In such a situation, if you have raised a claim to withdraw money from your PF account for any need or are preparing to do so, then this question will definitely come to your mind that when will you get the money after the claim? Let us tell you that according to the official website of EPFO (Employees’ Provident Fund Organization), all claims made under auto-settlement mode, which has no manual, will be settled digitally within 3 days or 72 hours. Let us tell you that claims to withdraw money from PF for treatment of illness, education of children, marriage and buying a house come under auto-settlement.

Manual settlement may take time

If you have made a manual claim to withdraw money from your PF, then it may take 15 to 30 days for its settlement. However, if your claim is not settled within 20 days, you can contact EPFO’s helpline number 1800-180-1425 or file a complaint on the EPFO website.

You can withdraw money up to Rs 5 lakh

Let us tell you that EPFO has increased the amount of auto-settlement mode from Rs 1 lakh to Rs 5 lakh to provide relief to its subscribers. According to EPFO, money can be withdrawn from PF account for purchase of house/flat/construction of house, which also includes acquisition of land. If an employee has not received salary for more than 2 months continuously, then he can also withdraw money from PF.

The post EPF Claim Settlement: How Many Days for Money to be Credited to Your Account? first appeared on Rightsofemployees.com.

This change is beneficial for all those employees who change jobs or have more than one PF account. Let’s understand the new changes:

What changed in Form 13?

1. Single-step transfer process: Earlier there was a 3-level processing for PF transfer, which has now been removed. Now only after the claim is approved at the source office (from where the PF account is being transferred), the money will be directly added to the new account. There will be no need for re-processing at another office.

2. Old PF balance and pension service period will be automatically added: Once the approval is received from the source office, the employee’s PF balance and pension service period will be automatically added to the new account.

3. Time will be saved, service will be faster: As per the EPFO ​​directive dated April 25, the new process will help in processing transfer claims faster and make office work easier.

Special features of the new Form 13

As soon as you open Form 13, you will see details of employee’s KYC (old and new office), PF balance, contribution, interest calculation, and taxable/non-taxable amount together. If the PF account is being transferred to a new organization, it will be easy to match the old and new KYC information. Tax related details will be entered separately in this, which will increase transparency. A unique ID will be generated for every transaction, which will reduce the risk of fraud.

How will the new process work?

Step 1: The employee will fill Form 13 and submit it to the old office (where his PF account was earlier).

Step 2: The claim will be approved after all the verifications are done at the old office.

Step 3: The approved amount and the taxable portion will be automatically added to the new account.

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The post No Delay in PF Transfer Now EPFO made Easy form 13 Process first appeared on Rightsofemployees.com.

Union Labor and Employment Minister, Dr. Mansukh Mandaviya said that this will directly benefit crores of people associated with EPFO.

8.78 crore people will get this benefit

At present, more than 8 crore people are members of EPFO ​​and there are more than 78 lakh pensioners. In such a situation, a total of 8.78 crore people will get direct benefit from this decision. Now they will be able to avail their pension and PF services from any bank. Earlier pensioners had to open accounts only in a few selected banks, but now this compulsion has ended.

The Union Minister said that the country’s social security is getting stronger under the leadership of Prime Minister Narendra Modi. He said that 10 years ago the social security coverage was only 24%, but now it has increased to 48%.

Soon you will be able to withdraw PF money instantly through UPI and ATM

EPFO is going to make another big change, due to which by May or June 2025, employees will be able to withdraw PF immediately through UPI and ATM. This means that now there will be no need to go through a long process. Till now, to withdraw PF, one had to submit an online claim, which could take several days or weeks. But after the introduction of the new system, you will be able to see your PF balance directly on the UPI app and transfer it to your bank account immediately.

Facility to withdraw up to Rs 1 lakh from UPI

Labor Ministry Secretary Sumita Dawra said that EPFO ​​is working on a plan to link PF withdrawals up to Rs 1 lakh with UPI soon. As soon as this facility is started, employees will be able to withdraw their PF amount without any delay.

This step of EPFO ​​is a big change in the direction of Digital India, which will benefit crores of employees and make their lives easier.

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The post EPFO signed an agreement with 15 new banks, more than 8 crore members will get huge benefit first appeared on Rightsofemployees.com.

However, the report also claims that EPFO ​​has already prepared a plan and is in discussion with National Payments Corporation of India (NPCI) to launch this facility on UPI platform in the next 2-3 months. EPFO’s association with UPI will not only improve operations but will also solve the problem of fund transfer for more than 7 crore members of EPFO.

What will be the benefit after connecting to UPI?

In other words, by linking EPF to UPI, the government’s target is to simplify financial transactions, so that there is no problem in the claim process. Financial Express report says that once registered, customers can easily receive the claim amount through digital wallet. This will reduce the processing time and provide a better experience to the users.

The Ministry of Labor is upgrading the digital system of EPFO ​​in collaboration with the Reserve Bank of India (RBI) and commercial banks. This step will simplify the withdrawal process, reduce delays, reduce paperwork and increase transparency.

