The World Opinion

Tag: EPFO

  • Digital Life Certificate Campaign: How To Submit Jeevan Pramaan Certificate Online And Offline; Check Deadline | Personal Finance News

    Life Certificate For Pensioners Online: More than 1.8 lakh pensioners generated their digital life certificates (DLC) on the very first day, even as the government rolled out the largest-ever campaign, the Ministry of Personnel, Public Grievances & Pensions said. 

    The Department of Pension and Pensioners’ Welfare on Friday launched the third and the largest nationwide DLC campaign in 800 cities or districts across India from November 1-30. 

    The authentication is carried out against UIDAI’s Aadhaar database using UIDAI’s Face Recognition Application. In June, the Employees’ Provident Fund Organisation (EPFO) noted a more than threefold jump in the number of EPS pensioners submitting Facial Authentication Technology-based Digital Life Certificates – from 2.1 lakh in 2022-23 to 6.6 lakh in 2023-24. 

    Life Certificate Submission Deadline Date

    Life certificates can be submitted between November 1 and 30 for those under 80 years old. Super senior citizens (aged 80 and above) have been allowed to submit their life certificates starting October 1, with the same deadline of November 30.  

    Ways To Submit Life Certificate

    Pensioners and family pensioners have multiple options to submit their life certificates to ensure the continuous disbursement of pensions. They can conveniently use the Jeevan Pramaan Portal, a digital platform designed for online certificate submission, or opt for the Doorstep Banking (DSB) Agent service, which brings the process to their home. 

    Adding further, pensioners can visit post offices equipped with biometric devices for on-the-spot verification. For those who prefer traditional methods, physical life certificate forms can be submitted directly at bank branches. 

    How To Submit A Jeevan Pramaan Certificate Online 

    Step 1: Pensioners should ensure that the Aadhaar number is updated with your pension disbursing authority, such as your bank or post office.

    Step 2: Install the “Aadhaar Face RD” and “Jeevan Pramaan Face App” from the Google Play Store.

    Step 3: Launch the app and select the option to authenticate identity using biometric methods, such as face, fingerprint, or iris recognition. 

    Step 4: Fill in all the required details about the pensioner as prompted in the app. 

    Step 5: Use your smartphone’s camera to take a photograph or follow the instructions for fingerprint or iris recognition. 

    Step 6: After capturing the biometric data, submit the information through the app. 

    Step 7: You’ll receive an SMS with a link on the registered mobile number, allowing you to download the Jeevan Pramaan Certificate as proof of life certification. 

    How To Submit A Jeevan Pramaan Certificate Offline

    Submit the certificate directly at your bank, post office, or other designated locations. (With IANS Inputs)

  • EPFO Reports Highest Monthly Payroll Additions In July 2024 | Personal Finance News

    New Delhi: The Employees’ Provident Fund Organisation (EPFO) has reported its highest-ever monthly payroll addition in July 2024, with a 19.94 lakh members joining the ranks.

    This highlights a shift in India’s employment landscape, reflecting the effectiveness of the Modi Government’s transformative schemes aimed at driving job creation and formalising the job market.

    The EPFO data indicates that of the new additions, 10.52 lakh are first-time employees, marking a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023. This uptick in employment showcases an expanding job market and increased opportunities, particularly for youth and women.

    India’s massive push toward economic growth and job creation has been bolstered by key government initiatives like the Production Linked Incentive (PLI) Scheme, the Startup India movement, the Employment Linked Incentive Scheme, and significant capital expenditure (Capex) drives.

    Year-wise net payroll additions further underscore the progress being made: in 2022-23, there were 138.52 lakh net additions, while in 2023-24, this number was 131.48 lakh.

    Youth employment is leading the surge in formal job creation, with 8.77 lakh young individuals contributing to the net payroll in July 2024 alone.Among these, 6.25 lakh were first-time employees, accounting for 59.41 per cent of total new joiners in the month. This growth can be attributed to initiatives like the National Career Service (NCS), which currently hosts over 20 lakh active vacancies and has registered 33.72 lakh companies, indicating robust hiring across various sectors.

    A key highlight of July 2024 is the rise in female workforce participation. The data shows that 4.41 lakh women joined the formal sector in July, with 3.05 lakh being new joinees.The net female workforce grew by 14.41 per cent, while the number of new female members increased by 10.94 per cent. This substantial rise in female employment reflects the government’s focus on improving access to education, skill development programs, and support services like working women hostels.

    Industry-wise, the top sectors driving the highest net payroll additions in July 2024 include manufacturing, marketing services, the usage of computers, and building and construction.These industries collectively accounted for over 2 lakh new members, while other sectors such as expert services, electronic media companies, and banks also contributed to the rising employment numbers.  

  • Govt Mulling Hiking EPFO Salary Cap To From Rs 15,000 To Rs 21,000 — Calculate How You Can Retire With Rs 1 Crore Corpus | Personal Finance News

    New Delhi: Union Labor Minister Mansukh Mandaviya has said the government is considering increasing the monthly contribution cap for subscribers to the Employees’ Provident Fund Organization (EPFO) and the Employees’ Pension Scheme (EPS). 

