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Union Minister of Labour and Employment <keyword id="19906409" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="keywords">Mansukh Mandaviya</keyword> and Chairperson of the Central Board of Trustees, EPF, have given the green light to the proposal for a Centralised <keyword id="23037839" type="General" weightage="100" keywordseo="Pension-Payment-System" source="keywords">Pension Payment System</keyword> (<keyword id="23039389" type="General" weightage="20" keywordseo="CPPS" source="keywords">CPPS</keyword>) under the Employees' Pension Scheme, 1995. According to the Ministry of Labour and Employment, this initiative represents a major advancement by establishing a national-level centralised system, allowing pension disbursement through any bank or branch across India. Commenting on this development, Mandaviya stated, "The approval of the Centralised Pension Payment System (CPPS) marks a significant milestone in the modernization of the <keyword id="19966712" type="General" weightage="20" keywordseo="EPFO" source="keywords" meta.keywordsubtype="org" meta.entityname="EPFO" meta.hostid="83" meta.entityid="EPFO">EPFO</keyword>. By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism." He added, "This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better." The CPPS is expected to benefit over 7.8 million <keyword id="21992385" type="General" weightage="20" keywordseo="EPS-Pensioners" source="keywords">EPS pensioners</keyword> of EPFO. By leveraging advanced IT and banking technologies, it aims to provide a more efficient and user-friendly experience for pensioners. The CPPS will also ensure seamless pension disbursement across India, eliminating the need to transfer Pension Payment Orders (PPO) when a pensioner relocates or changes their bank or branch. This will be a significant relief for pensioners who move to their hometowns post-retirement. This facility will be launched on January 1, 2025, as part of EPFO's ongoing <keyword id="23015602" type="General" weightage="20" keywordseo="IT-Modernization" source="keywords">IT modernization</keyword> project, Centralised IT Enabled System (CITES 2.01). In the following phase, CPPS will enable a smooth transition to an <keyword id="20028363" type="General" weightage="20" keywordseo="Aadhaar-based-Payment-System" source="keywords">Aadhaar-based payment system</keyword> (ABPS). The CPPS marks a significant departure from the current decentralised pension disbursement system, where each EPFO Zonal/Regional Office maintains separate agreements with only 3-4 banks. Pensioners will no longer need to visit branches for verification at the start of their pension, as it will be credited immediately upon release. Additionally, EPFO anticipates a significant reduction in disbursement costs with the new system.

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

New Delhi, May 17 () Finance Minister Nirmala Sitharaman on Sunday said around 12 lakh members of the Employees' Provident Fund Organisation (EPFO) withdrew Rs 3,360 crore retirement savings during the coronavirus-induced lockdown. Earlier, on March 28, the EPFO allowed formal sector workers to withdraw a non-refundable advance from their retirement savings to deal with the hardships due to the lockdown. The government on March 25 imposed a nationwide lockdown to fight the coronavirus pandemic. Unveiling the fifth and final tranche of the Rs 20-lakh crore economic package, Sitharaman on Sunday said 12 lakh members of the EPFO have withdrawn as non-refundable advance of Rs 3,360 crore during the past two months. The EPFO, under the Union labour and employment ministry, has settled a total of 12 lakh claims under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) package. The provision for a special withdrawal from the EPF Scheme to fight the COVID-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme on March 28, 2020. Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member''s credit in the EPF account, whichever is less, is provided. Sitharaman also told that 2.2 crore building and construction workers got Rs 3950 crore under the PMGKY to sustain in lockdown. Earlier in March, Labour Minister Santosh Gangwar had asked all state chief ministers to provide financial aid to over 3.5 crore construction workers from Rs 52,000-crore construction cess available with them amid Covid-19 outbreak. An advisory was issued on March 24, by Gangwar to all chief ministers, Lieutenant Governors of all the states/union territories. In the letters, the minister had said: "Under Section 60 of the Building and Other Construction Workers (BOCW) Act, 1996, all states/UTs have been advised to transfer funds in the account of construction workers through DBT (direct benefit transfer) mode from the cess fund collected by the Labour Welfare Boards under the BOCW cess Act." It was mentioned in the letter that about Rs 52,000 crore is available as cess fund collected by states and UTs, and about 3.5 crore construction workers are registered with these construction welfare boards. The minister had stated in the letter that in this challenging situation, it is imperative that we devise probable mechanism to support unorganised workers, who sustain their livelihood on daily wages. The minister had also said that state building and construction workers welfare boards have collected sufficient funds. The cess has been levied and is being collected at 1 per cent of the cost of construction as notified by the central government in its official gazette. The BOCW Welfare Cess, 1996, provides for levy and collection of cess at such rate not exceeding 2 per cent, but not less than 1 per cent of the cost of construction as the central government may notify. The cess at the rate is collected by states and union territories, and is utilised for the welfare of building and other construction workers by the State Building and Other Construction Workers Welfare Boards constituted under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 KKS HRS