So many claims settled so far

It is worth noting that in the last six-seven months, EPFO ​​has implemented several reforms to improve pension service, upgrade its information technology (IT) system and provident fund (PF) claims. In FY 2025, EPFO ​​settled claims of more than 50 million subscribers, the highest settlement ever, and released funds of more than Rs 2.05 lakh crore.

Working on withdrawal from ATMs too

In FY 2024, EPFO ​​settled 44.5 million claims, amounting to Rs 1.82 lakh crore. Apart from this, auto claim settlement within three days increased to 18.7 million in FY 2025, from 8.95 million in FY 2024. Let us tell you that some time ago it was also reported that EPFO ​​is working on PF amount withdrawal from ATM. This can be rolled out from the new financial year.

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The post PF claim New System: EPFO to roll out UPI based PF claim withdrawals within three Months – Key Details Inside first appeared on Rightsofemployees.com.

The Ministry of Labor has asked the Employees’ Provident Fund Organization to accept Aadhaar as the identity document to eliminate the complexities of documentation in the process of settlement of payment claims. The Ministry of Labor hopes that this will not only facilitate the claims of EPF account holders but will also reduce the time taken in the process of settlement of claims.

This will be done to settle the EPF claims in case of delay

To reduce the delay in settlement of EPF claims, the Labour Ministry has also asked to start the process of automatically bringing an application into the fast track process of the organization as soon as it is pending for more than 30 days. Union Labour and Employment Secretary Sumita Dawra, in a review meeting of the functioning of 21 regional offices of EPFO ​​​​across the country, emphasized on Aadhaar to end the delay in settlement of claims due to lack of authentic documents.

The Secretary said that the use of Aadhaar as an identity document simplifies government delivery processes, enhances transparency and efficiency, and also ensures that beneficiaries receive their entitlements seamlessly.

The need to prepare these documents will end

According to him, Aadhaar-based verification will eliminate the need for EPF employees to produce many other documents to prove their identity for settlement of claims. In this regard, while giving UAN number to new members joining EPF, it should be linked to Aadhaar.

Labor Ministry gave target to EPFO

The meeting also discussed strategies to improve the EPF grievance redressal mechanism and grievance redressal strategies to deal with delays in settlement of claims due to errors in member profiles, non-compliance by employers, technical glitches, etc. The labour ministry, meanwhile, gave EPFO ​​the target of improving settlement of claims as well as reducing rejection rates.

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The post EPFO: Big news for crores of members, Now AADHAAR will be necessary for this work first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization ( EPFO ) is providing many facilities to its members. By investing in EPFO, on one hand, investors can earn huge funds as well as get the benefit of pension. Apart from this, EPFO ​​also allows members to make partial withdrawals. Now EPFO ​​has changed the rules for partial withdrawal (EPFO Rule Change).

EPFO New Rule

EPFO has changed the rules for partial withdrawal. This information was given by Union Labor Minister Mansukh Mandaviya. Mansukh Mandaviya said that the limit of partial withdrawal from PF account has been increased. Now EPFO ​​members can withdraw Rs 1 lakh instead of Rs 50,000 from PF account.

Apart from this, now withdrawal can be done within 6 months of starting the job. Earlier, the member had to wait longer for full withdrawal, but now it is not so. If an employee leaves the job within 6 months, then he can make full withdrawal from the PF account.

The post EPFO Rule Change: Now you can withdraw 1 lakh rupees from your PF account, EPFO ​​has changed the rules first appeared on Rightsofemployees.com.

PF account holders with more than 6 crores can take advantage of this facility. This is a facility that provides funds to people in emergency.

Earlier it used to take 15 to 20 days to claim this facility of EPFO, but now this work is done within 3 to 4 days. This much time was also taken because the details like eligibility of the member, documents, KYC status of EPF account, bank account etc. were checked. But now in the automated system, scrutiny and approval is sent to them, so that the claim is done easily.

Who can claim?

The auto mode for claim settlement of this fund in an emergency was started in April 2020 itself, but, then money could be withdrawn only in times of illness. Now its scope has been expanded. You can also withdraw money from EPF for illness, education, marriage and buying a house. At the same time, if there is a marriage of a sister or brother in the family, then also advance money can be withdrawn.

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How much money can be withdrawn?

Now you can withdraw up to Rs 1 lakh from EPF account, whereas earlier this limit was Rs 50 thousand. Advance fund can be withdrawn through auto settlement mode on computer. No approval is required for this and the money will be sent to your account within three days. For this, KYC, eligibility of claim request, bank account details are required. 

Complete process of withdrawing money 

• First of all log in to the EPFO ​​portal using UAN and password. 
• Now you have to go to online services and select the ‘Claim’ section. Verify the bank account, click on Proceed for Online Claim. 
• When the new page opens, you will have to select PF Advance Form 31. Now you will have to select the PF account. 
• Now you have to fill in the reason for withdrawing money, how much money to withdraw and the address. After this, you have to upload the scanned copy of the cheque or passbook. 
• After this you will have to give consent and verify it with Aadhaar. After the claim is processed, it will go to the employer for approval. 
• You can check the claim status under online service. 

