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The Employees' Provident Fund Organisation (EPFO) will soon allow subscribers to withdraw their EPF and transfer it directly to their bank accounts through the UPI payment gateway. Testing of the facility has been completed, according to Labour Minister Mansukh Mandaviya.
The Employees' Provident Fund Organisation (EPFO) has decided to maintain the interest rate on employees' provident fund (EPF) deposits at 8.25 per cent for the fiscal year 2025-26, marking the second consecutive year at this rate.
Rising stressed debt and past exposures like Reliance Capital, Yes Bank push EPFO to frame exit rules for its portfolio.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
The 100 per cent withdrawal provision and the 25 per cent minimum balance provision have led to some confusion.
EPFO has simplified PF withdrawals -- fewer rules, faster access, and more flexibility -- while introducing safeguards that make it harder to drain your retirement savings too early.
Retirement fund body EPFO has extended the deadline for filing EPF return or ECR (electronic challan-cum-return) by one week for the wage month of September till October 22, 2025. The employers are mandated to file the ECR by the 15th of every month.
'The tragedy underscored 'serious and widespread' weaknesses in the EPFO's monitoring system and its ability to detect and act against defaulting establishments.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
'These changes are expected to eliminate many data-entry problems that make the return filing process cumbersome in the current system.'
The RBI advisory follows a labour ministry request earlier this year seeking the central bank's expertise to identify gaps in EPFO's investment strategy and fund management practices, including accounting, risk management, and internal governance.
Retirement fund body EPFO on Friday retained an interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2024-25, sources said. In February 2024, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.25 per cent for 2023-24, from 8.15 per cent in 2022-23.
Of the 823,000 new subscribers in January, the share of young people (18 to 25 age group) declined to 57.07% (470,000) from 57.28% (485,066) in the preceding month.
'To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument of deposit account for a fixed period and can be withdrawn by the employee at a later date.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
Retirement fund body EPFO fixed 8.15 per cent rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its meeting on Tuesday. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
Before opting for this scheme, consider how EPS is calculated.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The number of monthly fresh formal hirings saw a slowdown in August, signalling a downturn in the formal labour market. In August, the number of new monthly subscribers under the Employees' Provident Fund (EPF) decreased by nearly 11 per cent to 930,000. This is a four-month low from 1.05 million in July, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Sunday.
The government has approved 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22 -- an over four-decade low -- for about five crore subscribers of retirement fund body EPFO. Earlier in March this year, the Employees' Provident Fund Organisation (EPFO) had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent provided in 2020-21. According to an EPFO office order issued on Friday and reviewed by PTI, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme.
The withdrawal right is hemmed by many conditions.
Employees Provident Fund Organisation (EPFO) will migrate to a new information technology (IT) system within the next three months, Union labour minister Mansukh Mandaviya said on Wednesday. In July last year, a clutch of officers at the retirement fund body had written a letter to the Central government complaining about archaic and "collapsing" software systems. Subscribers too were facing problems due to it.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday. In April, the number of new monthly subscribers under the Employees' Provident Fund (EPF) sequentially increased by 18.77 per cent to 887,438 from 747,146 in March.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
A six-point comparison by Anil Chopra, Group CEO & Director, Bajaj Capital
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
The government has approved 8.5 per cent rate of interest on employees' provident fund for the 2020-21 fiscal, a source said. Just ahead of Diwali, this is a good news for over five crore subscribers of the Employees Provident Fund Organisation (EPFO). The 8.5 per cent rate of interest on provident fund deposits for the last financial year was decided by the EPFO's apex decision making body Central Board of Trustees (CBT) headed by Labour Minister in March this year.
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
EPFO may start investing up to five per cent of its incremental corpus in the equity market.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
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