The Employees Provident Fund Organisation (EPFO) has issued a circular highlighting the allotment of funds for the year 2024-25 towards welfare activities of employees. The total budget for welfare activities, reads the circular, is ₹13.10 crore — out of which ₹74.37 lakh belong to the holiday homes alone. Excluding the budget for holiday homes, the … Read more
Union Labour Minister Mansukh Mandaviya said on Tuesday that subscribers of the Employees’ Provident Fund Organisation (EPFO), the government-run retirement savings manager, can now withdraw up to ₹1 lakh at once from their accounts for personal financial needs, an increase from the previous limit of ₹50,000, according to report by Hindustan Times. The labor ministry … Read more
“This tax is as high as 35%, the same as what people earning above ₹1 crore pay,” said Harsh Roongta, founder of Fee Only Investment Advisers. How so? That’s because of compulsory contributions to state insurance schemes and pension funds that are “akin to a tax” because of the difficulty in accessing the benefits or … Read more
In its first budget since returning to power with a reduced majority, the Bharatiya Janata Party-led government has made job creation a central focus, introducing financial incentives aimed at expanding formal-sector employment. Although the specifics of the three targeted schemes are still pending, they primarily offer financial benefits to both first-time employees and employers. Despite … Read more
Budget 2024:As the Finance Ministry is gearing up to present the full fiscal year budget for 2024-25, the National Democratic Alliance (NDA) government isconsidering offering 50 per cent of the last salary drawn as pension under the National Pension System (NPS) to central government employees, according to a report by the Times of India. This … Read more
The Central government has amended the Employees Pension Scheme (EPS), 1995 giving withdrawal benefits for employees with less than six months of service. According to a government statement on Friday, the amendment is believed to benefit more than 7 lakh EPS members who leave the scheme with less than six months of contributory service. The … Read more
The Employees’ Provident Fund Organization has decided to discontinue its COVID-19 advance facility with immediate effect. The scheme was introduced as a non-refundable advance to EPF members during the early days of the pandemic. Another advance was introduced later amidst the second wave of COVID-19 in 2021. “As COVID-19 is no more a pandemic, the … Read more
How will EPFO verify claims? To verify the accuracy of claims, the EPFO instead employs extra verification techniques. These could consist of: Online bank KYC verification: Check your bank’s or the National Payments Corporation of India’s (NPCI) KYC details directly. Verification of employers via DSC: Your bank account details can be verified by your employer … Read more
If you are an EPF (Employees Provident Fund) subscriber, and want to check your passbook or the status of your claim, you can comfortably do it online. The only prerequisite for this facility is that the members should be registered on the unified member portal. And the passbook is made available after six hours of … Read more
In a landmark ruling, the Karnataka High Court has pronounced specific regulations for international workers within India’s provident fund law as unconstitutional and arbitrary. To comprehend this decision, it’s essential to review the legislative context: The provident fund legislation defines an international worker as an employee who holds a foreign passport and is employed in … Read more