New PF Facility Launched For Easy Balance Transfer: Your 10-Point Guide

Posted by & filed under Provident Fund Benefits.

Many employees forget to transfer the balance from their previous provident fund (PF) accounts when they change jobs. Some of them even withdraw the money from PF account. Since PF is meant for one’s retirement years, financial experts suggest that the accumulated savings should not be withdrawn during one’s working years. To encourage employees consolidate multiple accounts, Employees’ Provident Fund Organisation (EPFO) has launched a special drive called “One Employee-One EPF Account”




http://oeoea.epfoservices.com/UANDEDUP/


Here re is a 10-point Step :

  1. EPFO has set up a special portal for the “One Employee-One EPF Account” drive. Under this drive EPFO will actively help those who want to transfer the balance from their past PF accounts to current PF account which is linked to universal account number (UAN).  
  2. You need to enter your activated UAN along with your current UAN-linked PF number and mobile number registered with the EPFO.
  3. Both your UAN and PF number is mentioned on your salary slip. If your UAN is already activated, you will be directed to the next page after you enter One-Time-Password (OTP) that you will receive on filling up the details
  4. Then you will be asked to enter the details of your past PF numbers that you want to be transferred to your current PF account. Up to 10 past PF numbers can be added under this facility.
  5. The numbers provided by you are sent to EPFO offices in which your past PF money was deposited. The offices will in turn get in touch with the employers. After the employer verifies the PF claim, the transfer will be done.
  6. The EPFO regional office will get in touch with you in case you face any problem after filing PF balance transfer request. 
  7. Although the facility to transfer PF balance online existed earlier, it could be used if the details of the previous PF accounts are available in the EPFO database and the employers have digital signatures.
  8. The retirement fund body has been advising subscribers to link all their PF account numbers with the Universal Account Number (UAN). With the enactment of the Aadhaar Act, 2016, EPFO is seeking to make Aadhaar the primary identifier for consolidating PF accounts.
  9. The UAN was launched in October 2014 to enable members have continuity in their PF membership on change in jobs. The UAN remains portable throughout the lifetime of an employee. All active subscribers have been allotted a UAN which needs to be linked to AAdhar, PAN and bank account.
  10. Employee contributes 12 per cent of basic salary to PF. The employer too has to contribute the same amount towards Employees’ Provident Fund as its share.

 @Courtesy http://profit.ndtv.com/

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The Government of India amends Employees’ Pension Scheme allowing members to contribute till 60 years of age

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

Key amendments in the notification
Under the EPS, a new provision under sub-paragraph (7B) of paragraph 12 has been inserted enabling the following benefits:

a) Contributions allowed after the age of 58 years but not beyond 60 years

 A member may opt to continue contributions under EPS till the age of 60 years if the employment is continued. Earlier the contribution was stopped at the age of 58 years.

b) Option to defer the age of drawing pension
An eligible member may also opt to defer the date of drawing the pension benefit beyond 58 years but not beyond 60 years of age. In such case, the amount of pension will be increased at the rate of 4 per cent for every completed year after the age of 58 years but not beyond 60 years of age.

c) Entitlement of pension in the event of death of a member

In the event of the death of a member, who opted for deferring the age of drawing the pension, the family of the member would be entitled to pension from the date following the date of death of the member as if the member monthly pension had started on the date of death of the member..

New changes in the EPS can help members draw higher pensions by way of deferment of pension and/or by contributing to the EPS till the age of 60 years. This move by the government can help improve the pension adequacy for EPS members. This is a voluntary provision that can be availed by EPS members at their own option. Further guidelines are expected from Employees’ Provident
Fund Organisation to implement the new changes in EPS.

Pls click below for necessary notification



@courtesy KPMG
Post Views: 447

Epfo Launches a Special Drive :Mission Consolidation”One Employee-One Account” on May Day

Posted by & filed under Provident fund -News.

A Software also Launched for Centralized Processing to Transfer and Consolidate Accounts with Ease

EPFO Greets the Human Engines of Nation – Our Labour Force on International Labour Day

