EPFO

EPFO 3.0 rollout soon, subscribers can withdraw funds from ATMs: Mansukh Mandaviya

Union Labour Minister Mansukh Mandaviya announced that the EPFO will launch its 'EPFO 3.0 version' soon. This upgrade allows subscribers to withdraw funds from ATMs, making the system equivalent to banking. Users can handle their transactions without visiting EPFO offices.

New EPFO rules for death benefit: 3 changes announced under the EPF's EDLI scheme; check details

The EPFO's Central Board of Trustees announces changes to the Employees' Deposit Linked Scheme to enhance benefits for families of EPF members. Key changes include a minimum benefit for new members, death benefits after non-contributory periods, and consideration of service continuity despite short employment gaps.

Need to change your name in EPF? No documents required for Aadhaar-linked UAN

EPFO has simplified updating member profiles for those with Aadhaar-validated UANs, eliminating the need for documents in many cases.

EPFO retains interest rate on PF deposits at 8.25% for 2024-25; move to benefit over 70 million EPFO subscribers

The Employees’ Provident Fund Organization (EPFO) has decided to retain the interest rate on provident fund deposits at 8.25% for 2024-25, benefiting over 70 million subscribers. This decision, aimed at capitalizing on higher income and better returns, was made at a meeting chaired by labour minister Mansukh Mandaviya, and awaits approval from the finance ministry.

EPFO employees can now shift from National Pension System (NPS) to Unified Pension Scheme (UPS)

The 112th meeting of the executive committee (EC) of the central board of trustees, EPF under labour and employment secretary Sumita Dawra on Tuesday formally adopted the unified pension scheme (UPS) for EPFO employees. The UPS is expected to ensure financial security post-retirement, offering a minimum guaranteed pension along with additional benefits such as family pension provisions and dearness relief adjustments, the ministry of labour and employment said in a statement issued on Wednesday.

EPFO retains 8.25% interest on PF deposits for 2024-25, benefiting 7 crore subscribers

EPFO retains the 8.25% interest rate on provident fund deposits for 2024-25, benefiting over 7 crore subscribers. The rate, previously raised from 8.15% in 2022-23, reflects an income increase. Subscribers can check EPF balances via the Umang app, EPFO portal, or missed call.

Net formal jobs under EPFO up 2.5% in December to 1.60 million: Payroll data

As per the provisional EPFO payroll data, released by the ministry of labour and employment on Tuesday, December 2024 witnessed a month-on-month increase of 9.58% compared to 1.46 million formal jobs created in November 2024. Net new subscribers added to EPFO stood at 1.28 million in April, 1.35 million in May, 1.39 million in June, 1.61 million in July, 1.58 million in August, 1.88 million in September and 1.34 million in October 2024.

EPFO rate likely to be out today

The central board of trustees of the Employees' Provident Fund Organisation will decide the interest rate for PF deposits for 2024-25 on Friday. The rate may stay at 8.25% or be slightly reduced, based on calculations of income, expenditure, and surplus for the retirement body.

Deadline to activate UAN for EPFO's ELI Scheme extended again; here is how to activate your UAN and avail benefits

The UAN activation and linking of bank account with Aadhaar is necessary to avail of benefits under the EPFO's Employment-Linked Incentive Scheme

Going abroad? How to handle your EPF when you move to another country

It is crucial to manage your EPF account before relocating abroad for work, as you can withdraw the balance immediately. The process includes submitting the appropriate forms, and retaining the account could be beneficial for temporary relocations. Additionally, some countries have Social Security Agreements with India to avoid dual contributions.

EPF interest rate 8.25% for 2024-25: What’s actual interest amount you will get in your EPF account now? Here’s how to calculate it

EPF interest rate 8.25%: The Labour Ministry has retained the 8.25% interest rate for the current financial year 2024-25. Once the interest rate is notified by the finance ministry, the EPF account holders will get the interest credited to their EPF account. Very few EPF account holders are aware of how EPF interest is calculated.

EPFO investments in debt instruments may be halved

The labour and employment ministry is set to seek approval to reduce EPFO's debt instrument investments from 20-45% to 10% due to lower yields and limited public sector bonds supply. This could increase investments in the higher-return, yet riskier corporate bond market, which the CBT has already backed; the finance ministry's approval is pending.

