Claim settlement period for PF withdrawal is now just 10 days

Claim settlement period for PF withdrawal has now been reduced to 10 days process from existing 20 days. This is due to the launch of online facilities for withdrawal. The department has also planned to settle the claims online within 3 hours of the request provided that the EPF account is seeded with Aadhar and bank account details.  The timeli

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EPF wage ceiling to be increased to Rs. 25,000

According to latest news, EPF wage ceiling to proposed to be increased to Rs. 25,000 from the existing 15,000 ceiling. The proposal to increase the EPF wage ceiling was listed in the last meeting held the EPFO. If this proposal is accepted and comes to act, then an additional 1 crore formal workers will come under the EPFO's social security sch

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Admin charges for PF has been reduced to 0.65%

According to a latest notification from the PF department, the admin charges for PF has been reduced to 0.65%  with effective from 1st of April 2017. The EPFO has also determined that no sum shall be payable by the employer towards the administration of the Employees' Deposit-Linked Insurance Scheme.Below is the notification from the department

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EPFO has made Aadhar Card mandatory for pensioners

According to the latest news, EPFO has made Aadhar Card mandatory for pensioners and subscribers. The members are to provide their Aadhar or the proof that they have applied for Aadhar till 31st of March if they wish to remain a beneficiary of the social security scheme. This will affect about 50 lakh pensioners and around four crore subscribers

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Employee Enrollment Campaign 2017 and frequently asked questions

The EPFO has launched a new campaign called the "Employee Enrollment Campaign 2017" aimed at bringing more people under the social security benefit. This scheme is effective from 1st Jan 2017 to 31st Mar 2017.  During this period, any employer can enroll eligible members who are currently not covered under the PF Act. All employees who were elig

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The new ECR portal - Unified for both employers and employees

In one of our previous post, we talked about the new ECR portal and how it will ease the process and complications present in the old portal. The previous post has been linked in the end of this post but here is the gist of the new portal: The new ECR portal, also called ECR 2.0 will contain only 11 fields as opposed to the previous portal which

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PF payment due date extended to 20th Jan

The PF payment due date for the month of January has been extended up to 20th.The 5 days grace period has been provided in view of the recent launch of the unified portal of EPFO on 23rd December 2016. Due to various problems faced by the employers in using this new portal, this extension has been given. You could be facing issues such as upfron

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UAN 2.0 - The next version of Universal Account number

The Employees’ Provident Fund Organization (EPFO) is in the process of implementing the next version of UAN i.e., UAN 2.0, whereby the Universal Account Number of an EPF member is to be obtained/linked with their present employer before filing the Electronic Challan cum Return (ECR).Currently, employers declare about new joiners, and obtain new U

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PF for home loan - A new upcoming scheme

The most recent news from the retirement fund body, EPFO, is the "PF for home loan" scheme which allows an EPFO subscriber to pledge their PF accumulation to buy homes.  According to the information this scheme will  be applicable to almost the 4 crore of EPFO subscribers. The scheme was introduced for the low income workers who will not be able

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Incentive Refund Scheme to be given for employers

Incentive Refund Scheme has been launched by the Labor Ministry in order to bring about the concept popularly known as "one-employee-one-PF-account". The scheme encourages the employers to provide a UAN to their employees.UAN or the Universal Account Number is allotted to the subscribers under EPFO to manage multiple PF accounts under a single win

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Voluntary EPS contribution can be made by the employees

EPS or the Employee Pension Scheme will soon get an option wherein voluntary contribution towards the EPS by employees will be made available, according to the latest information from the EPFO.The voluntary contribution is in addition to the mandatory contribution which is already made by the employer. Currently, the employer contribution toward

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PF withdrawal norms has been changed to remove the restrictions

The PF withdrawal norms, which had conditions and restrictions regarding the amount that could be withdrawn, has been rolled back by the government. As per the previous notifications, it was announced that the complete amount could not be withdrawn until the retirement age. This caused a lot of potential problems for those employees who were quitt

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Inoperative PF accounts will earn interest from April 1, 2016

According to the latest news, inoperative PF accounts will earn interest from April 1, 2016. The decision taken at a gathering of the central board of trustees (CBT), the decision-making body of the Employees’ Provident Fund Organization, will come into force from 1st of April, 2016.Any EPF account to which there has been no contribution for abo

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PF contribution by the employer cannot be withdrawn till retirement age

According to a recently gazetted notification from the EPFO, the PF contribution by the employer cannot be withdrawn till the age of retirement i.e, till 58 years of age. In compliance with this new rule, if an employee is unemployed for 2 or more months and wishes to withdraw PF contribution then only the employee contribution(12%) and the intere

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EPF and ESI returns can be filed together in the "Shram Suvidha" portal

In order to provide ease of compliance of the labour laws, the ministry of labour and employment has launched a web portal called the "Shram Suvidha". The portal was launched on Oct 16, 2014. Extending the facility further, the portal has also been enabled to provide EPF and ESI  return filing services. The major objective is to simplify the busi

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Clarification regarding tax on EPF withdrawal

"The Budget proposal on Tax on withdrawal of 60% of EPF contribution made after 01st April 2016, triggered much-heated discussion and drew angry responses from various sections. In this view, Income Tax Department has released a Press note trying to make the point much simpler and also stating that suggestions / representations on the matter from v

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Interest rate on PF account to be 8.8% for FY 2015-16

In one of our previous posts, we had talked about an increase in the interest rate on PF account. In this post, we are updating the latest news.According to a recent announcement by the EPFO, the interest rate on PF account will now be increased to 8.8%. Now this is only a marginal increase from the currently existing interest rate on PF account wh

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