For 2023-24, EPFO offered 8.25% interest on earnings of ₹1,07,000 crore. Latest EPFO interest rate: The EPFO might maintain the provident fund deposits interest rate for 2024-25 near the previous year’s 8.25% when its central board of trustees (CBT) gathers on February 28, according to informed sources.For 2023-24, EPFO provided 8.25% interest on ₹1,07,000 crore…
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has introduced facilities to enhance convenience for its 7.6 crore members.Members with e-KYC EPF accounts (Aadhaar seeded) can now file EPF transfer claims online using Aadhaar OTP, eliminating the need for employer intervention. Furthermore, personal details like name and date of birth can be updated online without…
EPFO currently permits automatic settlement of partial withdrawals up to Rs 1 lakh for housing, education and marriage purposes. (AI image) New Year cheer for Provident Fund subscribers! The Labour and Employment Ministry has established a five-person committee to develop a strategy for expediting auto claim settlements at EPFO whilst eliminating manual processing requirements. This…
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…