EPFO working to offer members a consistent interest rate regime

EPFO: The government is considering creating an interest stabilisation reserve fund under the Employees' Provident Fund Organisation to ensure a constant interest rate for over 65 million subscribers regardless of investment returns. This reserve fund aims to prevent significant fluctuations in interest rates, especially during market downturns.

Voluntary pension scheme for all on cards: Won’t be tied to employment, will be open for all

India is exploring a Universal Pension Scheme that is voluntary and contributory, aimed at offering social security to all individuals. The scheme will incorporate existing central pension programs to streamline processes, extend benefits to unorganized workers, and include traders and self-employed individuals for comprehensive coverage.

Money deadlines in March 2025: From special FD deadline to UAN activation

Key financial tasks must be completed before March 31, 2025, to optimize tax savings, invest in special FDs, and activate UAN for EPF-linked insurance. Special FD schemes from banks like SBI and Indian Bank offer higher interest rates, and these opportunities should be seized before their deadlines.

India, UK actively negotiating social security agreement: Piyush Goyal

India and the UK are negotiating a social security pact, free trade agreement, and bilateral investment treaty. The social security agreement will help avoid double contributions by Indian professionals in the UK. Talks were initially launched in January 2022, and the expected benefit is reduced costs for Indian businesses in Britain while enhancing economic ties between the two nations.

EPFO likely to fix 8.25% as interest rate for FY 2024-25: How to check EPF balance, interest for previous years

The Employees' Provident Fund Organisation (EPFO) may revise the interest rate on provident fund deposits for 2024-25 to between 8% and 8.25%. Members can check their EPF balance through the Umang app, EPFO portal, missed call, or SMS.

Deadline to activate UAN for EPFO's ELI scheme is February 15: How to activate UAN to avail ELI benefits

The deadline to activate the Universal Account Number (UAN) and link your bank account with Aadhaar for the EPFO's Employment Linked Incentive (ELI) Scheme is February 15, 2025. UAN activation enables access to EPFO's online services.

EPFO may keep interest on deposits near 8.25%

The EPFO is likely to maintain the interest rate on provident fund deposits at over 8% for 2024-25, close to the 8.25% declared for the previous year. Despite higher returns and increased subscribers, there's also been a significant rise in claim settlements. The final proposal needs finance ministry approval before notification.

These mid-cap stocks with ‘strong buy’ & ‘buy’ recos can rally over 24%, according to analysts

In the short term, market sentiment is governed by how and why stock prices move. When the prices are rising, you will hear 20 explanations for why it is doing so. Similarly, there will be 22 explanations for why they are falling. But, as always, in the long term, it is earnings and valuations which matter to the street. So, look at how companies performed in Q3. Also, the commentary that accompanied the results. What was said and why are equally important at this point of time. In fact, the street will now be looking ahead to Q4. Check out how honest managements are about the real business conditions.

These mid-cap stocks with ‘strong buy’ & ‘buy’ recos can rally over 28%, according to analysts

From being the most loved segment of the market, mid-caps are today under fire from all sides. Switch on a business channel and you will hear 10 reasons why mid-caps are under pressure. And why they are likely to continue facing the music. The fact is that, if there is a recovery for three consecutive days, you will hear exactly the opposite of what is being said today. This is not to say that valuations in the mid-cap segment were not high and required a correction. But it is time to look at each stock and business separately and think medium- to long-term rather than wondering what is going to happen to the Nifty on an every-day basis.

Deadline to activate UAN for EPFO's ELI Scheme extended to this date: Here is how to activate UAN to avail ELI benefits

The UAN activation and linking of bank accounts with Aadhaar is necessary to avail of benefits under the EPFO's Employment Linked Incentive Scheme.

EPFO settles record 5-cr claims worth over Rs 2 lakh cr in FY25

Labour Minister Mansukh Mandaviya has announced that EPFO has crossed the 5 crore claims settlement mark in FY25. Due to multiple reforms like auto-claim settlement and simplified member profile correction, the efficiency of EPFO has significantly improved, resulting in reduced member grievances.

