Author Topic: News related to EPFO  (Read 2472 times)

RAJ

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News related to EPFO
« on: May 25, 2012, 08:05:59 AM »

Government hikes interest rate on Special Deposit Scheme to 8.8 pc for 2012-13


NEW DELHI: The government has increased interest rates on Special Deposit Scheme (SDS) and State Provident Funds for the year 2012-13 to 8.8 per cent from 8.6 per cent currently.

The new rate will be applicable from April, 1, 2012, an official statement said. "Government has revised the interest rates for the financial year 2012-13 in respect of State Provident Funds and Special Deposit Schemes (SDS) for non-government provident, superannuation and gratuity funds from 8.6 per cent to 8.8 per cent with effect from April, 1, 2012", it said.

SDS is a scheme in which the non-government provident funds like Employees' Provident Fund Organisation (EPFO) invest. At present, EPFO funds to the tune of Rs 55,000 crore are parked in the SDS. The government has also hiked the interest rate on General Provident Fund from 8.6 to 8.8 per cent.

The revised interest rate on government provident funds will benefit the subscribers of General Provident Fund ( Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund and General Provident Fund (Defence Services).

Among others, Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen's Provident Fund, Indian Naval Dockyard Workmen's Provident Fund, Defence Services Officers Provident Fund, and Defence Services Officers Provident Fund will also be getting 0.2 per cent more interest, the statement said.

RAJ

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Re: News related to EPFO
« Reply #1 on: May 25, 2012, 08:43:47 AM »
Govt hikes interest rate on SDS to 8.8% for 2012-13
Last Updated: Thursday, May 24, 2012, 15:22    Comment 0 


New Delhi: The government has increased interest rates on Special Deposit Scheme (SDS) and State Provident Funds for the year 2012-13 to 8.8 percent from 8.6 percent currently.

The new rate will be applicable from April, 1, 2012, an official statement said.

"Government has revised the interest rates for the financial year 2012-13 in respect of State Provident Funds and Special Deposit Schemes (SDS) for non-government provident, superannuation and gratuity funds from 8.6 percent to 8.8 percent with effect from April, 1, 2012", it said.

SDS is a scheme in which the non-government provident funds like Employees' Provident Fund Organisation (EPFO) invest. At present, EPFO funds to the tune of Rs 55,000 crore are parked in the SDS.

The government has also hiked the interest rate on General Provident Fund from 8.6 to 8.8 percent.

The revised interest rate on government provident funds will benefit the subscribers of General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund and General Provident Fund (Defence Services).

Among others, Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen's Provident Fund, Indian Naval Dockyard Workmen's Provident Fund, Defence Services Officers Provident Fund, and Defence Services Officers Provident Fund will also be getting 0.2 percent more interest, the statement said.

PTI

sheemar

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Re: News related to EPFO
« Reply #2 on: April 20, 2013, 08:09:06 AM »

R S Sidhu

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Re: News related to EPFO
« Reply #3 on: September 04, 2013, 03:59:52 PM »
Parliamentary Panel seeks minimum Rs.3000 pension for employees

55 million employees contribute 8.33% against govt contribution of 1.16% towards Employees Pension Scheme

Delhi, 4 September: A parliamentary panel has asked the government for hike in minimum pension at Rs 3,000 a month under the Employees’ Pension Scheme 1995 (EPS-95) run by retirement fund manager EPFO to help retired workers tide over rising prices.


The committee on petitions said in its report, which was tabled in the RS by its chairman Bhagat Singh Koshyari that EPS is the only financial assurance to retired workers and their families, specially low and medium wage earners, and failure to strengthen the scheme has undone the very reason for instituting it,”

The committee suggested the government should increase its contribution to the scheme from the existing 1.16% of basic wages (basic pay + dearness allowance) to 8.33% to ensure a minimum pension of Rs 3,000.