12 lakh EPFO members withdraw Rs 3,360 cr retirement savings during lockdown: FM

New Delhi, Mar 4 () Retirement fund body <keyword id="6372438" type="COMPANY" weightage="20" keywordseo="epfo">EPFO</keyword> on Thursday decided to retain 8.5 per cent rate of interest on provident fund deposits for the current financial year. EPFO has more than five crore active subscribers. The Employees' Provident Fund Organisation's (EPFO) apex decision-making body <keyword id="225704" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Trustees">Central Board of Trustees</keyword> decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said. There were speculations that the EPFO would lower interest on provident fund deposits for this fiscal (2020-21) from 8.5 per cent given in 2019-20 in view of more withdrawals and lesser contribution by members amid the coronavirus pandemic. In March last year, the EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19. The <keyword id="45027" type="COMPANY" weightage="20" keywordseo="EPF">EPF</keyword> (<keyword id="114591" type="COMPANY" weightage="20" keywordseo="Employees-Provident-Fund">Employees Provident Fund</keyword>) interest rate provided for 2019-20 was the lowest since 2012-13, when it was 8.5 per cent. The EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The EPFO had provided 8.25 per cent rate of interest on provident fund in 2011-12. KKS RAM

EPFO retains 8.5% interest rate for 2020-21

New Delhi, Retirement fund body EPFO on Thursday started crediting 8.5% rate of interest on employees' <keyword id="45028" type="ORGANIZATION" weightage="20" keywordseo="Provident-Fund">provident fund</keyword> (EPF) for 2019-20 for its over six crore members, a senior official said. A large number of members of the <keyword id="6423266" type="COMPANY" weightage="20" keywordseo="employees-provident-fund-organisation">Employees Provident Fund Organisation</keyword> (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent rate of interest for 2019-20, a senior official told . The official further informed that the <keyword id="126926" type="COMPANY" weightage="20" keywordseo="Labour-Ministry">labour ministry</keyword> has already sent the direction to credit the 8.5% interest on EPF for 2019-20 to the EPFO and the body has already started crediting interest into members account for the last fiscal. Labour Minster <keyword id="258830" type="PERSON" weightage="20" keywordseo="Santosh-Gangwar">Santosh Gangwar</keyword> said, "We had said that it would be our endeavour to provide 8.5% rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5% rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account." The minister also said that he has asked to ensure that all those members who are retiring on December 31, must get 8.5% rate of interest (for 2019-20). The process for capital gains for payment of 0.35% interest for 2019-20 has also been completed, he added. "It (8.5% interest) would comprise 8.15% from debt income and balance 0.35% (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020," he said. Earlier in the day, Gangwar had approved the 8.5% rate for last fiscal after receiving the finance ministry's concurrence. Thereafter the direction was sent to the EPFO for crediting the interest on EPF into the subscribers' accounts. In March this year, the EPFO's apex decision making body <keyword id="225704" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Trustees">Central Board of Trustees</keyword> headed by Gangwar had approved 8.5% interest rate on EPF for 2019-20. Earlier in September this year, the EPFO had decided to split 8.5% interest into two installments of 8.15% and 0.35% in its trustees meet headed by Gangwar. But later, the ministry decided to credit the entire 8.5% into subscribers' accounts in one go. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tata-steel-vedanta-adani-green-tata-motors-maruti-mm-dhfl-v-mart-indian-bank-and-others/articleshow/80038635.cms">Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&amp;M, DHFL, V-Mart, Indian Bank, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-the-list-of-upcoming-new-mobiles-in-january-2021-with-expected-price/articleshow/80039794.cms">Upcoming smartphones in India in January 2021</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a>

EPFO begins crediting 8.5% interest for six crore people — to reflect in EPF accounts from new year