EPFO Pension Scheme: Govt confirms higher pension to 22,000 members. Here’s how to check yours

EPFO has issued 21,885 pension payment orders and asked 1.65 lakh members to deposit additional amount for higher pension under the Employees' Pension Scheme 1995. 17.48 lakh applications were submitted for higher pension. The process is based on the Supreme Court's decision from November 2022. Deadlines for employers to forward applications have been extended multiple times.

NCLT directs Hinduja Group to complete Reliance Capital acquisition by February 25

The National Company Law Tribunal directed IndusInd International Holdings Limited to complete the acquisition of Reliance Capital by February 25. All issues, including concerns from lenders Barclays and 360 One, have been resolved, paving the way for finalising the acquisition pending de-listing approvals.

New EPFO feature

Gig workers may soon get pension benefits via EPFO

The Ministry of Labour and Employment is set to introduce a policy granting pension benefits to gig and platform workers through the Employees' Provident Fund Organisation. This will supplement the existing health cover under PM Jan Aarogya Yojana. The pension plan, funded by aggregators, aims to provide financial security for gig workers, recognizing their significant contribution to the services economy.

Gig workers to get pension benefits as part of the social security

The ministry of labour and employment will soon introduce a policy to offer pension benefits to gig workers through the Employees' Provident Fund Organisation. This follows the announcement of health cover under the PM Jan Aarogya Yojana. The pension will be transaction-based and funded by aggregators, providing a retirement fund for gig workers.

Employee Provident Fund: How to delink wrong member ID linked to your UAN

5 government exams that have no interview stage

Government job exams such as RRB Group D, SSC MTS, SSC GD Constable, RRB NTPC, and UPSC EPFO Assistant do not require an interview stage. These exams focus on written tests and other assessments to evaluate candidates, making them ideal for those preferring to secure jobs based purely on merit.

MoS Finance Pankaj Chaudhary arrives at North Block ahead of Union Budget

Union Minister of State for Finance Pankaj Chaudhary arrived at the North Block ahead of the Union Budget presentation, urging patience. The Economic Survey projected India's economy growth between 6.3-6.8% for FY26, highlighting strong fundamentals, easing inflation, and robust foreign exchange reserves.

India in early stages of shift towards passive funds: Morningstar CEO Kunal Kapoor

The Indian Mutual Fund industry has come a long way over the past decade. Proactive regulations on disclosures, fund categorization and fees have driven positive change. Increased retail investor participation has also been fuelled by the industry’s efforts to promote investor awareness and education, broadening the reach of mutual funds across the country and investor segments.

Finance Minister Nirmala Sitharaman arrives at North Block ahead of Union Budget

Union Finance Minister Nirmala Sitharaman will present her eighth consecutive Union Budget at 11 am today, outlining fiscal policies, revenue proposals, and taxation reforms. The Economic Survey forecasts India's economy to grow between 6.3% and 6.8% in FY25-26 and emphasizes strong economic fundamentals, robust foreign exchange reserves, and significant growth in formal employment.

Budget 2025: Nirmala Sitharaman leaves North Block to meet President Murmu with her iconic red tab-Bahi Khata

Union Finance Minister Nirmala Sitharaman heads to Rashtrapati Bhavan to present her 8th consecutive budget, detailing fiscal strategies and key announcements for India's economy. The Economic Survey forecasts 6.3%-6.8% growth for 2025-26, with strong fundamentals and a robust labor market. It also notes potential risks from adverse weather and rising agriculture prices.

Labour minister Mansukh Mandaviya directs EPFO to expedite disposal of cases related to pension on higher wages (PoHW)

Labour and employment minister Mansukh Mandaviya has directed EPFO officials to expedite pension-related cases and improve claim settlement efficiency. In a virtual review meeting, he emphasized the importance of activating Universal Account Numbers for new members and enhancing service delivery through effective implementation and governance.

'Tax assessee’s word is final for us... trust is what we want': FM Nirmala Sitharaman

Budget 2025: Finance Minister Nirmala Sitharaman discussed the Budget’s impact on the economy, emphasizing tax relief for honest taxpayers. She highlighted schemes for agriculture, start-ups, and infrastructure to boost growth. Concerns over inflation, privatization, and fiscal consolidation were addressed, with assurances of sustained public sector expenditure and efforts to widen the tax base.

