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Though employees can withdraw up to 100% of the eligible balance in the PF including employee and employer share during their service, a new provision has been made that 25% of the contributions in an account should be maintained as minimum balance at all times. File. | Photo Credit: Supreet Sapkal The story so far:…
Read More “What are the new PF withdrawal guidelines? | Explained” »
Starting January 1, 2025, a slew of regulatory and financial changes will be coming into effect, affecting citizens across the country. From changes in the Employees’ Provident Fund Organisation (EPFO) procedures to adjustments in LPG pricing and the Unified Payments Interface (UPI), the new year could have a significant impact on your wallet. Here’s a…
Read More “These Things Will Change Starting January 1, 2025” »
Employees Providend Fund Organisation building at Bandra. File | Photo Credit: Supreet Sapkal Retirement fund body EPFO has registered 13.41 lakh net new members addition in October 2024, according to showed latest payroll data. This signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives, a labour ministry statement…
EPFO building. File photo | Photo Credit: Niranjan R. Varma Retirement fund body Employees Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July this year, the Labour Ministry said on Monday (September 23, 2024). Union Labour Minister Mansukh Mandaviya said in a press conference that 10.52 lakh new or first-time…
The EPFO data indicates that of the new additions, 10.52 lakh are first-time employees New Delhi: The Employees’ Provident Fund Organisation (EPFO) has reported its highest-ever monthly payroll addition in July 2024, with 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…
Read More “EPFO Reports Highest Ever Monthly Payroll Additions In July 2024” »
Watch: Budget 2024 | What is in store for labour? In her seventh budget speech, Finance Minister Nirmala Sitharaman announced three new employee-linked incentive schemes in the Union Budget for 2024-25. The three schemes, which are part of the Prime Minister’s package, will align with enrolment in the Employee Provident Fund Organisation and focus on…
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The EPFO fixed a three-year high interest rate of 8.25% on employees’ provident fund for 2023-24 on February 10. The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) has recommended an interest rate of 8.25% on provident fund (PF) deposits for 2023-24. The current interest rate is 8.15%. “The move is…
Read More “EPFO to marginally hike interest on PF deposits to 8.25%” »
During the past four years, around 31 lakh new subscribers joined the NPS. (Representational) New Delhi: The economy has added around 5.2 crore new formal jobs between FY20 and FY23, with the net addition being 2.7 crore, according to a report based on an analysis of the EPFO, NPS and ESIC data. The government has…
Read More “India Added 5.2 Crore New Formal Jobs In FY20-23: Report” »