Comprehensive Analysis of EPFO’s -Employees Pension – Employee Deposit Link Insurance Reduction in Damages Rates: A Detailed Examination

Posted by & filed under Provident Fund - (Notification -Circulars).

Comprehensive Analysis of EPFO’s Reduction in Damages Rates: A Detailed Examination The Employees’ Provident Fund Organisation (EPFO) recently amended the rates of damages under various provisions of the EPF Scheme, the Employees’ Pension Scheme (EPS), and the Employees’ Deposit Linked Insurance Scheme (EDLI). Effective from 14th June 2024, these changes have significant implications for employers… Read more »

Discontinuation of Covid-19 Advances for EPF Members

Posted by & filed under Provident Fund - (Notification -Circulars).

In a significant update from the Ministry of Labour & Employment, Government of India, a new directive has been issued regarding the discontinuation of Covid-19 advances under para 68L(3) of the EPF Scheme, 1952. This decision, documented in an official letter dated 12 June 2024, marks a pivotal change in the support provided to EPF… Read more »

Approval of EPF Interest Rate for 2023-24: Government of India Announces 8.25% Rate

Posted by & filed under Provident Fund - (Notification -Circulars).

Approval of EPF Interest Rate for 2023-24: Government of India Announces 8.25% Rate In a significant development for employees across India, the Ministry of Labour and Employment has officially approved the interest rate on Employees’ Provident Fund (EPF) accumulations for the financial year 2023-24. According to the official communication dated 24th May 2024, the interest… Read more »

Streamlining EPFO Claims: Removal of Mandatory Cheque or Bank Passbook Upload

Posted by & filed under Provident Fund - (Notification -Circulars).

Streamlining EPFO Claims: Removal of Mandatory Cheque or Bank Passbook Upload In a significant move to enhance efficiency and reduce rejection rates, the Employees’ Provident Fund Organization (EPFO) has introduced a new policy that removes the mandatory requirement to upload images of cheque leaves or attested bank passbooks for certain eligible claims. This update, effective… Read more »

Streamlining EPFO Claims Without UAN: A Comprehensive Guide to the New Temporary Measure

Posted by & filed under Provident Fund - (Notification -Circulars).

Streamlining EPFO Claims Without UAN: A Comprehensive Guide to the New Temporary Measure On 17th May 2024, the Employees’ Provident Fund Organization (EPFO), under the Ministry of Labour & Employment, Government of India, issued a pivotal circular addressing the challenges in settling physical claims in death cases without the Universal Account Number (UAN). This move… Read more »

“EPFO Removes Aadhaar as Proof of Date of Birth: Navigating Changes in Identity Verification”

Posted by & filed under Provident Fund - (Notification -Circulars).

Introduction: Introduce the recent circular issued by the Employees’ Provident Fund Organization (EPFO) and the corresponding directive from the Unique Identification Authority of India (UIDAI). Highlight the significance of this decision in the context of identity verification and the legal landscape.This information sheds light on an important change regarding the acceptance of Aadhaar as proof… Read more »

FAQ on the SOP for Inspection of Establishments as per Circular released by EPFO

Posted by & filed under Provident Fund - (Notification -Circulars).

Explore the intricacies of EPFO inspections with our detailed breakdown of Circular CAIU/056/V-III/2023/2291. Gain insights into the latest guidelines, FAQs, and essential procedures for seamless compliance.” Detailed explanation and some specific guidelines for employers, as per the FAQ mentioned in the circular is presented in tabular format: FAQ Number Question Answer and Explanation Employer’s Action/Consideration… Read more »

EPFO declares 8.15% as EPF interest rate for FY 2022-23

Posted by & filed under Provident Fund - (Notification -Circulars).

EPF Interest Rate EPF is a retirement benefits scheme under the Employees Provident Fund and Miscellaneous Act, 1952, where an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer as well on a month on month basis. The Scheme is managed by Employee Provident Fund… Read more »

EPFO fixes Interest Rate for 2022-23 @8.15% pa

Posted by & filed under Provident Fund - (Notification -Circulars), Provident fund -News.

The 233rd meeting of the Central Board of Trustees, EPF was held today in Delhi under the Chairmanship of Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. The Vice-Chairmanship of Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Vice-Chairpersonship of Ms…. Read more »