    The government intends to increase the salary cap of Rs 15,000 for employee contributions, according to the Union minister. The Minister said, “We are trying to increase this limit of Rs 15,000.” Mandaviya said discussions about raising the minimum pension under the EPS were ongoing inside the Ministry. The minister said this during the first 100 days of the Modi 3.0 government.

    Currently, the pension contribution is set at 8.33% of the maximum wage ceiling, and contributions are payable on the Rs 15,000 maximum wage ceiling. 

    Under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952, companies with 20 or more employees must make provident-fund savings. A minimum of 12% of an employee’s pay is automatically deducted to fund provident funds, with an additional 12% contributed by the employer.

    Employees who earn more than Rs 15,000 can choose the percentage of their salary to set aside for pensions and retirement benefits, Mandaviya said in an earlier press briefing.

    What will be the impact on EPS and EPF once the EPFO wage ceiling is revised?

    The government is considering increasing the EPFO salary cap from Rs 15,000 to Rs 21,000. Contributions made by employees to their EPS and EPF will be affected once the EPFO wage ceiling is revised.

    In the case of employees making Rs 15,000 or less per month, the employer and employee each contribute 12% of their monthly earnings to the EPF account under the EPFO. Currently, the maximum wage ceiling of Rs 15,000 applies to both employer and employee contributions.

    EPFO rules dictate that employee contributions are based on basic salary with the employee’s whole contribution going into the provident fund account. The employer’s contribution is divided into EPS (8.33%) and provident fund account (3.67%).

    The current EPF contribution for an employee with a basic salary of Rs 15,000 is Rs 1,800, but if the wage ceiling is revised to Rs 21,000, the contribution will increase to Rs 2,520.

    When the employer matches the employee’s 12% contribution, it gets bifurcated to 3.67% EPF. The current monthly payment by the employer which is Rs 550.50 will increase to Rs 770.70 post the proposed EPFO wage ceiling revision.

    How will wage ceiling revision increase the retirement corpus from EPFO?

    Assume that a worker, at the age of 23, enrolls in the EPFO plan, with a basic pay of Rs. 15,000, and continues to contribute for the next 35 years, until he retires at age 58. Throughout his employment, the employee amasses a total corpus of Rs 71.55 lakh, generating an interest sum of Rs 60.84 lakh on his own contribution of Rs 10.71 lakh at an annual interest rate of 8.25%.

    Increased wages to Rs 21,000 would result in a corpus of Rs 1 crore over 35 years, with interest of Rs 85 lakh on the Rs 15 lakh personal investment.

    As a result, the employee will receive Rs. 28.45 lakh in extra EPF corpus upon retirement, besides getting a higher pension under EPS.

    Revision of wage cap to increase the amount of pension


    A larger pension amount will be received by EPF subscribers upon retirement since the EPS contribution is adjusted in tandem with increases to the pay ceiling under the EPFO. The following formula is used to determine the EPS pension according to the Employees’ Pension (Amendment) Scheme, 2014:
     
    (Number of years of pensionable service X Average monthly salary for 60 months)/70.

    The time frame within which an employee made active contributions to their EPF and EPS accounts is known as their pensionable service period.

    EPFO hikes withdrawal limit to Rs 1 lakh from Rs 50,000

    Additionally, the Employees’ Provident Fund Organisation has raised the withdrawal cap from the existing Rs 50,000 to Rs 1 lakh.

    “If you are an EPFO contributor and if there is some family emergency and if you want to withdraw the PF, the one time withdrawal limit has now been raised,” Mandaviya said at a press briefing earlier this month.

    Provident funds provide retirement income to over 10 million organized sector employees in India, often serving as a key lifetime savings corpus. The Employees’ Provident Fund Organisation (EPFO), a statutory body under the Ministry of Labour and Employment, manages these schemes.

  • EPFO Officials Meet EPS-95 NAC Members To Discuss Higher Pension, Other Demands | Economy News

    New Delhi: A delegation of pensioners’ body EPS-95 National Agitation Committee on Tuesday met with senior officials of the Employees’ Provident Fund Organisation to press for their long-standing demand for a minimum monthly pension of Rs 7,500.

    The members also demanded full medical coverage for EPS members and their spouses, the EPS-95 National Agitation Committee (NAC) said in a statement.

    “An invitation came to us from the Employees’ Provident Fund Organisation (EPFO) for a meeting. The objective of the meeting was to resolve the pending demands of the pensioners,” EPS-95 NAC President Ashok Raut said.

    The EPS-95 NAC members have been protesting to press for their demand of Rs 7,500 as a monthly pension instead of an average monthly pension of only Rs 1,450 at present, he said.

    Raut said the pensioners have been demanding an increase in the minimum pension for the past eight years, but the government has not addressed their demands.

    Earlier this month, Union Minister for Labour and Employment Mansukh Mandaviya met with EPS-95 NAC representatives and assured them that the government would take necessary steps to address their demand.