Net formal job creation under EPFO rebounds in November 20204 after touching a five-month low in October

Provisional payroll data of EPFO, released by the ministry of labour and employment on Wednesday, shows that the retirement fund body witnessed a year-on-year jump of 4.87% in November 2024 to 1.46 million compared to 1.39 million in November 2023 a month-on-month increase of 9.07% when compared to 1.34 million formal jobs created in October 2024.

Formal sector jobs rebound in November

Net formal job creation under EPFO saw significant improvement last November, with 1.46 million net jobs created. Recruitment was highest among the under-25s, reflecting growing employment opportunities and successful outreach programs. This represents a 4.88% rise year-on-year and a 9.07% increase from October.

Relief for EPF members: No documents required in new simplified process by EPFO to update these profile related details

EPF Members can update details such as name, date of birth, gender, nationality, father or mother's name, marital status, spouse's name, joining and departing dates, and date of birth, without having to upload any supporting documents.

Essential Skills Act: The must-have for Viksit Bharat in Budget 2025

Union Budget: The article highlights India's skilling initiatives like PMKVY, revealing that a majority of trainees are still not placed. It suggests creating an Essential Skills Act to streamline skill development and calls for follow-up on employment schemes outlined in the Budget FY24-25 to better support young workers.

EPF members can now use Digilocker to submit Joint Declaration (JD) requests for profile related changes

The EPFO intends to increase processing speed and accuracy by lowering paperwork and facilitating digital submissions using Digilocker. The revised process will ensure that even members in special circumstances such as deceased members or members of closed establishments can finish their declarations in paper form.

EPFO simplifies procedures related to fund transfer and personal detail corrections: Mansukh Mandaviya

Labour and Employment Minister Mansukh Mandaviya on Saturday said the Employees’ Provident Fund Organisation has streamlined and fast-tracked the process for transfer of provident fund dues from one organisation to another and simplified the joint declaration process for correction in personal information of its subscribers. The two procedural reforms will benefit over 65 million EPFO subscribers.

5 major EPF changes in 2025: Easy PF transfer, joint declaration process, CPPS, pension for higher wages and more

5 major EPF changes in 2025: The Employees' Provident Fund Organization (EPFO) has introduced key service updates. Here are the details of each of these changes, knowing which can help you in managing your EPF more effectively.

Wrong EPF member ID linked to your UAN? Here is how you can delink it

The EPFO introduced a facility for delinking erroneous member IDs from UANs. Members can now delink wrongly-linked IDs by following a step-by-step process on the EPFO portal, ensuring their UANs reflect accurate employment records.

For risk-takers with a long-term perspective: 1 small and 7 mid-cap stocks from different sectors with upside potential of up to 44%

The market is once again witnessing some volatility and profit-booking. Don’t panic: We have witnessed pretty much similar conditions several times in the recent past. So what to do? Sell, buy, or hold? Sell stocks which moved up because of narratives that were not backed by fundamentals. And there is no dearth of such stocks. Just a few months back, we had seen a phase where companies under IBC were quoting at half-a-billion dollar market cap. Buy stocks of companies where underlying growth is taking place, but buy with a long-term perspective. Hold stocks of companies where the numbers may have seen a cyclical slowdown, but the long-term growth path is clear.

Mutual fund investments: Which stocks should I invest in to generate an annual income of Rs 1 lakh from dividends?

How can I generate a dividend income of Rs 1 lakh annually by investing in stocks? Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.

EPF account transfer on switching jobs: These employees can apply for EPF a/c transfer from old to new employer on their own; Check details here

EPF account transfer on switching jobs: The requirement for an employee to submit online transfer claims via the previous or current employer has been removed for specified cases listed below.

Seed your bank account with UAN to get easy PF withdrawal, seamless transfer: EPFO

Linking your bank account to your UAN ensures that your monthly EPF contributions are seamlessly transferred directly into your account, providing convenient and immediate access to your funds.

Deadline to activate UAN for EPFO's ELI Scheme ends on January 15, 2025: Step by step guide to activate UAN

Deadline to activate UAN: The UAN activation and linking of bank account with Aadhaar is necessary to avail of benefits under the EPFO's Employment Linked Incentive (ELI) Scheme.

Retirement Planning: Can I transfer funds from EPFO account to NPS for better returns?

