The World Opinion

Tag: Employee Provident Fund Organisation

  • EPFO Interest Rate For FY 2023-24: When Will It Be Credited? Check What EPFO Has Said To Member’s Response | Personal Finance News

    New Delhi: Employees Provident Fund Organisation had in February announced a hike in the interest rate from 8.15 percent to 8.25 percent for the financial year 2023-24.

    Ever since EPFO’s announcement, members have been eagerly waiting for the interest rates to be credited into their account. 

    On April 22, In an EPFO Quiz poster, a member had asked the retirement fund body regarding the disbursal of interest credit on the PF account, to which EPFO responded saying that the process is in pipeline.

    “Sir my question is when EPFO interest of subscribers FY-2023-24 will be credited? This will improve the image of EPFO & subscribers will bless the Central Govt,” asked Twitter user Sukumar Das.

    EPFO responded saying, “Dear member, The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest.”

    Know how to check EPF account balance online: 

    Log on to epfindia.gov.in 
    Feed in your UAN number, password and captcha code 
    Click on the e-Passbook
    Once you file all the details, you will land up on a new page
    Now open member id 
    Now you can see the total EPF balance in your account

    How to check EPF balance through UMANG App 

    Open the UMANG App
    Click on EPFO. 
    Click on Employee Centric Services
    Click on the View Passbook option 
    Feed in your UAN number and password
    You will get OTP on your registered mobile number
    Now you can now check your EPF balance

  • Big Relief To THESE EPF Members: Exempt From Joint Declaration Form Submission | Personal Finance News

    New Delhi: If you are a contributor to the EPF, this may be good news for you. The Employee Provident Fund Organisation issued the latest circular on January 30, 2024, regarding the submission of joint declarations, an essential document for every EPF member. Some EPF account holders will not have to submit a joint declaration form, according to the Employees’ Provident Fund Organization (EPFO).

    Signature Of Employer And Employee

    In the joint declaration form, the signatures of the employer and employee are required. Correction of erroneous information in the employee’s PF account requires submission to the Regional PF Commissioner. (Also Read: Bank Employees To Receive 17% Annual Wage Hike; IBA, Unions Sign Joint Note)

    What EPFO Said In Latest Circular?

    The EPFO published a circular in January of this year stating that in order for employers and employees to jointly contribute to the EPF account on a basic pay that exceeds the present statutory wage ceiling of Rs 15,000 per month, they must submit this form. (Also Read: Good News For Job Seekers! Elon Musk’s Firm X Has Over 1 Million Openings)

    Who Are Exempted From Submitting Form?

    According to a recent letter from EPFO, EPF members who resigned from their jobs or passed away before a certain date are exempt from submitting the joint declaration forms.

    The EPFO has said that employees who have paid over the statutory limit but have ceased employment or passed away “till October 31, 2023” are eligible for relief from submitting the joint application form. 

    The EPFO stated that: “All such cases where the employees had already contributed on pay more than the statutory limit and the employer had also paid administrative charges on such contribution made on pay more than the statutory limit but had left the employment or died till 31/10/2023, it is deemed that such cases had been allowed for contributing on pay more than the statutory limit so as to avoid hassles for the concerned stakeholders.”

    In addition, employees of EPF members who currently make monthly contributions exceeding the statutory wage limit of Rs 15,000 and whose employers are covering the administrative costs associated with these higher payments are exempt from filing the joint declaration form right away.

  • EPFO Services To Remain Impacted Today: Know Why | Personal Finance News

    New Delhi: The Employees’ Provident Fund Organisation (EPFO) announced today that all services utilizing Aadhar authentication will be affected due to technical maintenance of the Aadhar setup. In a message posted on social media platform X, the EPFO expressed regret for any inconvenience caused to users.

    All services utilising Aadhar authentication will remain impacted due to technical maintenance of Aadhar setup of EPFO. Inconvenience caused is deeply regretted.#Aadhar #EPFOUpdate #EPFO #EPFOwithYou@PMOIndia @byadavbjp @Rameswar_Teli@LabourMinistry @MIB_India@PIB_India


    — EPFO (@socialepfo) February 28, 2024

    EPFO Faces High Rejection Rate For Claim Settlements

    Recent reports have shed light on the challenges faced by the EPFO in processing claims, revealing that the organization has been rejecting a significant number of claims it receives. It was disclosed on February 20 that the EPFO had turned down one-third of the claims it received, sparking concerns among subscribers. (Also Read: Zomato’s Hilarious Response To Customer Goes Viral; Netizens Applaud Creativity)

    EPFO Responds To Grievances On Claim Settlements

    Numerous subscribers have voiced their grievances regarding delays in claim settlements through EPFO’s official handle on X. In response to one such query, the EPFO clarified that it typically takes around 20 days to settle a claim or release the Provident Fund (PF) amount, provided that the submission to the EPFO office is complete. (Also Read: ‘That’s Lucknow Airport?? :’ Anand Mahindra Applauds New Terminal: WATCH Video)

    Data Highlights High Rejection Rate In 2022-23

    Official data indicates a notable increase in the rejection rate of claims during the financial year 2022-23. Out of a total of 73.87 lakh claims received for final PF settlement, a staggering 33.8 per cent (24.93 lakh) were rejected. Meanwhile, 46.66 lakh claims were successfully settled, with 2.18 lakh remaining as closing balances.

    Comparative Analysis Reveals Rising Rejection Trends

    The rejection rate observed in 2022-23 stands significantly higher compared to previous years. In 2017-18 and 2018-19, the rejection rates were recorded at approximately 13 per cent and 18.2 per cent, respectively, reflecting a concerning trend of increasing rejections over time.

    About EPFO

    The EPFO, being the world’s largest social security organization with over 277 million accounts and a corpus of nearly Rs 20 lakh crore, faces the critical task of addressing these challenges to ensure smoother and more efficient services for its subscribers.