The government on Thursday approved 8.65 per cent interest rate on employees provident fund for 2018-19, news agency PTI quoted sources as saying. Over 6 crore EPFO subscribers are set to benefit with this move. Amounts will be credited to the accounts of these EPFO members.
The labour ministry will soon notify 8.65 per cent rate of interest on Employees' Provident Fund (EPF) for 2018-19, said Labour Minister Santosh Gangwar on Friday. He also added that the finance ministry does not disagree on this rate.
In a move that will benefit as many as 6.3 lakh pensioners under the Employees Pension Scheme, the commuted value of pension after 15 years of drawing commutation will be restored. The Central Board of Trustees (CBT), the apex policy making body of the pension scheme, approved the proposal to recommend an amendment in the Employees Pension Scheme (EPS) 1995 for restoration of commuted value of pension to pensioners after 15 years of drawing commutation. This comes as a big relief as it was a long-pending demand of the pensioners. But how will it benefit lakhs of pensioners? Here's an insight.
Provident fund (PF) or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment. EPF is also called the Employee Provident Fund Scheme.
The EPFO has changed the rule of the withdrawal of the provident fund online. Provident fund or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment.
The total backlog or outstanding provident fund dues of the Employees' Provident Fund Organisation (EPFO) during 2018-19 was Rs 791.63 crore, Labour Minister Santosh Gangwar said in a written reply to the Rajya Sabha.
As an employee and a member of the Employees' Provident Fund Organisation (EPFO), you don't have to wait for your employer to share your PF statement at the end of the year to know the balance.
The department has attached the office of Deewan Chand Builders Pvt Ltd and took Rs 2 crore cheque from the company to settle the pending dues.
The cascading impact of the default by the IL&FS Group on the financial sector would be quite substantial as evidenced from the partial default of some companies and its repercussions in the financial market in September 2018.
The Employees Provident Fund Organisation (EPFO) is working to automate the transfer process of Employee Provident Fund money (PF money) when you switch jobs. As an employee, you will not have to worry about the transfer or withdrawal of provident fund money. The PF balance from your previous organisation will be transferred based on your UAN.
The employee has to contribute 12% of the sum of basic salary, dearness allowance and retaining allowance under the EPF scheme.
The finance ministry had ratified 8.55 per cent rate of interest on EPF for the last fiscal. But it could not be implemented because of model code of conduct for Karnataka elections.
The Employees Provident Fund Organisation (EPFO) on Friday said it will be able to eliminate multiple account numbers of an individual once the process of linking Aadhaar is complete.
The Employees' Provident Fund Organisation (EPFO) further said that PF money aimed at social security benefit and people should not treat it like a bank account.
Earlier on Thursday, the EPFO approved an accounting policy for valuation and accounting of equity investments which was prepared in consultancy with IIM Bangalore.
As per the board, the proposed system would help in transfer of funds on the same day to beneficiaries, availability of the facility of Aadhaar enabled transfer of funds and reduction in bank charges for transaction.
Presently, employees and employers contribute 12 pc of basic wages each towards EPF, EPS and Employee Deposit Linked Insurance Scheme (EDLI).
The Employees' Provident Fund Scheme 1952 is amended to do away with the requirement of submission of various certificates and proformas for seeking advance for treatment of illness and purchasing equipment required in case of physical disabilities
The EPFO’s apex decision making body the Central Board of Trustees (CBT) had in last December decided to provide 8.65 per cent rate of interest on EPF deposits, he noted.
In a move that could hurt the common man in new year, the government likely to lower interest rates further on small savings including Public Provident Fund (PPF).
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