Greeting workers on International Workers Day with the.
Sh. Bandaru Dattatreya, the Union Minister for Labour & Employment (Independent Charge) launched a special Mission consolidation drive “One Employee-One EPF Account” for members of the EPFO.  
Sh. Bandaru Dattatreya, on the occasion stated that in the recent past, EPFO has taken several IT based initiatives to provide convenient and efficient services to its stakeholders. The initiative of launching the Mission consolidation “One Member One EPF Account” is a step towards encouraging EPF members to access enhanced IT enabled services through UAN accounts that are linked with Aadhaar.
Sh. Dattatreya also informed this drive, would result in EPF members having just one EPF account and multiple conveniences. The Universal Account Number that is Aadhar seeded will consolidate multiple past service accounts, across various spells of employment during working life of an EPF member.
Sh. Shankar Aggarwal, Secretary (Labour & Employment) elaborated that the EPF member would be requested to provide all his earlier EPF accounts along with his UAN linked account, Member ID and registered Mobile Number. And EPFO would facilitate the transfer of all these accounts into his present account. Instructions have been issued to establishments that in case any new employee joins an establishment, they may furnish, UAN, if any, allotted to the member earlier, or declare that s/he is becoming a PF member for the first time.
Dr. V.P. Joy, Central Provident Fund Commissioner added that the success of this drive would reduce not only the burden of members but would also result in ease of work for EPF employees. Similar to other IT initiatives taken by EPFO that have brought transparency and efficiency in the working of EPFO, the success of this drive would further strengthen the bond between EPFO and EPF members. By the end of April 2016, UAN has been issued to some 67716584 members
To educate workers and strengthen the cause of social security, EPFO today launches a special drive to encourage EPF members to consolidate their multiple accounts. The members whose accounts are scattered face many inconveniences such as approaching multiple employers located at multiple locations for settlement of claims. They also face the inconvenience of keeping record of multiple scheme certificates issued in the process. To know about the updated EPF balances, they need to approach multiple offices. With consolidation, a member can have complete control of his EPF account apart from accessing variety of IT enabled services such as email/sms alerts, access to e-pass book etc.
EPFO has been advising members to link all their PF account numbers with the UAN and to also seed KYC data against their UAN number. Aadhaar has been uploaded against 1.30 crore UAN, out of which 1.03 crore Aadhaar have been digitally authenticated by the establishments. The establishments are advised to upload and then digitally authenticate the KYC information. KYC primarily means Aadhaar, PAN and Bank Account. With the enactment of Aadhaar Act, 2016 (26thMarch 2016), EPFO is now seeking to make Aadhaar, the primary identifier. Members having Aadhaarseeded UAN, saves the inconvenience of claims forms attestation by the employers.
Explaining the benefits of integration of members’ multiple PF accounts Dr. Joy said that consolidated accounts enable continuance of lifelong PF membership, and allow PF, pension and insurance benefits on combined service. Today, large number of members are unaware of Pension benefits that can come through consolidation, defeating the very soul of the EPF legislation. EPFO therefore seeks to encourage members to continue their PF membership by offering increasingly better services and ease of convenience. Larger aim is to help members to upgrade their quantum and variety of benefits being offered by EPFO.
In order to boost the process of seeding the Universal Account Number (UAN) with KYC, an “Incentive Scheme” has been launched for the employers. Under this scheme a claim refund of upto10% of administrative charges payable to EPFO can be claimed upon completing specified tasks (furnishing member information and digitally authenticated KYC details).    The Scheme shall be in operation for one year, beginning 1st January 2016 to 31st December, 2016
This drive will run for one year.  During this drive following actions will be taken by EPFO:
·                     Run a Publicity campaign at regular intervals in Print, electronic and digital media
·                    A software has been launched today for centralized processing that will transfer and consolidate accounts  with ease.
Features of the software are:
·                A member has to provide his current activated UAN along with the current member ID & Mobile number registered at UAN Member portal.
·                On validating these credentials, EPFO will facilitate the member to       register his/her as many as 10 earlier EPF accounts.
·                The earlier PF member IDs provided by members will be forwarded to EPFO field office to which earlier member ID pertains. The information provided to field offices will also include current member ID & Mobile number of the member, so that the members can be contacted and facilitated to consolidate his previous EPF Accounts to the Current EPF Account.
·                 Wide publicity will be given to make use of “Inoperative Help Desk” that helps an EPF member to integrate/ settle such accounts.
·                     An electronic de-duplication process to be carried out by EPFO.
·                     “EPFO-E-samkisha” software that is launched to be used for         monitoring and implementation of the programme.
Features of E samiksha software are:
·         EPFO e-Samiksha is a real time, online system for follow-up action on the decisions taken.
·         The follow up action will be required to be updated by the offices continuously and the status can be viewed centrally.
·         Business divisions and the field offices can securely access the system through a log-in/password.
·         This system can also be configured to review the follow up actions in respect of other meetings, if require.
***
AT

(Release ID :143612)

Post Views: 412

Government plans to reduce EPF & MP act threshold 20 to 10 employees

Posted by & filed under Provident fund -News.