The post EPFO Claim Rule: You can claim one lakh rupees under PF advance just in 3 days, Know the process first appeared on Rightsofemployees.com.

Under the new rules, the standard operating procedure (SOP) for dormant accounts has been updated, which includes a strict verification process.

Accounts are divided into 2 categories

Low Transaction Accounts: Accounts which have no credit or debit (excluding interest) in a specified period are categorized as ‘no transaction accounts’.

Inactive accounts: Accounts which fall under the criteria already laid down under the EPF scheme will be put under the ‘inactive’ category. Both types of accounts will now have to undergo a verification process before any withdrawal or transfer can be made.

Mandatory Universal Account Number (UAN)

Under these new rules, it has been made mandatory to generate Universal Account Number (UAN) for all inactive accounts. Members whose inactive or dormant accounts are not linked to UAN will have to visit EPFO ​​offices or special camps for biometric verification and photo capture. The aim of this process is to confirm the identity of claimants and prevent fraud.

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Updating KYC

Members with accounts that already have UAN linked but do not have the correct Know Your Customer (KYC) information will have to complete KYC seeding. This can be done either through their employers or directly at EPFO ​​offices. The process of UAN generation and KYC update will now depend on the account balance, with the account requiring approval from senior officials.

New verification processes

Under the revised SOP, an intensive verification process has been introduced to unblock inactive accounts. This process includes verification of digital and physical records. Apart from this, confirmation of the employer will also be required. Claims made from previously inactive accounts will face additional scrutiny. These changes have been made to increase the security of EPF accounts and prevent their misuse. EPFO ​​​​subscribers should be cautious about these new rules.

The post EPFO has implemented new rules to increase control over inactive accounts first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has reduced the penal charge on employers who default or delay in depositing their employees’ Provident Fund, pension and insurance contributions. Earlier, this charge on employers was the highest at 25 per cent per annum. But now it has been reduced to 1 per cent of the outstanding amount per month or 12 per cent annually. This is a big relief for employers from the EPFO.

In a notification issued by the Labour Ministry on Saturday, it was said that the penalty will be recovered from the employer at the rate of 1 per cent of the outstanding contribution per month or 12 per cent per annum in three schemes – Employees’ Pension Scheme (EPS), Employees’ Provident Fund (EPF) Scheme and Employees’ Deposit Linked Insurance Scheme (EDLI) under the EPFO.

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How much was the penalty till now?

Talking about the penalty, till now the penalty was 5% per annum for a default of up to two months, 10% for more than two and less than four months. Apart from this, there was a penalty of 15% for more than 4 months and less than 6 months. On the other hand, a penalty of up to 25% per annum was imposed for a default of 6 months or more. Now the new penalty rule will be applicable from the date of notification.

What will be the impact on the employer?

According to this new rule, now the employer will have to pay less penalty. Also, in case of default of 2 months or 4 months, the penalty amount will have to be paid at the rate of 1% every month. This means that the penalty amount for the employer has been reduced by more than double.

Let us tell you that according to the rules, currently it is mandatory for the employer to file the return of the previous month with EPFO ​​on or before the 15th of every month. If this is not done, then any kind of delay after this will be considered as default and penalty will be applicable.

The post EPFO changed the rules regarding pension, PF and insurance scheme. Details here first appeared on Rightsofemployees.com.

EPFO ​​has changed the rules for withdrawing advance from EPF. The Employees Provident Fund Organization (EPFO) has announced that it has decided to stop the COVID-19 advance with immediate effect. During the COVID-19 pandemic, EPF members were given a non-refundable advance at the time of the outbreak of the first wave of COVID-19 and another advance was also allowed from May 31, 2021 in view of the second wave.

EPFO – Covid-19 pandemic is no more

As per the EPFO ​​circular dated June 12, 2024, COVID-19 is no longer a pandemic. The authorities have decided to stop this advance with immediate effect. This exemption will also apply to trusts and all the trusts have been informed about it.

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Till now advance was given for COVID-19

The provision for withdrawal of money from EPF accounts under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) was first announced in March 2020. In June 2021, the Ministry of Labour announced that EPF members could avail a non-refundable advance from their EPF accounts to meet financial emergencies related to coronavirus. Earlier, EPF members were only getting one-time advances. As per the EPFO ​​circular dated June 12, 2024, since COVID-19 is no longer a pandemic.

Rules for withdrawing money from EPF account

EPFO allows its members to withdraw up to three months’ basic salary and dearness allowance or 75% of the amount available in the EPF account. EPF members can withdraw whatever is less than this. However, members can also apply for a lower amount. Advance can be claimed for buying a house, repaying a home loan, marriage and education.