    The EPS-95 NAC, which includes around 78 lakh retired pensioners and 7.5 crore working employees of industrial sectors, is headquartered in Maharashtra.

  • EPFO Introduces New Rules For Cheque Leaf And Bank Passbook Uploads: Here’s All You Need To Know | Personal Finance News

    New Delhi: The Employees Provident Fund Organization (EPFO) has announced a change in the requirements for uploading a validated bank passbook image or cheque leaf while filing certain claims online.

    How does EPFO verify claims?

    To verify claims EPFO uses verification methods instead of requiring a validated bank passbook or cheque leaf image. These methods include:

    – Online Bank KYC Verification: The EPFO checks your bank’s or the National Payments Corporation of India’s (NPCI) KYC details directly. (Also Read: RBI Moves 100 Tonnes Of Gold From UK Vaults For First Time Since 1991)

    – Employer Verification via DSC: Your employer can verify your bank account details using a Digital Signature Certificate (DSC). (Also Read: SEBI Bans THESE 5 Entities From Securities Markets For 3 Years: Check List)

    – Aadhaar Number Verification: The EPFO validates your bank account’s Aadhaar number with the UIDAI (Unique Identification Authority of India).

    This change will speed up the online claim settlement process and reduce the number of rejected claims due to missing images of attested bank passbooks or cheque leaves.

    As stated in the EPFO circular from May 28, 2024 “With a view to facilitate the speedy settlement of claims filed online and to reduce the rejection of claims due to the reason of non-uploading of the image of cheque leaf/ attested bank passbook while filing claims online, it has been decided with the approval of the CPFC to relax the requirement of mandatory uploading of the image of cheque leaf/ attested bank passbook for certain eligible cases based on certain validations which include Online Verification of the Bank KYC by concerned Bank/NPCI, Verification of Bank KYC by the employer using DSC, Seeded Aadhaar Number verified by UIDAI among others.”

    Has EPFO specified eligibility criteria?

    They might not have detailed the eligibility criteria. Here are some possible scenarios:

    Validated Bank Data: If your bank details have already been verified through KYC or another method you might not need to submit any additional documentation.

    Claim Amount: The relaxed requirements might apply to claims below a certain amount.

    For an EPF claim, the ideal supporting document is an original, cancelled check that clearly shows your name, bank account number and IFSC code. This document confirms your bank account details and ensured your claims are settled.

    How to Submit an Online EPF Claim

    You can file an online claim through the EPFO member site. Here’s a general guideline but you must always check the official EPFO website for the latest updates:

    Eligibility Requirements:

    – You must have a valid Universal Account Number (UAN) and be a registered member.

    – Your Aadhaar number, bank account number and other Know Your Customer (KYC) details need to be seeded and validated in your UAN account.

    Here’s how you can file an online claim with EPFO:

    – Visit the EPFO Member Portal: Go to https://unifiedportal-mem.epfindia.gov.in/ and log in using your UAN and password.

    – Navigate to the Claim Section: Once logged in, find the “Claim” section in the member portal.

    – Select Claim Type: Choose the type of claim you want to submit, such as pension or full settlement.

    – Verify KYC Information: Your KYC details should be pre-filled based on the data you submitted. Make sure these details are accurate, and update if necessary.

    – Online Verification: Instead of uploading documents, online verification methods may be used based on the circumstances and recent relaxations.

    – Upload Documents if Required: In some cases, you may still need to upload scanned copies of documents, such as a canceled check or an attested bank passbook copy. Refer to the EPFO website for the latest document requirements.

    – Submit the Claim: After verifying all information, submit your claim application.

    – Track Claim Progress: You can monitor the progress of your claim application through the portal.

  • EPFO Adds 14.41 Lakh Members In March, 57 Per Cent Are Youths In New Jobs | Personal Finance News

    New Delhi: The Employees’ Provident Fund Organisation (EPFO) payroll data released on Monday shows that as many as 14.41 lakh net members in March this year, reflecting the increased employment created in the country’s organised sector during the month.

    The data indicates that around 7.47 lakh new members have been enrolled during March out of which the 18-25 age group constitutes a dominant 56.83 per cent. This indicates that “the majority of individuals joining the organised workforce are youth, primarily first-time job seekers,” according to the official statement.

    Gender-wise analysis of payroll data unveils that out of 7.47 lakh new members, around 2 lakh are new female members. Also, the net female member addition during the month stood at around 2.90 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce, the statement added. (Also Read: 7th Pay Commission: Setback For Govt Employees; 25% Increase In Gratuity Due To Da Hike Kept On Hold By EPFO)

    The payroll data highlights that approximately 11.80 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.

    Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the manufacture, marketing services, usage of computers, restaurants, chartered, fish processing and non-veg food preservation, Beedi making etc.

  • 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

  • EPFO Introduces Automatic Transfer Of EPF Accounts: Check Who Can Avail This Facility And Other Requirements

    It’s essential to note that this facility is available only to EPF members whose EPF accounts, both old and new, are maintained by the EPFO.

  • 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.