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Tags : "epfo"

EPFO subscription may open up for self-employed to expand social

New Delhi: India could throw open its key social security scheme — the Employees’ Provident Fund to individuals, a top government official told ET. The move is expected to help the government expand social security coverage to more than 90% of workers not falling under any social security scheme at present. Lawyers, doctors, chartered accountants […]Read More

UMANG app sees 180% jump in usage, 11.27 lakh claims

The retirement fund body, Employees Provident Fund Organisation, said the government’s unified mobile application for new-age governance (UMANG) app has seen 180% jump in usage during the April-July period of the Covid-19 pandemic, helping its subscribers to access 16 different services through the app. During the COVID-19 pandemic period from April to July 2020, a […]Read More

EPFO withdrawals during April-July hit Rs 30,000 cr as 8

NEW DELHI: As much as Rs 30,000 crore has been withdrawn in under four months starting April by 8 million subscribers of the Employee Provident Fund Organisation. EPFO manages a corpus of Rs 10 lakh crore built on mandatory contributions from nearly 60 million salaried people and their employers. The huge outgo is likely to […]Read More

EPFO may slash FY20’s interest rate; payout of 8.5% unlikely

NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) may reduce the 8.5% interest rate declared for FY20 because of declining return on investments and tepid cash flow, lowering the payout on retirement savings of its 60 million subscribers. The interest rate was declared based on the earnings of FY20, but the payout to subscribers will […]Read More

EPFO records 1.33 lakh new enrolments in April

New Delhi: The net new enrolments with retirement fund body EPFO recorded at 1.33 lakh during April 2020, according to its payroll data, providing an employment perspective in the formal sector impacted by COVID-19-induced lockdown. The government had imposed lockdown from March 25 to fight COVID-19 in the country. The provisional payroll data released by […]Read More

Employees’ PF contribution can go higher than 10%, not of

NEW DELHI: The labour ministry on Tuesday said employees can contribute more than the newly set limit of 10 per cent of basic wages to their provident fund (PF) for the next three months, but employers don’t need to match the higher contribution. In a statement, the ministry said, “Under the EPF Scheme, 1952, any […]Read More