The post EPFO subscribers alert! EPFO has decided to stop Covid-19 advance withdrawal. Details Here first appeared on Rightsofemployees.com.

EPFO ​​recently issued a circular informing that now bank passbook and checkbook will not be required for claims. Subscribers have got relief from this decision of EPFO. The Employees’ Provident Fund Organization ( EPFO ) has changed the rules of EPFO ​​in May. EPFO ​​said that now users will not have to upload a copy of the bank passbook or check leaf while making a claim.

EPFO said that if the subscriber fulfils all the other eligibility criteria then he need not upload the copy of cheque book or passbook.

Why did EPFO ​​take this decision

EPFO said that this will speed up online claim settlement. Along with this, subscribers will also find it easier to submit claim requests. In fact, earlier many EPFO ​​claims were getting rejected due to not uploading a copy of the check book leaf or bank passbook.

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According to the EPFO ​​circular, this decision has been taken to reduce the number of claim rejections. The exemption of not uploading a copy of the check book leaf or bank passbook has been given only in some cases.

These documents will not have to be given for these claims

According to the EPFO ​​circular, only those members who have completed the rest of the validation process are not required to upload the copy of cheque book leaf or bank passbook.

How can you do claim validation

• EPF members can do bank KYC verification online.
• Similarly, members will have to get DSC (Digital Signature Certificate) to complete the bank KYC verification by the employer.
• Aadhaar details of the bank will have to be verified through UIDAI.

How to make a claim online

• Visit the official website of EPFO ​​https://unifiedportal-mem.epfindia.gov.in/.
• Now log in with the help of UAN number and password.
• After this select the claim section and select one of the claim options.
• Now cross verify all the details showing on the screen.
• After this, all the necessary documents (Documents for EPFO ​​Claim) have to be uploaded.
• Now the member has to validate all the information and submit the claim request.
• After this, the process of your claim will be shown on the EPFO ​​portal.

The post EPFO subscribers get relief, these documents are no longer required for the claim process first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has simplified the rules for death claim of PF account holders. Due to the change in the rule, now the nominee of the PF account holder will get the money easily. EPFO ​​has given this information by issuing a circular. Now according to the new rule, if a PF account holder dies and his PF account is not linked to Aadhaar or the information given in the Aadhaar card does not match the information given with the PF account, then also the money of that account holder will be paid to the nominee.

EPFO has changed the rules related to death claim in view of the difficulties the nominees are facing in getting the money. Before the change in the rules, there was difficulty in taking death claim if there was any mistake in the Aadhaar details or if the Aadhaar number became inactive due to technical problem. The officials had to put in a lot of effort to match the Aadhaar details of the deceased member. Due to this, it took a lot of time to get the claim and the nominee had to run around a lot.

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The money will be given after physical verification.

EPFO ​​said that after someone’s death, the information given in Aadhaar cannot be corrected. Therefore, now the money will be paid to the nominee after physical verification. The authenticity of the nominee or family member entitled to the money will be thoroughly investigated. Special care has been taken by EPFO ​​to prevent any kind of fraud. However, for this, permission of the regional officer will be mandatory.

The post PF Death Claim: New rule simplifies EPF death claim process, Here is how first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has now made e-nomination mandatory for EPFO members. Without a nominee, EPF account holders can no longer avail some of the facilities of EPFO. It is also very important to be a nominee of EPF account. If a PF account holder has made a nominee, then the money deposited in his account easily goes to the person to whom the account holder wanted to give it. EPFO provides the facility to make more than one nominee for EPF account. That means an EPF member can nominate his wife as well as his son and daughter.

Nominee in EPF can be made online. E-nomination is very helpful in providing PF benefits to the PF account holder and his family. In case of death of a PF subscriber, online claim and settlement of provident fund, pension, insurance benefits is possible only if e-nomination is done.

The nominee will be a family member only

PF account holder can make nominee only for his family members. Only if a person does not have a family, he can declare another person as a nominee. After making someone else a nominee, if the family’s address is known then the nomination of the non-relative gets cancelled.

Can there be more than one nominee?

PF account holder can also declare more than one nominee. If there is more than one nominee, more nomination details have to be given and it has to be clearly mentioned as to how much amount each nominee will get.

If there is no e-nomination then there will be these problems

EPFO has made e-nomination mandatory. If an account holder does not do e-nomination then he cannot see his PF account balance and passbook. For e-nomination, the account holder’s UAN must be active and the mobile number must be linked to Aadhaar.

The post EPFO Nominee Rules: Can one make son and daughter along with wife as PF nominee? first appeared on Rightsofemployees.com.

Earlier, employers were given time till December 31, 2023, to upload the salary details of employees who opted for higher pension on higher contribution.

Date extended earlier also

The Employees’ Provident Fund Organization had provided an online facility to all its subscribers to submit applications for opting for higher pension at higher contribution/combined option. Under the Supreme Court order dated November 4, 2022, EPFO had offered the higher pension option to eligible pensioners/EPFO members. The online application facility was started on February 26, 2023, which was extended twice till July 11.

