The payroll estimates, released by the EPFO based on its enrolment, threw up some contrasting trend between September 2017 and February 2018.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
Some of India's largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. In comparison, the total workforce numbers are up 36 per cent in the same period.
Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19.
If the changes being considered by the EPFO become a reality, investors may have to be more active in deciding equity preference and when to withdraw money, reports Sanjay Kumar Singh
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
While the lockdown hit employment in all age groups, it hit the employment of youngsters who are less than 29 years of age much more. The lockdown also hit women more than it has affected men, reveals Mahesh Vyas.
The third crucial meeting of the EPF Board began in New Delhi to decide on the interest rate for its 3 crore subscribers for this year amidst some trade unions' demands for 12 per cent interest against 9.5 per cent offered during 2003-04.
The crucial meeting of Employees Provident Fund Organisation board began in New Delhi on Wednesday to decide whether to continue with the 9.5 per cent interest rate for its 3 crore (30 million) subscribers.
The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.
With the new facility, settling PF withdrawal claims would just take few hours.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
Only NIIF has stayed the course as a viable infrastructure financing institution.
Ushering in a big wave of reforms by implementing the four labour codes, setting up the national social security fund to cover over 38 crore informal sector workers and improving the ease of doing business will top the agenda of the labour ministry in the New Year. In a major move, the ministry launched the e-Shram portal on August 26, 2021 for creating a national database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery of benefits of various social security schemes to the informal-sector workers.
Amidst a debate in the government over investment of employees' provident funds in the stock market, former RBI Governor Bimal Jalan cautioned that any such move will have to be backed by a government assurance for making up for losses, if any.
EPFO has allotted Universal Account Number (UAN) for portability and consolidation of all previous accounts.
In May, EPFO received deposits of Rs 6,500 crores (Rs 65 billion) which, is 200 crores more than what was received in April this year.
Religious institutions and charitable trusts employing 20 workers or more will have to deposit employees' provident fund with the EPFO.
LIC, EPFO and PSBs are likely to be asked to subscribe to bonds.
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
The move can help mop up about Rs 1.2 lakh every day for the purpose.
EPFO has a subscriber base of around 6 crore (Rs 60 million).
As of now, foreign employees applying for withdrawal of provident funds are required to open bank accounts in India.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
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.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
The online application of such claims would enable EPFO to eventually settle those within three days.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
Indicating a faster-than-expected recovery, remittances from migrant labourers and the number of first-time EPFO registrations have crossed the pre-lockdown levels in September, according to a report. Another silver lining is the massive 60 per cent increase in the number of Jan Dhan accounts to over 41 crore and the balances in them, which also indicate the fall in crimes during the lockdown months, SBI Research said in a report on Tuesday. After a significant reduction in remittances due to the lockdown in April, it improved in June and July, and the numbers in September have crossed the pre-pandemic level in February.
This facility will be available to all those subscribers whose Universal Account Number (UAN) is activated and seeded with the KYC details like bank account and Aadhaar number.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
In his address after more than 75,000 people were given appointment letters for various government jobs in the first tranche, Modi acknowledged the challenges facing the economy the world over with many countries hit by a record inflation and unemployment and said India is making every effort to come out of the situation unscathed.
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