<ul><li>Under the <keyword id="10263868" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rozgar-yojana-scheme">Atmanirbhar Bharat Rozgar Yojana scheme</keyword>, the central government will provide subsidy for new employees in establishments up to 1000 employees.</li><li>The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, said India’s <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman.</li><li>Here’s the eligibility criteria for companies to avail benefits under this scheme</li></ul>Finance Minister Nirmala Sitharaman in her press conference today (November 12) announced the <keyword id="10263642" type="UNKNOWN" weightage="20" keywordseo="Atmanirbhar-Bharat-Rozgar-Yojana">Atmanirbhar Bharat Rozgar Yojana</keyword> for the benefit of the members of employees provident fund Organization (EPFO). The announcement came as a part of the third stimulus package aimed at helping the COVID hit Indian economy. <div type="Article" hostid="261" msid="79187044" title="Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The finance minister said under this scheme, every establishment that is registered with the EPFO will be incentivised to hire people who were not registered with EPFO earlier as well as those who lost their jobs between March 1, 2020 to September 30, 2020. Under the scheme, the central government will give a subsidy for new employees for establishments with up to 1000 employees. The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, Sitharaman said. Who will be benefited by this? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years in respect of new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>And, for establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail benefits under this scheme, the organisations with fewer than 50 employees will have to hire at least two employees, and those with more than 50 employees will have to hire five or more employees. "A large number of organizations have put off their hiring plans this year because they are wary of taking up fresh monetary commitments. The government's pledge to bear the EPFO contributions of new employees will encourage many organizations to resurrect their recruitment plans,"Vivek Bindra, founder of New Delhi-based Bada Business. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a>

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

New Delhi, Mar 20 () The Employees' Provident Fund Organization (EPFO) on Friday asked pensioners and employers to avoid visiting its offices and avail online services like raising claims for PF, view balance, and make payments etc from their homes. The step has been taken to curb the spread of deadly coronavirus, the EPFO said in a statement. To contain the spread of coronavirus, the EPFO advises members, pensioners and employers to avoid visiting EPFO offices and avail various online services offered by it from their homes, it said. Most of the services of the EPFO are available online, it mentioned. An employee can generate his/her own Universal Account Number (UAN), activate his/her UAN and seed it with Aadhaar, PAN, Bank Account and mobile number (KYC seeding), the EPFO said. "Employee can also make nominations, view balance in the passbook, update his/her date of exit, transfer his/her account from unexempted to exempted establishment and vice-versa. "Employees have been further empowered to raise claims online for the provident fund (PF) advances or final withdrawal, pension or insurance benefits and receive payment of PF/pension/insurance benefits directly in his/her bank account," the statement said. Similarly, a pensioner can download his/her pension payment order (PPO) or preserve it in Digilocker. He/she can know his PPO number with the help of his/her bank account number or UAN and view passbook. Pensioners can also update Jeevan Praman (Digital Life Certificate) online any time of the year. "Employers can register their establishments under EPF&amp;MP Act, 1952 and obtain establishment ID, make payment of EPF and allied dues through RTGS/NEFT and submit Electronic Challan cum Return (ECR). Employers have also been facilitated to avail e-inspections of their establishments," it said. In case of any grievance, the EPFO said employees, employers and pensioners can get them resolved online through EPFigms portal. The details of these services and facilities are also available at www.epfindia.gov.in. All these facilities are also available on the government's UMANG App and one can avail the services on mobile his/her mobile phone too, the EPFO said. ABI MRMR