During this period, 17.49 lakh applications were received from pensioners and existing employees to opt for more pension. After this, employers were given time till September 30 to upload the salary details of their interested employees. Later it was extended till 31 December.

The post EPFO Higher pension: Big Relief! EPFO extends deadline for employers to upload wage details for higher pension first appeared on Rightsofemployees.com.

EPFO had earlier provided an online facility for submission of application for verification of option/joint option for pension at higher salary. Earlier, EPFO ​​had fixed September 30 as the last date for joint form validation to choose the option of higher pension.

This facility was for eligible pensioners/members in compliance with the Supreme Court order dated November 4, 2022. This facility was launched on February 26, 2023 and was to be available only till May 3, 2023. Subsequently, considering the representation of the employees, the deadline was extended till June 26, 2023 to provide full four months time to the eligible pensioners/members to file the application.

In view of the representations received from employers and employers’ associations requesting extension of time period for uploading salary details of applicant pensioners/members. Apart from this, employers were also given an additional period of three months to submit salary details etc. online till September 30, 2023.

5.52 lakh applications pending with applicants

Now, several representations have again been received from employers and employers’ associations requesting extension of further time period for uploading the salary details of the applicant pensioners/members. Let us inform that till September 29, 2023, 5.52 lakh applications for verification of option/combined option are still pending with the employers.

Deadline extended till 31st December

The request has been considered sympathetically and the Chairman, Central Board of Trustees has extended the time for employers to submit salary details etc. till December 31, 2023.

The post Pension on Higher Wages! EPFO extends time for employers to upload wage details regarding pension first appeared on Rightsofemployees.com.

Now the Employees’ Provident Fund Organization (EPFO) has made nomination mandatory for all EPF members. EPFO deprives the EPF account holder of many of its services if he does not declare his nominee in the account. These facilities also include checking the balance of PF account.

By being a nominee, after the death of the account holder, the money goes to the person to whom the account holder wanted to give it. An account holder can also become more than one nominee. You can do online nomination (E-Nomination) in EPFO ​​account.

E-nomination is very useful in providing PF benefits to the PF account holder and his family. Online claim and settlement of provident fund, pension, insurance benefits in case of death of a PF subscriber is possible only when e-nomination is done. If the employee has not mentioned a nominee and the employee dies, his heir has to go to the civil court to obtain succession certificate for release of PF.

Who can be made the nominee?

Actually, the rule is that the PF account holder can make nominees only for his family members. If a person does not have a family, then in that case he can also declare any other person as his nominee. After making someone else a nominee, if the family’s address is known then the nomination of the non-relative gets cancelled. An EPF account holder can make more than one nominee. If there is more than one nominee, more details have to be given. It has to be clearly stated as to how much amount is to be given to which nominee.

E-nomination is mandatory.

EPFO ​​has made e-nomination mandatory. If a member does not do e-nomination then he cannot see his PF account balance and passbook. For e-nomination, the account holder’s UAN must be active and the mobile number must be linked to Aadhaar. The online account holder can also do e-nomination sitting at home.

This is the method of e-nomination

• Log in to the official website of EPFO, epfindia.gov.in.
• In the ‘Service’ tab, click on the ‘For Employees’ tab from the drop-down menu.
• Now log in with your UAN.
• Manage tab will appear. Select e-nomination in this.
• Now fill your permanent and current address.
• To change the family declaration, select Yes.
• Enter the nominee information and click on Save.
• Now click on the e-sign icon and proceed.
• Enter your Aadhaar number and also fill the OTP received on the registered mobile number.
• After completing this process, your nomination will now be updated.

The post PF Account Alert: Big Update! PF account holders must do this work, otherwise EPFO will stop these facilities first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) data shows that Byju’s has made PF payments of Rs 14.6 lakh in the name of 738 employees for June. While the company has again delayed depositing the PF of a large number of employees. In a mail sent to EPFO ​​on June 27, Byju’s had said that the company has settled the PF payment till May. The company had agreed to pay the June PF by July 15.

Byju’s had released PF payments for 24,818 employees on June 26, after last month’s tussle over delay in PF payments. Earlier, Byju’s did not make PF contribution for April and May, while for January, February and March the company paid PF for only 10,000-13,000 employees.

According to many industry experts, Byju’s delay in PF payment may be an indication of cash flow pressure in the company. The edtech firm, which was last valued at $22 billion, has cut costs and vacated some offices. Byju’s vacated its largest office space in the country amid long-pending funding round and talks with lenders on its existing debt obligations.

Byju’s has already officially laid off more than 2,000 employees. While most of its workforce has been done on contract. According to EFPO data, in September 2022, Byju’s had around 60,000 employees on its payroll.

The post PF Contribution: Byju again delayed depositing PF of employees first appeared on Rightsofemployees.com.

