The World Opinion

Tag: Provident Fund

  • 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.

  • 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.