EPFO's apex decision-making body, the Central Board of Trustees (CBT) today decided to lower the interest on EPF deposits for the current fiscal to 8.65 per cent, from 8.8 provided in 2015-16, for its over four crore subscribers.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. However, the body could have utilised about Rs 409 crore surplus with it, which accrued after providing 8.8 per cent rate of interest for 2015-16, to retain the same rate of return for the current fiscal. A surplus of about Rs 69.34 crore was stipulated if the interest rate was to be lowered to 8.7 percent.
EPFO has projected income of Rs 39,084 crore for the current fiscal. As per sources, the Finance Ministry has been asking the Labour Ministry to align the EPF interest rate with other small saving schemes of the government like Public Provident Fund (PPF). In September, the government reduced interest rates on small savings schemes marginally by 0.1 per cent for the October-December quarter of 2016-17, which resulted in lower returns on PPF, Kisan Vikas Patra, Sukanya Samriddhi Account, among others. The Labour Ministry, however, wanted to retain 8.8 percent for the current fiscal as well, a source said.
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Tuesday, 20 December 2016
EPFO reduces interest on PF to 8.65%
Thursday, 18 August 2016
EPFO members can fix pension without employers’ attestation
New Delhi: Retirement fund body EPFO has introduced a simplified Universal Account Number based form, 10-D, for its subscribers for fixing their pension without employers' attestation.
EPFO members can fix pension without employers' attestation
At present, the subscribers seeking pension under the Employees' Pension Scheme 1995 has to get his pension claim application attested from the employer to fix the retirement benefit after superannuation.
"A simplified UAN-based pension claim Form 10-D-UAN has been introduced," the Employees' Provident Fund Organisation (EPFO) said in press release.
According to statement, the claim form can be used by members whose AADHAR number and bank details have been seeded in the Universal Account Number (UAN) and have been duly verified by the employer using digital signature and the employee details are available in Form 11 (New).
The new form does not require attestation by employer and can be submitted directly to concerned EPFO offices.
So far, more than 7.34 crore UAN have been allotted to EPFO members.
The body also talked about implementation of its earlier decision of providing higher pension to those subscribers deferring pension beyond the age of 58 years.
It said, "EPF members now have an option to enhance their pensionary benefits. The benefits are available to those members who opt to defer their pension beyond 58 years up to 60 years of age with or without contribution after the age of 58 years.
The option when exercised increases original pension by 4 per cent in case of completion of one year and 8.16 per cent in case of completion of 2 years after 58 years. When members opt to defer the pension with contribution, the additional contributory service after 58 years of age will be included while calculating pensionable service and pensionable salary."
The members completed at least 10 years of pensionable service on attaining the age of 58 years, are eligible for this option.
PTI
Saturday, 26 September 2015
Congratulations to EPFO - Shri Bandaru Dattatreya
SKOCH Award was given to EPFO on 23.9.2015 at a function here yesterday after a due process of selection. EPFO was also awarded two SKOCH Order-of-Merit on 22.9.2015, one for launching UAN for EPFO members and another for transformation of Social Security Agenda in India. Shri Dattatreya stated that EPFO has not only moved to e-governance but beyond, launching various mobile apps for the use of the stakeholders i.e. for employers, pensioners as well as the EPFO subscribers.
Some of the major initiatives taken by EPFO receiving appreciation are: Distribution of pension to the pensioners on the first day of the month, Online Registration of Establishments, Online submission of returns and remittances by the employers through Net-Banking and Online facility for filing of statutory returns by PF exempted establishments. EPFO is also in the midst of popularising UAN portal. More than 1.88 crore employees have already activated their UAN. EPFO has also launched a mobile app recently at a function in Hyderabad, an SMS based service for activation of UAN and a missed call service for EPF members for getting to know their balances in their PF accounts. EPFO also took a historic decision for participating in equity.