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Category: Payroll

EPF interest rate reduced to 8.50% from 8.65% for FY 2019-20

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The Employees’ Provident Fund Organisation (EPFO) lowered the interest rate on provident fund deposits to 8.50% for FY20 (2019-20) from 8.65% in FY19 (2018-19). The move will affect the PF deposits of over 6 crore active subscribers. The EPF interest rate announced for the current fiscal is lowest since 2012-13, when it was 8.5 per […]

Govt implements EPFO’s decision to restore pension commutation; 6.3 lakh pensioners to get benefit

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The labour ministry has implemented retirement fund body EPFO’s decision to restore pension commutation under the Employees’ Pension Scheme, a move that will benefit 6.3 lakh pensioners. On February 20, 2020 the ministry notified the decision of the Employees’ Provident Fund Organisation (EPFO) to restore pension of those who opted for commutation of their pension […]

EPFO – PMRPY fraud: EPFO blocks 9 lakh employee accounts from 80,000 firms

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Government has found 9 lakh beneficiaries from as many as 80,000 companies took benefit of Centre’s job formalisation scheme, Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), even though they were not eligible for it, leading to around Rs 300 crore worth of loss to the exchequer. A report published in the Business Standard said these companies […]

EPFO Circular On Auto-Settlement Of Online Form 31 And Other Claims

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EPFO vide circular No NDC/13(12)2019/Auto Settlement/29 dtd. 17/01/2020 has introduced pilot project of auto settlement (partial) of Form 31(Illness) through EPFO application software at RO-Delhi (South), RO-Delhi (West), RO-Gurgaon, RO-Bandra, RO-Khandivali, RO-Thane, RO, Karnal and RO-Pune. All claims will be processed from 8.00 pm to 8.00 am by the system and system would validate the […]

Labour ministry drops proposal to corporatise EPFO

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The labour ministry plans to drop its proposal to corporatise the Employees’ Provident Fund Organisation (EPFO) and instead dust off its earlier proposal to set up a body headed by the Prime Minister to oversee the social security of nearly 500 million workers. The move comes after it was pulled up by the Prime Minister’s […]

Aadhaar card is now mandatory for nominees of your EPF account

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Under a new set of rules for making e-nomination of your provident fund account, the Employees’ Provident Fund Organisation (EPFO) has made it mandatory to submit Aadhaar card number of all your nominees. The e-nomination facility allow EPF members to nominate their family members over the organisation’s e-Sewa portal. However, according to EPFO rules, Aadhaar […]

ESIC Signs Agreement With SBI For Payments To ESIC Beneficiaries on Real Time Basis

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A Memorandum of Agreement has been signed between the Employees’ State Insurance Corporation (ESIC) and SBI on 03/09/2019 in accordance with which, the SBI would provide e-payment services directly to the bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process. The SBI would provide e-payment integration […]

EPFO To Launch E-Inspection System, Minimise UAN Mismatch Issues

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EPFO will launch an e-inspection system that will simplify inspection process and ensure organisations with open communications will not be subject to physical inspection until absolutely necessary, according to Central Provident Fund Commissioner Sunil Barthwal. EPFO (Employees’ Provident Fund Organisation) proposed to amend the Act to limit enquiry period to a maximum of two years […]

EPF partial withdrawal possible in five situations.

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Retirement fund body EPFO (Employees’ Provident Fund Organisation) has been making changes in EPF (Employees’ Provident Fund) rules to make it more user-friendly for its members. Last year EPFO allowed its members to withdraw up to 75 per cent of their EPF corpus after being unemployed for more than one month and remaining 25 per […]

ESIC Health Passbook For Beneficiaries

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ESIC vide notification no F.No.Z-11/12/8/2018-PR has launched “Health Passbook” for ESI Beneficiary for their use during their visit to ESIC/ESIS Hospitals/MEUD/Modified IMP clinic/Dispensary etc. The Health Passbook is a small booklet containing 100 leaflets with a system generated beneficiary credentials affixed on it. The Health Passbook may be made available by the Regional Office to […]

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