Panel backs raising monthly EPFO wage ceiling to ₹21,000

A high-level committee has backed a proposed increase in wage ceiling under the Employees’ Provident Fund Organisation (EPFO) to ₹21,000 a month from the current ₹15,000. The committee has, however, said the government can implement the increase from a later date considering all inputs. The proposal, once implemented, will bring an estimated 7.5 million additional … Read more

EPFO wage ceiling may be indexed to inflation gauge

The government is considering indexing the wage ceiling under the Employees’ Provident Fund Organisation (EPFO) to an inflation gauge or some other measure to allow periodic revision. The last revision in EPFO wage ceiling was done in 2014 when it was raised to ₹15,000 from ₹6,500. The issue was deliberated at the ad-hoc committee on … Read more

Splitting of provident fund accounts may be delayed

The Employees’ Provident Fund Organisation (EPFO) hasn’t yet been able to split subscriber accounts into two for members who contributed more than ₹2.5 lakh last fiscal, which may create tax complications and filing issues, experts said. The EPFO is likely to split accounts only at the time of crediting the interest for FY22, which generally … Read more

EPF rate cut will force India’s salaried class to rework their retirement math

The reduction in interest rate on employee provident fund deposits underlines the need for the salaried class to start retirement planning early in the career and consider a diversified portfolio to invest their savings, say experts. “The magic of compounding works wonders in terms of quantum of savings and helps limit (to some extent) the … Read more

Over 25 crore informal workers registered on e-Shram platform

Over 25 crore informal sector workers involved in 400 different occupations have registered on the e-Shram portal, Labour Minister Bhupender Yadav said on Thursday. The government had estimated that informal sector workers are involved in 160 occupations. Replying to an oral supplementary on informal sector workers, Yadav said, “We have begun registration of unorganised sector … Read more

Formal job creation in India jumped by 37.9% in November 2021: EPFO data

Formal job creation in India jumped by 37.9% in November 2021 with 1.39 million net new subscribers added to the Employees Provident Fund Organization compared to 1.01 million added in November 2020, shows the provisional payroll data released on Thursday. Month-on-month, EPFO registered a growth of 25.6% in November or 0.28 lakh more subscribers added … Read more

Maharashtra tops the list of Atmanirbhar Bharat Rozgar Yojana beneficiaries

Maharashtra has topped the list of states with maximum number of beneficiaries under the Atmanirbhar Bharat Rozgar Yojana followed by Gujarat, Tamil Nadu, Karnataka and Uttar Pradesh, Rameswar Teli, minister of state for labour and employment said. The total beneficiaries under the scheme stands at 3.97 million spread across 0.11 million establishments and the total … Read more

EPFO should stick to established PSU InvITs, REITs to maximise return: Analysts

NEW DELHI: It is well known that real interest rates in India are currently deep in the negative territory, which is a key reason why investors looking for optimal returns rush to the equity markets. The quest for higher returns now has a new entity in its ranks — the Employees’ Provident Fund Organisation (EPFO). … Read more

EPFO adds around 1.54 million net subscribers in September

Formal job creation in the country continued to register month-on-month growth signalling a pick up in economic activity in the country as Covid cases remained low and business activities resumed to pre-Covid levels. The provisional payroll data of Employees’ Provident Fund Organisation, released on Saturday, shows EPFO added around 1.54 million net subscribers in September … Read more

Formal sector jobs created by EPFO jumps by 48% in August 2021: Payroll data

Formal sector jobs created under the Employees Provident Fund Organisation jumped by 48% in August 2021 at 1.48 million compared to 1 million created in August 2020 while it is 37% more than pre-Covid levels, shows the provisional payroll data by EPFO. Net new enrollments under EPFO stood at 1.08 million in August 2019. The … Read more