Coronavirus: EPFO advises beneficiaries to not to visit its offices

New Delhi, Mar 25 () Around 12.06 lakh new members joined ESIC-run social security schemes in January 2020 against 12.90 lakh in the previous month, according to the payroll data of the Employees' State Insurance Corporation (ESIC), providing an employment perspective in the formal sector.Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire 2018-19 financial year, the National Statistical Office (NSO) said in a report 'Payroll Reporting in India: An Employment Perspective - January 2020' released on Wednesday.The report also showed that during the September 2017-January 2020 period, around 3.62 crore new subscribers joined the ESIC scheme.The NSO's report is based on the payroll data of new subscribers of various social security schemes run by ESIC, retirement fund body and the Pension Fund Regulatory and Development Authority (PFRDA).It has been releasing the payroll data or new subscribers data of these three bodies since April 2018, covering a period starting from September 2017.The report showed that gross new enrolments with the ESIC during the September 2017-March 2018 period were 83.35 lakh.A net of 10.45 lakh new enrolments with the Employees' Provident Fund Organisation (EPFO) were recorded in January 2020, compared with 9.12 lakh in December last year.In 2018-19, 61.12 lakh new subscribers on a net basis joined the social security schemes run by EPFO. Similarly, the net new enrolments were 15.52 lakh during September 2017-March 2018.The latest data showed that during September 2017-January 2020, around 3.20 crore new subscribers joined the Employees' Provident Fund Scheme.It also showed that net of 69.35 new members joined the social security schemes run by the EPFO in April to January this fiscal, which is higher than 61.12 lakh in the entire fiscal of 2018-19. However, the gross enrolments with the ESIC were 1.29 crore during April-January this fiscal. The report said that since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive.The NSO said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. KKS MRMR

12.06 lakh new members join in January: ESIC payroll data

New Delhi, May 15 () Retirement fund body EPFO has decided not to impose any penalty for delay in payment of employees' provident fund contributions by firms during the natiowide lockdown. Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues. "During the lockdown period we are not going to impose any damages (penalty). This is our pro stakeholder/businesses/employers attitude which we are following," Employees' Provident Fund Organisations (EPFO) Central Provident Fund Commissioner Sunil Barthwal said during a webinar organised by industry body PHDCCI on Friday. The EPFO has a provision of charging damages or penalty from the employers who are unable to deposit PF contributions as mandated under the EPF Scheme 1952. Employers are required to deposit dues on a month's salary by 15th of the next month. However, they get 10 days grace for payment after that. Earlier on April 30, the EPFO allowed employers to file monthly EPF returns without making simultaneous payment of dues, which gave a relief to about 6 lakh firms amid the lockdown. Under the scheme, employers are required to file employees provident fund returns and make payment of dues simultaneously. EPF returns have details about employees' and employers' contributions towards the social security scheme run by the EPFO. During the ongoing coronavirus-induced lockdown, businesses are not able to function normally and are facing liquidity issues or cash crunch to pay their statutory dues even though they are retaining the employees on their rolls, labour ministry had said in a statement on the decision. Barthwal also told the industry representatives during the webinar that the government's decision to cut employers and employees' PF contributions to 10 per cent each from the existing 12 per cent would be implemented in May month's salaries. "Soon notification is going to be out...May month salaries would be due in June. So we will apply it on the May month salaries," he said. Earlier this week, Finance Minister Nirmala Sitharaman had announced reduction of statutory provident fund contribution by both employers and employees to 10 per cent of basic wages from the existing 12 per cent for the next three months. The decision was taken to facilitate more take-home salary for employees and give relief to employers in payment of PF dues, resulting in a liquidity ease of Rs 6,750 crore. The decision is expected to benefit 4.3 crore employees and 6.5 lakh employers reeling under liquidity crunch due to COVID-19 lockdown. Without divulging details about type of claims and time period, Barthwal said as many as 23 lakh claims were settled with disbursal of Rs 8,000 crore. Earlier on March 28, the EPFO had allowed formal sector workers under its ambit to withdraw a non-refundable advance from their retirement savings to deal with hardships due to lockdown. Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less, is provided. KKS MKJ

Lockdown: EPFO not charging penalty from cos for delay in payment of provident fund dues

New Delhi, Dec 2 () Retirement fund body EPFO has invested Rs 86,966 crore in exchange traded funds (ETFs) till September 2019, Parliament was informed on Monday.
The EPFO has been investing in ETFs since August 2015. Initially, the body decided to invest 5 per cent of its investible deposits into stock markets. Later, the proportion was increased to 10 per cent in 2016-17 and 15 per cent in 2017-18 and onwards.
The Employees' Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 Indices. 
 "The total amount invested by EPFO in ETFs as on September 30, 2019 is Rs 86,966 crore. The Central Board of Trustees (CBT), Employees' Provident Fund (EPF) in its 207th meeting held on March, 31, 2015 decided to invest only in ETFs in the category of equity and related investments," Labour Minister Santosh Gangwar said in a written reply to the Lok Sabha.
The minister told the House that the EPFO does not invest in shares and equities of individual companies.
The Employees' Provident Funds &amp; Miscellaneous Provisions (EPF &amp; MP) Act, 1952 is applicable to every establishment employing 20 or more persons.
 In order to extend social security benefits to all eligible workers in the country, continuous efforts are made to bring the coverable establishments under the EPF &amp; MP Act, 1952 and also for bringing the eligible employees under the umbrella of schemes under the Act.
 The minister told the House that as on March 31, 2019, 197 industries/classes of establishments are notified for coverage which has brought 4.69 crore contributory members within the ambit of EPFO. KKS
 KKS ANU
ANU

