The Rs 2.5 lakh ceiling on voluntary contributions was introduced in the FY22 budget. (AI image) VPF limit for tax-free interest to be hiked? The government is considering increasing the limit on voluntary provident fund (VPF) contributions under the Employees’ Provident Fund Organisation (EPFO) that earn tax-free interest. Currently, interest earned on contributions above Rs…
Good news for EPS pensioners! The Union Minister of Labour and Employment and Chairperson, Central Board of Trustees, EPF has given the green light to the proposal for a Centralized Pension Payment System (CPPS) for the Employees’ Pension Scheme, 1995. This centralized system at the national level will allow pension disbursement through any bank branch…
Provident Fund claim settlement to get easier? The Employees’ Provident Fund Organisation (EPFO) is set to launch its upgraded IT system, EPFO IT System 2.01, within the next quarter, according to multiple sources who spoke to ET. The new system is expected to significantly improve the user experience for more than 60 million EPFO subscribers…
Union finance minister Nirmala Sitharaman on Tuesday announced 3 new schemes to boost employment through the employees’ provident fund organisation (EFPO), focusing on recognition of first-time employees, and support to employees and employers. Giving details about the schemes, Sitharaman said, “Our government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime…
MUMBAI: In May 2024, the Employees’ Provident Fund Organisation (EPFO) witnessed a remarkable surge in net member additions, with 19.50 lakh new members joining the organization.This figure represents the highest monthly addition since the inception of payroll data reporting in April 2018. Compared to May 2023, the year-over-year growth in net member additions stands at…
7th Pay Commission DA Hike: The Employees’ Provident Fund Organisation (EPFO) has made a significant decision concerning retirement and death gratuity for government employees. It has put on hold the increase in retirement and death benefits resulting from a hike in Dearness Allowance to 50%.According to an ET report, EPFO had on April 30, 2024,…
The Employees’ Provident Fund Organisation (EPFO) sets the interest rate for provident fund deposits annually. In February 2024, the EPFO announced an interest rate of 8.25% for the financial year 2023-24, up from 8.15% for the previous year. This has led to many EPF members asking, “When will EPF interest for FY 2023-24 be credited…
EPFO revamp on the cards: The government is considering a ‘revamp’ of the Employees’ Provident Fund Organisation (EPFO) to align with the broader vision of universal social security and to significantly improve service delivery.Some of the changes envisioned for the retirement fund body in the short, medium, and long term include restructuring of EPFO offices,…
Employees’ Provident Fund Tax Benefits: It’s that time of the year when you have to choose between the old and the new income tax regime so that your employer will start cutting TDS from the April salary. When understanding the tax exemptions available under the old tax regime and deciding on tax saving investments, don’t…