Is it possible to transfer funds from an EPFO account to NPS in order to get better returns? Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.

Think beyond the correction, like a long-term investor: 5 mid-cap stocks from different sectors with upside potential of up to 46%

When it comes to the stock market, it is not easy to think beyond the present. Recall August 2024. Nobody was thinking anything remotely bearish or negative about the market. Today, no one is able to think of a time beyond the current phase of correction. The fact is that it is extremely difficult to think beyond the present because, to do that, you have to think long-term. Also, to a certain extent, think contrarian. But to make better returns, you have to develop that ability to think and act differently. And do it as a process.

EPFO can initiate assessment proceedings during liquidation: NCLAT on companies under IBC

NCLAT ruled that statutory authorities including EPFO can initiate assessment proceedings during liquidation under IBC, but cannot continue such proceedings once a company is under moratorium. The decision upholds previous NCLT orders and resolves EPFO petitions against debt-ridden companies.

68 lakh pensioners to gain from EPFO's new Centralized Pension System across regional offices

The EPFO has completed the nationwide rollout of its Centralized Pension Payments System (CPPS), benefiting over 68 lakh pensioners. The new system allows pensioners to withdraw their pensions from any bank branch and ensures seamless disbursements, even when changing locations or bank branches. This reform, praised by Union Minister Mansukh Mandaviya, aims to modernise and simplify pension services for all beneficiaries.

EPFO rolls out centralised pension payment systems across India

The Employees’ Provident Fund Organisation implemented the Centralized Pension Payments System, which allows pensioners to access their pension from any bank or branch nationwide. The system aims to streamline the payment process, eliminate the need for physical verifications, and ensure seamless pension disbursement for over 7.85 million pensioners.

Budget 2025: From hike in EPFO pension to Rs 5,000 to constitution of pay panel- what trade unions want from Nirmala Sitharaman

Union Budget 2025: Trade Unions urged for a hike in minimum EPFO pension to Rs 5,000 per month, the establishment of the 8th Pay Commission, and higher taxes on the super-rich in the 2025-26 Budget. They also called for higher income tax exemption limits and social security for gig workers and agricultural laborers, and advocated the restoration of the old pension scheme.

The Employees Provident Fund (EPF) Calculator

The Employees Provident Fund (EPF) Calculator is a handy online tool that helps people estimate their Employee Provident Fund (EPF) savings, a retirement benefit provided by the Indian government.

Road map in works to speed up EPFO claim settlements

The Ministry of Labour and Employment has established a committee to improve the auto claim settlement process at EPFO, targeting reduced manual interventions and rejections. The committee aims to streamline validations and ensure faster processing for over 75 million subscribers, submitting its report next month.

PF rules change in 2025: Key EPFO rule changes to expect in 2025

EPFO rule changes 2025: The Employees' Provident Fund Organization (EPFO) is set to undergo several significant changes in 2025, impacting millions of salaried individuals across India. Here are some important new rules which could be implemented in 2025 to benefit EPFO members.

New EPS rules from January 1, 2025: EPS pensioners can get pension from any bank branch in India

New EPS rules from January 1, 2025: The Employee Provident Fund (EPF) has approved the proposal for a Centralized Pension Payment System (CPPS) for Employees’ Pension Scheme, 1995. After retirement, this would be a big relief for pensioners who move back to their hometown.

Net formal jobs under EPFO down to five-month low of 1.34 million in October

Net formal job creation under EPFO fell to a five-month low of 1.34 million in October, marking an 11.8% dip compared to the previous year. The decline persists despite the festive season, highlighting a 28.7% month-on-month decrease. Young first-time job seekers form 40.5% of the new additions.

Modi regime has created five time more employment than UPA regime: Union Labour Minister Mansukh Mandaviya

The government has significantly boosted employment in the past decade, creating nearly five times more jobs than during the United Progressive Alliance (UPA) era from 2004 to 2014, says Union Labour and Employment Minister, Mansukh Mandaviya citing data from the Reserve Bank of India (RBI) and Employees' Provident Fund Organisation (EPFO).