EPFO's investment in ETFs at Rs Rs 86,966 cr till September

New Delhi, Dec 27 () The labour ministry will enforce the retirement fund body EPFO's decision to restore pension commutation, or advance part-withdrawal, under the Employees' Pension Scheme from January 1, 2020, a move which will benefit 6.3 lakh pensioners, a source said.
These 6.3 lakh pensioners had opted for commutation of their pension and got a lump sum amount at the time of retirement from their pension accumulations or fund before 2009. The provision for commutation of pension was withdrawn by the EPFO in 2009.
"The labour ministry would issue a notification on January 1, 2020, to implement the Employees' Provident Fund Organisation's (EPFO) decision to restore commutation, or advance part-withdrawal, under the Employees' Pension Scheme," the source said.
Under the commutation, monthly pension used to be cut by one-third for the next 15 years and the reduced amount was given in lump sum. After the 15 years, pensioners were entitled to get the full pension.
The EPFO's apex decision making body the Central Board of Trustees headed by the labour minister, had approved the proposal to restore commutation of pension for 6.3 lakh pensioners opted for the benefit, in its meeting held on August 21, 2019.
An EPFO panel had recommend for amendment in EPS-95 (Employees' Pension Scheme 19995) for restoration of commuted value of pension to pensioners after 15 years of drawing commutation.
There was a demand for restoration of commutation of pension. Earlier under EPS-95 members were allowed to commute one-third of their pension for 10 years, which was restored after 15 years. This facility is available to government employees. KKS MKJ

Labour Min to enforce EPFO's move to restore pension commutation from Jan 1

New <keyword id="3324314" type="UNKNOWN" weightage="100" keywordseo="EPFO-rules">EPFO rules</keyword> restricting employees from withdrawing their full provident fund amount will be effective from May 1st, which means that if you are unemployed for 2 months or more and want to withdraw your full EPF, you only have 15 days left. If the deadline is missed, the withdrawal amount will be restricted and the full amount would only be accessible to you on turning 58. 
 
It was on Feb 10, 2016 that the ministry of labour and employment had made huge changes in the EPF rules, which would now restrict the withdrawal of EPF corpus. 
 
Earlier, a member of EPFO could withdraw 100% of the accumulated corpus, the sum total of employer's contribution, employee's contribution and their interest, if (s)he had been unemployed for a period of 2 months or more. However, the new EPF rules put a restriction on the amount that can be withdrawn. The new rule says that a member, after being unemployed for 2 months or more, will only be able to withdraw his own contribution and the interest earned on it. This means that the sum of employer's contribution and its interest will be able to be withdrawn only after the age of 58 years. 
 
However, as a lollipop for the customers, the rule says that 90% of the employer's contribution plus interest can be withdrawn at the age of 57 years. 
 
<a href="http://myfertilitychoices.com/wp-content/uploads/2013/06/Time-to-Decide-.jpg">Image source</a>

You Searched For "EPFO new member" and got 12 results

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

ANI

Employees' provident fund interest rate fixed at 8.15% for 2022-23

ANI

12 lakh EPFO members withdraw Rs 3,360 cr retirement savings during lockdown: FM

PTI

EPFO retains 8.5% interest rate for 2020-21

PTI

EPFO begins crediting 8.5% interest for six crore people — to reflect in EPF accounts from new year

PTI

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Navdeep Yadav

Coronavirus: EPFO advises beneficiaries to not to visit its offices

PTI

12.06 lakh new members join in January: ESIC payroll data

PTI

Lockdown: EPFO not charging penalty from cos for delay in payment of provident fund dues

PTI

EPFO's investment in ETFs at Rs Rs 86,966 cr till September

PTI

Labour Min to enforce EPFO's move to restore pension commutation from Jan 1

PTI

Hurry up! 15 more days and you won't be able to withdraw your full EPF until you turn 58

BI India Bureau

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