Restriction on EPF withdrawal As per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: – (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on … Read more
Employees Contributions to EPF As per the Audited Consolidated Annual Accounts of Employees’ Provident Fund Organization (EPFO) for the year 2014-15, the closing balance of Funds managed by EPFO is Rs. 6,34,174.33 crore. Regarding EPFO being the eleventh largest pension fund in the world, no such information is available with EPFO. The fresh accruals in … Read more
Amendment to PF Act 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 reducing threshold limit for coverage from 20 to 10 employees under the Act. This was stated by Shri Bandaru Dattatreya, MoS (IC) Labour … Read more
Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it … Read more
EPFO settles 118 lakh claims in 2015-16 Over two lakh grievances redressed in 2015-16 Banks employing 20 and more persons covered under the EPF & MP act, 1952 At the end of the financial year 2015-16, EPFO settled 118 lakh claims out of which 39% were settled within 3 days, 79% within 10 days and … Read more