EPFO invests the deposits of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest. According to the circular of EPFO, interest will be deposited at the rate of 8.15% for the year 2022-23 in the account of each member of the EPF scheme. Although, the last time 8.15 percent interest rate was announced in March, the same interest rate has been kept in force in July.

Employees’ Provident Fund is a mandatory contribution for salaried employees. The employer is also bound to make an equal contribution to the EPF account. An employee contributes 12% of his earnings to his EPF account on a monthly basis. The entire contribution of the employee is deposited in the EPF account. While, only 3.67 per cent is deposited in the EPF account in the case of the employer, the remaining 8.33 per cent goes to the Employees’ Pension Scheme (EPS).

4 ways to check balance in EPF account

1. Using UMANG App
2. By visiting the EPF member e-Sewa portal
3. By giving a missed call to the toll free number of EPFO
4. By sending SMS to EPFO ​​number

How to check EPF balance through EPFO ​​portal

1. Visit the official website https://www.epfindia.gov.in/ to check EPFO ​​member pf balance
2. Now from the member homepage select the option Click here to check your PF balance
3. After this EPFO ​​page will appear, after this the balance of the member will appear
4. EPFO member now select your state
5. After this enter the head office of EPF
6. Enter your business code
7. Enter PF account number, name and mobile phone number
8. Check the box ‘I agree’ in the Acknowledgment box.
9. Now the balance details of your PF account will appear.

The post PF interest rate: EPFO has implemented the new rate of PF interest, check account balance first appeared on Rightsofemployees.com.

This time was given to the eligible members for pension to deal with any problem. Along with this, EPFO ​​has given time till 30 September 2023 to the employers to upload the salary details of the employees applying for higher pension. In such a situation, it is expected that members can be given more time to apply for EPS. Let us know whether the date of higher pension application will be extended for the eligible members or not?

The deadline has been extended thrice

The deadline has been extended thrice by the EPFO ​​for the employees to apply for higher pension. However, till 30 September 2023, the employer has been given time to upload the data of the members. In such a situation, more time can be given to eligible pensioners. According to ET’s report, this time can be given keeping in mind the problems of the employees. If there are more problems under EPFO, then the government can extend this time further.

why it is appropriate to consider it as the deadline

According to some experts, if you have not yet applied for higher pension, then you should do so because the deadline has been extended thrice. Apart from this, EPFO ​​will now work on its process. In such a situation, it is appropriate to consider this as the last opportunity. If you are facing any problem in submitting the online application for verification then you can contact the officials at EPFiGMS for resolution.

Apply carefully

If you are going to apply then you should take special care. You should fill the information related to pension from personal information carefully, because if you make any kind of mistake then you can be deprived of higher pension.

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Employees’ Provident Fund Organization (EPFO) can extend the deadline for higher EPS pension by three months. Because many employees are complaining about facing difficulties while applying for higher pension from Employees’ Pension Scheme (EPS).

Due to lack of clarity on rules and delay in clarification from EPFO, many employees have not yet exercised the option for higher pension application. But, EPS members now have only a few hours left to apply, as the last date for application is today i.e. 26 June 2023. Sources say that EPFO ​​is considering extending the deadline by three months to provide relief in the deadline. Let us see some reasons, due to which the deadline can be extended.

Release of calculation method a few days before the deadline

Applying for Higher Pension is one of the most important decisions for most of the eligible employees. But, an EPS member would want to go for this option of higher pension only if he is sure that it would be a beneficial decision. However, there was no way they could know what would be the calculation method on the arrears of pension.

Unless you know how much extra you will have to pay and what kind of return you will get on this extra payment, applying for higher pension will be like shooting arrows in the dark. EPFO has released an Excel utility to calculate the amount to be paid for Higher Pension to an employee a few days before the deadline. Along with this, FAQs have also been issued.

Employees have difficulty in clarity due to gradual release of circulars,

EPFO ​​has issued circulars related to necessary documents for applying to employees, additional 1.16% contribution, pension calculation method, first circular on December 29, 2022 and latest circular in last 14 days Released on June 2023. Due to the gradual release of the circular, the eligible members could not get clarity on many points for the rules and application.

Due to this, EPFO ​​had also extended the deadline twice. But, with the last update coming a few days before the current deadline, it has become difficult for the employees to evaluate the pros and cons of higher pension in a short period of time.

Still lack of clarity on many points

According to experts, EPFO ​​still needs to provide clarity on certain aspects of applying for higher EPS pension. Need clarification on exit option, or what if the employee’s records do not match with EPFO’s records, or if the employer has gone out of business? There is a need for clarity on this. At the same time, there is no clarity about the employees who have a long gap in their service history as to how they should apply for pension.

Problem on EPFO’s application portal

Due to the last date last week, there has been a problem in the service portal for applying for EPFO ​​members. Many applicants have raised the issue on Twitter that either they are unable to submit their joint application form or their records are not matching with the records of EPFO, which is making it difficult to submit their application form online.