25th Apr 2016

Government reducing EPF & MP act threshold 20 to 10 employees

Government plans to amend the existing law to bring firms with minimum ten employees under the Provident Fund coverage, the Lok Sabha was informed today.(25th Apr 2016)
Currently, companies with less than 20 employees are excluded from PF coverage. 

“A proposal for comprehensive amendment to the Employees’ Provident Funds and Miscellaneous Provisions (EPF & MP) Act, 1952 is under consideration of the Government which, inter alia, includes 20 to 10
 The same was mentioned by Mr. Bandaru Dattatreya (ministry of labour and employment) in written reply to a question in Loksabha today.

Post Views: 553

Government Raises EPF Interest Rate to 8.8 Percent for 2015-16

Posted by & filed under Provident fund -News.

 In the third roll-back in two months, the government today raised interest rate on employee provident fund (EPF) contributions to 8.8 per cent for 2015-16 against 8.7 per cent approved by the Finance Ministry last week.
Labour Minister Bandaru Dattatreya announced the decision to raise interest rate on a day employee unions had called nationwide protests against fixing interest rates lower than 8.8 per cent decided by the retirement fund body EPFO as well as 8.75 per cent paid for the previous fiscal.
“I am happy that finance ministry has agreed to 8.8 per cent for 2015-16,” he told reporters here.
This is the third rollback on EPF. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.

Post Views: 465

Interest on delayed payment of ESI contribution

Posted by & filed under Esic-Circulars.



Interest on delayed payment of ESI contribution As per new Memorandum/Instruction issued on 08.04.2016 by ESI Corpn, it has been decided that the interest on ESI contribution payable on omitted wages, shall be calculated calendar month-wise.

Prior to above instructions, the Interest on left-out wages/omitted wages reported by the Social Security Officer or Test Inspecting Officer where the number of employees, employee-wise details of wages paid and period of engagement of such employees was not available, is to be claimed after allowing a grace period of 21 days from the date of demand letter/C-18 notice from the Regional/Sub-Regional Office.

Henceforth, the interest is payable on such omitted wages from the day the ESI contribution on said omitted wages was payable.










Post Views: 759

Implementation of ESI Scheme in new geographical areas of 12 revenue village of Kasauli Tehsil, Solan District in the State of Himachal Pradesh

Posted by & filed under Esic-Circulars.

NOTIFICATION
In exerc ise of the powers conferred by sub-section (3) of Section 1 of Employees’ State nsurance Act, 1948 (34 of 1948) the Central Government hereby appoints the 1st April, 2016 as the date on which the provisions of Chapter IV except Sections 44 a nd 45 which have already been brought into force) and chapter -V and VI (exce pt Sub-Section (1) of Section 76 and Sections 77,78,79 and which have already been brought into force) of the said Act shall come into force he following areas in the State of Himachal Pradesh namely the respective notification is enclsoed for the same 

Post Views: 442

Implementation of AAdhar Based authentication of Beneficiaries under ESIC Act

Posted by & filed under Esic-Circulars.

Dear all,

Pls refer to the the respective circular as issued by  ESIC Central office where in all ESIC covered employees AAdhar Card Number is to be Link with the ESIC Number along with the ESIC Pechan card this will serve as Permanent Identity card in lieu of Biometric Pechan Card.

In case the Biometric Pechan Card is not fed the E-pechan card will only be temporary & the IP and the his/her family will not be entitled for treatment beyond 30 days of registration.

In case AAdhar number is not fed in then IP has to carry any govt issued photo identity card along with the  E-pechan card for getting the treatment.In case of family members if AAdhar number id not fed in then they also have to carry any govt issued photo identity  to avail the treatment.


ESIC AADHAR circular

Post Views: 520

ESIC Challan Can Be file in One Consolidated template having multiple branches

Posted by & filed under Uncategorized.

Dear all,

Now Employers having multiple branches & having multiple sub codes can file the monthly contribution in One template from this Month i.e. from Mar-2016 (if they have already filed & generated the challan then they can file from Next Month)  
The creation of this facility is the result of almost 3 years of persistent follow up and efforts of Mr. Surendra Kumar Suri who retired from the Corporation as Assistant Director and is very active in assisting the stakeholders in the Corporation with his suggestions and advice, his efforts in this matter were strengthened when the Retail Association of India understood the benefit of his idea and joined hands with him to make representation to the Corporation.

This Facility is available in the Main code login in the Monthly contribution menu on the very down side pls select “File Monthly Consolidate Contribution”

After selecting the same the respective screen shot will be available as shown below please select the respective month for which is to be filed 

After selecting the Month all the respective sub code as applied will be appearing here and we can select multiple Sub code and can generate the challan.
  

This is a very good move by the ESIC dept.

Post Views: 1,972