the recommendations of the Central Board of Trustee (EPF) taking into account the yearly income from the investment made by EPFO. The GPF interest rate is presently fixed at par with that of PPF interest rate.

This was stated by the Minister of State in the Ministry of Personnel, Public Grievances and Pensions and Minister of State in the Prime Minister’s Office, Dr. Jitendra Singh in a written reply to question by Dr. Sunil Baliram Gaikwad, Kunwar Haribansh Singh, Shri T. Radhakrishnan, Shri Gajanan Kirtikar and Shri Bidyut Baran Mahato in the Lok Sabha today.

PIB

Be the first to comment - What do you think?  Posted by admin - April 12, 2017 at 6:41 pm

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Development of EPFO APP – UMANG

Development of EPFO APP

Employees’ Provident Fund Organization (EPFO) is developing online claims settlement process by receiving application online. The application will be integrated with Unified Mobile App for New-age Governance (UMANG) App to receive the claims online. However, time frame to rollout the same has not been finalized. EPFO has engaged Centre for Development of Advanced Computing (C-DAC), Pune as its technical consultant for upgradation of its technology.

Necessary hardware by way of the latest technology for servers, storages & Networking equipments have been installed at three data centers in Delhi, Gurugram & Secunderabad.

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

PIB

Be the first to comment - What do you think?  Posted by admin - April 11, 2017 at 4:25 pm

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Online Facility for Settlement of Claims in EPFO

Online Facility for Settlement of Claims in EPFO

Employees’ Provident Fund Organisation (EPFO) has taken various steps to provide various online services like for claims of provident fund, final settlement, withdrawals and pension fund withdrawal, etc. to its members in a quick and transparent manner. However, no specific date has been fixed. Receipt of transfer claims online has already been introduced by EPFO.

The claims other than transfer claims are received manually but processed on Computer Systems and the benefits credited to members by way of Core Banking Solution (CBS) and National Electronic Fund Transfer (NEFT) to their bank account.

Out of 120 field offices of EPFO, 110 field offices have already been connected with a central server.

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

PIB

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

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