Now, members and subscribers can withdraw Rs 1 lakh from their PF account instead of previous limit of Rs 50,000. Union Labour minister Mansukh Mandaviya announced this earlier this week on the occasion of the government’s 100 days in office. The Employees’ Provident Fund Organisation (EPFO) oversees various employee-related schemes, such as provident fund, pensions, … Read more
Since the announcement of the Unified Pension Scheme (UPS) by the Centre, private sector employees have been pressing for an enhanced monthly pension under the Employee’s Pension Scheme (EPS). Under UPS, government employees are entitled to receive a monthly pension upon retirement, amounting to 50% of their last-drawn basic pay. The minimum pension guaranteed is … Read more
In a big relief for pensioners, the Centre has approved the proposal for a Centralised Pension Payment System (CPPS) for Employees’ Pension Scheme (EPS) 1995. The new system will be a significant shift, wherein a national-level centralised system will be in place that will enable pension disbursement through any bank, any branch across India. It … Read more
DA hike: The Centre is anticipated to make an announcement regarding the second hike in Dearness Allowance (DA) and Dearness Relief (DR) for employees and pensioners from July 2024 in September. It is estimated that the government led by Prime Minister Narendra Modi might sanction a 3% increase in DA and DR during this phase. … Read more
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