Last date of application extended twice before

EPFO ​​has already extended the application deadline for higher EPS pension twice. First it was extended from 3 March 2023 to 3 May 2023 and then the deadline has been extended till 26 June 2023. Recently many employers have requested EPFO ​​to extend the application deadline for higher EPS pension and simplify the process. These are the complaints made by many employees on which EPFO ​​can take note and extend the deadline for 3 months.

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The Employees’ Provident Fund Organization (EPFO) has extended the deadline several times for opting for higher pension under the Employees’ Pension Scheme (EPS), and now it is very close. Now EPFO ​​has told how the calculation of higher pension will be done. Let’s try to understand it…

The Ministry of Labor had told this thing

Earlier last month, the Ministry of Labor had also issued a clarification regarding the calculation of higher pension. The Labor Ministry had said that out of the total 12 per cent employer’s contribution to PF, an additional contribution of 1.16 per cent would be used to calculate the higher pension, which would be in line with the Supreme Court’s November 4, 2022 decision. Along with this, the Ministry of Labor had also told that this step to reduce the burden on the subscribers of the Employees Pension Scheme will be retrospective, that is, this decision will not be applicable from the day of its arrival, but from the back.

This is how pension will be calculated

Now EPFO ​​has explained this in detail. EPFO has said that for those who retire before September 1, 2014, the pension will be calculated on the basis of average monthly salary up to 12 months before the date of retirement or exit from the pension fund. On the other hand, for those who will retire after this date, the calculation will be done on the basis of average monthly salary of 60 months before retirement.

only so many days left

The deadline for opting for higher pension was ending on 03 May. EPFO had extended it till 26 June 2023. Its deadline was extended for the second time. First of all, in an order given on 4 November 2022, the Supreme Court had fixed the deadline till 3 March in this regard. EPFO had then extended the deadline till May 3 to opt for higher pension. Now its deadline is ending on 26 June.

Money will go to pension fund from here

The Ministry had told that along with the Employees’ Provident Fund and Other Provisions Act, it has been told in the Social Security Code that contribution cannot be taken from the employees for the Pension Fund. Keeping this in mind, it has been decided that an additional 1.16 per cent will be taken from the 12 per cent contribution of the employers towards the Pension Fund, which is going to the Provident Fund.

In hand salary will not be affected

Let us tell you that in EPS the employee does not make any contribution on his behalf. Out of the total 12 per cent contribution made by the company, only 8.33 per cent goes to EPS. Whatever amount is more than this in the contribution of the company, it goes to EPF. The Ministry of Labor has clarified that the increased contribution to EPS will also go from the company’s share, which means that there will be no impact on take home salary or in hand salary even if you opt for higher pension.

In this case there will be loss

Although it also has its disadvantages. If you choose the option of higher pension, then the amount deposited in PF by the company will be less, which will affect your PF fund. Employees get the benefit of compound interest in PF. Now since part of PF will go to EPS, the benefit of compounding will also reduce. Similarly, the lump sum amount that is received from PF on retirement or already leaving the job, this amount will also be affected if the option of higher pension is selected.

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This will benefit about 6 crore active members of EPFO. The benefit of new interest rates will also be given to the EPF account holders of VPF and Trust.

The meeting of the Central Board of Trustees (CBT) of EPFO, which started on Monday, continues on Tuesday, March 28. According to EPFO, the interest rate for the financial year 2022-23 has been fixed at 8.15 percent. The Central Board has recommended depositing 8.15 per cent annual interest rate on EPF in the accounts of the members for the financial year 2022-23.

This interest rate will be officially implemented after the approval of the Finance Ministry. After this, EPFO ​​will deposit the amount of interest rate in the accounts of its customers.

According to EPFO, the interest rate of EPF account has been increased by 0.05 percent, after which the interest rate of total EPF account has been increased to 8.15 percent. Let us inform that last year for the financial year 2021-22, EPFO ​​had fixed the interest rate for EPF account at 8.10 percent.

EPFO will start crediting interest rate in EPF accounts after the announcement of the Finance Ministry. This notified interest rate will also be applicable on Voluntary Provident Fund (VPF) deposits. Employees who have their EPF accounts with exempted trusts will also get this rate of interest on their EPF deposits. The rate of interest of EPF being increased to 8.15% guarantees an increase in income to the members. At the same time, the interest rate of 8.15 percent and the surplus of 663.91 crores is more than the previous year.

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The past due amount will be transferred to the Employees’ Pension Scheme (EPS) account if there is sufficient balance in the Employees’ Provident Fund account. Pensioners and employees will need to access funds from their bank accounts to meet any shortfall. Once the application for higher pension is approved by EPFO, it will be transferred or credited from EPF to EPS account. But the interest will be withdrawn from the EPF account.

When the entire outstanding amount will be calculated. So as per the EPFO ​​circular, the field office will inform the pensioner or employee about the amount due and any money that needs to be re-deposited or deleted from the EPF account. The pensioner or employee shall be informed by the former or present employer. 