 As per the report of the committee, over 30 lakh employees (pensioners under the scheme) get less than Rs 1,000 a month, of which over 25 lakh get less than Rs 500. As of now, 55 million employees contribute 8.33% of their basic wages while the government contributes 1.16 per cent toward EPS-95.

sheemar

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Re: News related to EPFO
« Reply #4 on: January 17, 2014, 06:18:47 PM »
EPFO: Permanent PF account number to be a reality in 2014-15
PTI January 17, 2014
 Portable permanent PF account number, which will enable over five crore EPFO members to get rid of the process of transferring their accounts on changing jobs, will be a reality in 2014-15.

The permanent PF account number would also help provide social security benefits to workers in sectors like construction where they change contractors and place of work frequently.

According to the ‘Action Plan’ handed over by the Labour Ministry to the Employees’ Provident Fund Organisation (EPFO), the body has to put in place a system for unique employee number which would eventually make its facilities at par with core banking service.

“The EPFO is working on the system to provide permanent account numbers to its subscribers. It is not difficult to provide this facility in 2014-15,” a top EPFO official said.

To provide permanent PF account numbers to subscribers, EPFO will have to set up a central server which would be connected to its all 123 field offices.

At present, the EPFO subscribers have to apply for transfer of PF accounts on changing jobs. They are provided a new PF account number every time they change jobs.

The retirement fund body has recently started the facility of online transfer of PF account on changing jobs in October last year.

However, there are a sizable number of PF transfer claims, which are filed manually because all firms covered by EPFO have not registered their digital signatures, which is a prerequisite for the online facility.

The facility of online transfer of PF accounts has reduced the work load of EPFO substantially as over 13 lakh applicants are filed for such claims every year.

The EPFO expects 1.2 crore claims in 2013-14, including around 13 lakh PF transfer claims. During 2012-13, it settled 107.62 lakh claims, 88 per cent of which were processed within 30 days, as prescribed by the body’s citizen charter.

Komal Chautala

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Re: News related to EPFO
« Reply #5 on: July 06, 2014, 08:30:03 AM »
Budget Build-up: Min Rs 1K pension for EPFO subscribers likely to be notified

Surabhi | New Delhi | Updated: Jul 04 2014
In some cheer for over 8 crore formal sector workers, the Union Budget next week is expected to announce the long-pending minimum monthly pension of Rs 1,000 for members of the Employees’ Pension Fund.

In addition, an announcement on increasing the monthly wage ceiling from Rs 6,500 to Rs 15,000 for mandatory contributions to the Employees’ Provident Fund Organisation is also on the cards in the Union Budget on July 10.

According to official sources, the two proposals that were approved in February, will be notified immediately after that. Without a formal notification, the measures can not be implemented.

Though the previous government had approved the proposals, they have been stuck in limbo ever since and have not been notified because of the model code of conduct that was in place for the elections.

Union labour minister Narendra Singh Tomar had earlier this week also said that the two proposals would be implemented within a fortnight.

A higher wage ceiling for the EPFO is expected to help atleast 50 lakh workers who will get access to retirement benefits while the Rs 1,000 monthly pension will immediately benefit 28 lakh pensioners.

Meanwhile, the NDA government’s revival of pending labour law amendments is also expected to find a mention in the Budget, though the Bills to the effect will only be moved later in the year, possibly during the Winter Session.

“The Budget will be keenly watched by investors and it will indicate the government’s interest in liberalising decades old labour laws. But the process has to follow due consultation and the amendments can only be tabled after four to five months,” said a senior government official.

Over the last two weeks, the labour ministry has brought out of cold storage a large number of pending Bills including amendments to the Factories Act, the Minimum Wages Act and the Apprentices Act.

It is also working on a National Employment Policy as well as doing away with visits by physical checks by labour inspectors through an online portal for filing and monitoring compliance to labour laws.

Baljit NABHA

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Re: News related to EPFO
« Reply #6 on: January 23, 2015, 10:43:28 AM »

Hannibal

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Re: News related to EPFO
« Reply #7 on: April 25, 2015, 06:08:37 PM »

sheemar

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EPFO makes UAN must for all employers
« Reply #8 on: June 23, 2015, 11:07:50 AM »

 

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