Budget 2025: Exempt income-tax up to ₹10 lakh, check Chinese imports, urge RSS Unions to Nirmala Sitharaman

Union Budget 2025: RSS-affiliated unions proposed several measures during their pre-budget consultations with Finance Minister Nirmala Sitharaman. They suggested raising the tax-exempt income to ₹10 lakh, expanding MGNREGA to 200 days of work, and introducing a comprehensive manufacturing policy to limit Chinese imports. They also sought a special agriculture package and other economic measures.

Budget 2025: Plastics manufacturers' body seeks PLI scheme to help scale up global presence

Union Budget 2025: All-India Plastics Manufacturers' Association has urged the government to introduce a production-linked incentive scheme for the plastics sector. They also requested a reduction of GST to 'nil' for plastic waste and recycling machinery, lowering GST on recycled plastic granules, and providing subsidies for recycling equipment. This aims to increase India's share in the global plastics market.

Budget 2025: 5 schemes Finance Minister Nirmala Sitharaman may top-up

Budget 2025 news: Finance Minister Nirmala Sitharaman is preparing Budget 2025 while balancing fiscal prudence and addressing key voter demographics. Focus may be on enhancing PM Awas Yojana, Ayushman Bharat, PM Gram Sadak Yojana, PM-Kisan Samman Nidhi Yojana, and MSME support schemes. These schemes might receive increased allocations and top-ups in the upcoming budget.

EPF Update: Do EPS 95 pensioners need to submit Digital Life Certificate every six months? EPFO clarifies

The introduction of Digital Life Certificate has significantly streamlined this process, making it more convenient and efficient for senior citizens. A Digital Life Certificate (DLC) is an electronic document that confirms the survival of a pensioner.

Labour reforms, social security for informal workers, transformative policies on cards in 2025

The government aims to implement labour codes by 2025 to boost social security for informal workers, focusing on gig and platform workers. By March 2025, all states and UTs will complete the harmonisation of draft rules. New policies will address gig workers' social security and improve EPFO and ESIC systems.

EPFO extends deadline for UAN activation and linking bank account to Aadhaar for ELI scheme benefits; check last date here

ELI under EPFO: The deadline for activating Universal Account Number (UAN) and linking of bank account to Aadhaar for getting Employement Linked Incentive Scheme (ELI) benefits has been extended again. The original deadline was November 30, 2024 which was later extended to December 15, 2024. This deadline has now again been extended.

Key money updates in 2025: Major changes to UPI, credit card lounge access, fixed deposit, income tax and EPFO

Money changes in 2025: The new year brings several financial rule changes, including revised fixed deposit (FD) regulations for non-banking financial companies (NBFCs), an increased transaction limit for UPI 123Pay, and various tax-related changes and deadlines. Know the changes that will impact you in 2025.

Higher EPS pension: EPFO asks employers to process 3.1 lakh pending applications by January 31, 2025; how to track pension application

Higher EPS pension deadline: The EPFO is giving one last chance to the employers to upload wage details of the employees by January 31, 2025, so that 3.1 lakh pending applications can be processed. If you are EPF member or EPS pensioners who have applied for the higher EPS pension, then here is a step by step guide to track your application status.

Higher EPS pension: You will not receive higher pension from EPS if your employer does not do this by January, 2025

Higher EPS pension: The EPFO has given one last chance to the employers to upload wage details of the employees to process the higher EPS pension application. If all the employers (old or new) do not accept the pension application, an individual will not be eligible to receive higher pension.

EPFO extends deadline for employers to upload pending pension applications until January 31, 2025

The EPFO has extended the deadline for employers to upload pending higher-pension applications to January 31, 2025. This final extension follows previous deadlines and aims to address over 3.1 lakh pending applications and 4.66 lakh cases requiring clarification. Employers are urged to complete the process to comply with the Supreme Court's order.

Plans afoot to bring EPFO service at par with banking, says top official

The retirement fund body EPFO is upgrading its systems. Subscribers will soon access services like banks. They can withdraw claims using ATMs. This includes amounts up to Rs 7 lakh under the EDLI scheme. Heirs of deceased subscribers can also withdraw funds. Dedicated cards may be issued. The new system will roll out after a hardware upgrade.

EPFO extends timeline for employers till January 31, 2025 to process pending application for higher pension

In a statement issued on Wednesday, the Employees’ Provident Fund Organisation has for the last time extended the window for employers till January 31, 2025 to process and upload about 3.1 lakh applications pending with them for validation of option or the joint options under the pension scheme on higher wages.

