I am 58 years of age. I want to know how to claim EPS from EPFO. Please help explain the procedure – Name withheld Reply by Radhika Viswanathan from Deloitte Haskins & Sells LLP As per para 12 of the Employees’ Pension Scheme 1995, an individual who is a member of the pension fund and … Read more
The Employees’ Provident Fund Organisation has cut the penal charges on defaults by employers who delay or fail to deposit contributions in the Employees’ Provident Fund, Employees’ Pension Fund and Employees’ Deposit Linked Insurance Scheme. According to notifications by the ministry of labour, defaulters will be liable to pay 1% of the contributing amount per … Read more
With the General Elections over, subscribers to the Employees Provident Fund can look forward to the credit of interest on their retirement savings for 2023-24. While the EPFO’s apex decision-making body, the Central Board of Trustees, had in February approved an interest rate of 8.25% for the FY24, the formal notification is still awaited by … Read more
The Employees’ Provident Fund Organisation (EPFO) has announced some concessions for processing physical claims of dead claimants who didn’t have their Aadhaar seeded with their accounts. The May 17 circular amended its previous order on September 9, 2020, regarding claim settlement in the absence of the Universal Account Number (UAN) in the case of an … Read more
The provisional payroll data released on May 20 showed that EPFO added 14.41 lakh net members in March. The data indicates that around 7.47 lakh new members have been enrolled during March 2024. A noticeable aspect is the dominance of the 18-25 age group constituting a significant 56.83 percent of the total new members added in … Read more
Over 17 months and counting. That’s how long members of the Employees’ Pension Scheme (EPS) have been waiting to see the implementation of the November 2022 Supreme Court ruling on higher pension. While they still have hope, there is little clarity on when the apex court’s ruling will be implemented by the Employees’ Provident Fund … Read more
The EPFO has extended its auto claim solution for all claims for education, marriage purpose and housing, which essentially means such claims will be processed automatically by IT system, a move that will aid over 60 million subscribers. First introduced in 2020, the system was set up for claiming advance for illness.During the current year, … Read more
The Employees’ Provident Fund Organisation (EPFO) has recently increased the existing eligibility limit of auto claim settlements under Paragraph 68J to Rs 1 lakh from Rs 50,000 before this. The Paragraph 68J allows an EPF contributor to apply for an advance for self and dependents’ medical expenses. EPFO members are permitted to seek an advance … Read more
The Employees’ Provident Fund Organisation (EPFO) has a system in place that can simplify the process of transferring provident fund (PF) balances after changing jobs. Before this, employees changing jobs had to manually request a transfer of their PF balance to their new employer’s account. Under the automatic transfer system, the PF balance can be credited … Read more
The Employees Provident Fund (EPF) investment is a retirement savings scheme. However, its contributions offer several tax benefits, making it an effective tool for saving on taxes. Contributing a portion of your salary to the EPF account every month allows you to enjoy multiple tax benefits and ensure a financially secure future. Investing in EPF … Read more