Smooth EPF transfer while changing jobs: How to seamlessly transfer your retirement savings online without any hassle

PF balance trasnfer: When changing jobs do remember to transfer your provident fund balance to the new company using the Employee Provident Fund Organisation website. Bishen Jeswant, Partner, Cyril Amarchand Mangaldas, says applying for transfer of EPF when switching employment is a fairly routine process if the individual employee’s UAN (Universal Account Number) is active on the EPFO portal

Compliance check: EPFO reports 69% higher outstandings for FY24

The Employees' Provident Fund Organisation (EPFO) reported a significant increase in outstanding dues, reaching ₹25,821 crore in March 2024, a 69.3% rise compared to the previous year. While recoveries also increased by 55%, a substantial portion of the dues is currently unrecoverable due to court stays. EPFO has initiated a special recovery drive to address the growing backlog.

Over 17.4 lakh opted for higher pension on higher contribution under EPS-95, Parliament told

Over 1.7 million Employees' Provident Fund Organisation (EPFO) members have applied to base their pension contributions on their full salary, following a Supreme Court ruling. The court allowed existing employees to opt for a higher pension under the Employees' Pension Scheme (EPS), 1995.

All 36 states and UTs to frame rules on Labour Codes by end of this fiscal year: Labour Ministry

As per the year-end review released by the ministry of labour and employment on Saturday, all 36 states and UTs are expected to complete harmonization and pre-publication of draft rules by 31st March 2025 following extensive consultations held with all states through six regional meetings held during the year. These meetings focussed on facilitating states to frame Rules in their domain while ensuring that their Rules are aligned with the central Rules.

EPF update: You may be able to withdraw PF from ATM soon, who can withdraw, how it will work

PF Withdrawal through ATM: Members of EPFO may soon be able to withdraw funds from their EPF account directly from ATMs. The EPF system is currently undergoing a major upgrade to offer 'enhanced services' to crores of employees, says Labour Secretary Sumita Dawra. How will this new facility work? When can you withdraw PF money through ATM? All your questions answered.

Defaults under EPFO hit all-time high, rise 69.3%

EPFO defaults soared to a record ₹25,820.88 crore in 2023-24, a 69.3% jump. Exempted establishments drove the surge, with Telangana leading in arrears. The EPFO is taking steps to recover dues, including seeking state government assistance and publicizing defaulters.

EPFO extends deadline to activate UAN for ELI scheme, check last date here

UAN Activation deadline extended: The Employees Provident Fund Organisation (EPFO) has extended the deadline to activate UAN and Aadhaar seeding of bank account to December 15, 2024, from the original deadline of November 30, 2024. The extension was announced via a post on X. The EPFO has issued the circular for the same as well.

PF claim settlement rule change: Now EPF members will get more interest money on EPF withdrawal, faster settlement

New EPF claim settlement rule: The EPFO has announced changes in Para 60(2)(b) of the EPF Scheme, 1952. The changes announced in the Employees Provident Fund Scheme will help EPF members to get more interest in claim settlement and faster claim settlement. Know all about the new rule, when it is applicable, and which EPF claims it will impact.

EPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour secy

The Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation are exploring options for subscribers to access claim settlements through e-wallets. The Labour Ministry is in discussions with banks and the Reserve Bank of India to develop a practical mechanism for direct transfer of funds, potentially bypassing traditional bank accounts.

Is the CPF commissioner guilty of contempt and mental torture for delaying pensions?

The Employees' Provident Fund Organisation faces criticism for its slow processing of higher pension claims. Lakhs of retirees await their rightful pensions. The government is urged to intervene and expedite the process. A more efficient system like ASBA is suggested. The current pension calculation formula needs an overhaul.

EPFO invests Rs 34,208 cr in ETFs during Apr-Oct

Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange traded funds (ETFs) during the April-October period this fiscal year, Parliament was informed on Monday. According to a written reply to Lok Sabha by Minister of State for Labour & Employment Shobha Karandlaje, the Employees' Provident Fund Organisation (EPFO) had invested Rs 57,184.24 crore in the ETFs.

EPF Balance Transfer: Is updated date of exit of last organisation on EPFO portal mandatory for applying for transfer?

EPFO balance transfer: Changed jobs? Then remeber to transfer your Employee Provident Fund (EPF) balance from the old company to the new company using the EPFO portal at epfindia.gov.in. If you don't do this then after a certain number of years the old EPF money will stop earning interest. EPFO said: "Updation of date of exit of previous job/employment is mandatory for applying online transfer. The date of exit can be updated only after two months of leaving a job."

Missed EPFO deadline to activate UAN for ELI benefits? You may get another chance to apply as govt yet to announce details

EPFO ELI deadline: The last date for UAN activation to get benefits under the ELI Scheme expired on November 30, 2024. If you are an EPF member and are eligible for ELI benefit but missed the deadline, then you may wonder if you will get another chance. ET Wealth online asked experts if EPF members will get another chance to claim benefits.

Central Board of Trustees of EPFO gave its go ahead to the Amnesty Scheme 2024

The EPFO Amnesty Scheme 2024 has been approved, encouraging employers to resolve past compliance issues without penalties and promoting job creation. It will be rolled out with the ELI schemes. The central board of trustees also approved several proposals, including simplifying bank empanelment criteria and extending interest payment benefits for EPFO subscribers.

EPFO online services not available without active UAN: Here’s how to activate it

EPFO online services not available without active UAN: Universal Account Number (UAN) is a 12-digit number provided to each member of EPFO. The UAN acts as an umbrella for the multiple EPF Member IDs allotted to an individual. Employees should activate UAN to avail any EPFO services online.

EPFO launches WhatsApp helpline service

This initiative will allow the PF subscribers to interact directly with EPFO's regional offices on a personalised level adhering to one-to-one guidance principle. WhatsApp helpline is now functional in all the 138 regional offices of EPFO.

EPFO settles 11.94 lakh claims in June this year

In June, as much as Rs 6,497 crore was received by EPFO as contribution by subscribers towards social security schemes run by it.

Growth in PF contribution slows down to a 10-year low in 2023-24

Provident fund (PF) contributions experienced their slowest growth in a decade, excluding the COVID-19 year, rising by just 6.5% to ₹2.6 lakh crore in 2023-24. This slowdown is attributed to fewer new subscribers and a contribution cap linked to tax changes. The end of the Atmanirbhar Bharat Rojgar Yojana, a job creation scheme, also contributed to the decline.

EPFO weighs exit policy to maximise returns on investments

The EPFO has no exit policy at present as it largely invests in government securities that have a definite maturity window.

Now EPFO members having UAN can link Aadhaar online

Meeting the know your customers (KYC) norms by the Employees' Provident Fund Organisation (EPFO) subscribers help them access a host of online services.

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

The Ministry of Labour and Employment has instructed the EPFO to ensure all employees activate their UAN using Aadhaar-based OTP by November 30th. This initiative is part of the government's plan to boost the Employment Linked Incentive Scheme, aiming to generate over 2 crore jobs within two years.

EPFO, world's ninth largest by assets, not considering any proposal to invest in stock markets

"We are not considering any proposal to invest in stock markets or equity at present," EPFO Central Provident Fund Commissioner K K Jalan said.

EPFO to launch Aadhar-linked withdrawal, pension services by March 2017

EPFO will launch a host of Aadhaar-linked online services such as PF withdrawal and pension fixation for its 4 crore subscribers by the end of this fiscal.

EPFO set for brand makeover, to get a tagline and a brand ambassador

EPFO will soon get a tagline to brand itself and this is likely to be followed by a brand ambassador who would be the face of the organisation.

Boon for 4.5 crore subscribers: EPFO may give option to raise equity exposure

Proposal to raise the equity component, if it goes through, will fetch higher returns for EPFO subscribers in the current declining interest rate regime.

Time for EPFO to shift to NAV based accounting

The best time to convert to NAV-based scheme is now. On a conservative estimate, the unrealised gains must be in the range of 20- 30%. And if shifted to NAV-based system, the holding value of EPFO should jump up by 20%- 30%.

EPFO planning housing scheme for members: Labour Minister

Retirement fund body EPFO is considering a scheme for its subscribers so that they are able to own a house by retirement, Labour Minister Bandaru Dattatreya said.