They will get information from EPFO ​​about any dues paid by their past or present company or organization. The amount to be transferred from EPF account to EPS account will also be disclosed in additional details. For transfer of account, written permission of the employee has to be obtained. After this, the amount of outstanding contribution along with interest will be deducted from the PF balance first.

How to deposit

• Through any online facility provided by EPFO.
• by check
• All the following information should be available on the back of the cheque-
• Application ID
• UAN/PPO Number
• name and mobile number
• Demand notice number and date

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EPFO, the body managing the retirement fund, added 13.40 lakh members in March on a net basis. With this, a total of 1.39 crore members increased in the last financial year. This information was given in the data released on Saturday.

EPFO gave these figures

EPFO had added 1.22 crore members on a net basis in the previous financial year. “Out of 13.40 lakh members added in March, about 7.58 lakh new members have come under the ambit of EPFO ​​for the first time,” the labor ministry said in a statement. The statement said, “During the financial year 2022-23, about 1.39 crore members have been added on a net basis with an increase of 13.22 percent on an annual basis.

1.94 lakh members in the age group of 22-25 years included

1.22 crore members were associated with this in the last financial year. The Employees’ Provident Fund Organization (EPFO) said that the maximum number of enrollments among new joining members were in the age group of 18-21. Their number was 2.35 lakh. After this, 1.94 lakh members in the age group of 22-25 joined. New members in the age group of 18-25 account for 56.60 per cent of the total members added this month, according to the statement.

As per the data, around 10.09 lakh members re-subscribed to EPFO. That is, these members changed jobs. In terms of gender, 2.57 lakh female members were added in March, which was 19.21 percent of the total members added this month.

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Under this, it is proposed to determine the monthly pension on the basis of average pensionable salary received during the entire pensionable service. However, the final decision in this regard will be taken after the report of the ‘Actuary’ assessing the pension, the amount paid for it and the risk. A source related to the case gave this information.

EPFO Employees Pension Scheme

Currently, EPFO ​​uses the formula pensionable salary (average salary of last 60 months) times pensionable service / 70, for determination of monthly pension under Employees’ Pension Scheme (EPS-95). According to the source, “There is a proposal to change the formula for monthly pension under EPS (95). In this, there is a plan to include the average pensionable salary received during the pensionable service in place of the average pensionable salary of the last 60 months.

However , he clarified, “It is only at the stage of proposal and no final decision has been taken on it yet.” The final decision will be taken after the report of the ‘Actuary’.” It is noteworthy that if EPFO ​​changes the formula for pension, then it will definitely determine the monthly pension of all, including those who opt for higher pension, according to the existing formula. There will be less competition. It can be understood with an example.

Understand like this, let us assume that the average salary for the last 60 months of the person opting for higher pension is Rs 80,000 and his pensionable job is 32 years. In this case, under the existing formula (80,000 times 32/70), his pension will be Rs 36,571. On the other hand, when the average of salary is taken during the entire pensionable job, then the determination of monthly pension will be less because the salary (basic salary and dearness allowance) is less in the initial days of the job.

Option for higher pension

It is noteworthy that in November last year, the Supreme Court had asked the government to give four months time to the subscribers to opt for higher pension. EPFO has provided online facility for subscribers to fill joint option form with employers to opt for higher pension. The deadline for this was earlier May 3, 2023, which has been extended to June 26, 2023.

Contribution

At present, EPFO ​​subscribers contribute to the pension on the fixed limit of Rs 15,000 per month, while their actual salary is much more than this. With the option of higher pension, they will be able to get higher monthly pension. Employees contribute 12 percent to the social security scheme of EPFO. At the same time, out of 12 percent contribution of the employer, 8.33 percent goes to EPS. The remaining 3.67 percent goes to the Employees’ Provident Fund.

Subsidy

The government contributes 1.16 per cent as subsidy to the Employees’ Pension Scheme on a limit of Rs 15,000 basic salary. When asked about the need to change the formula, the source said, “It is actually believed that giving more pension for a long time will lead to financial burden.” That’s why a new formula is being considered.” Responding to a question regarding the Rs 6.89 lakh crore fund lying in the Pension Fund, the source said that this money does not belong only to the pensioners but to all the shareholders associated with the EPFO ​​and the employees. Nidhi Sangathan has to take care of all.

Pension Fund

It is noteworthy that according to the EPFO’s 2021-22 report, Rs 6,89,211 crore is deposited in the Pension Fund. EPFO received an interest of Rs 50,614 crore in 2021-22 on the EPS fund.

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Subscribers or pensioners opting for higher pension will get three months to give their consent to utilize additional contributions or dues under the Employees’ Pension Scheme (EPS) run by the Employees’ Provident Fund Organization (EPFO).

Consumers will get four months to opt for higher pension

Earlier in November 2022, the Supreme Court had asked the government to give four months to the subscribers to opt for higher pension. EPFO had provided online facility to subscribers to submit joint option forms (with employers) to opt for higher pension by May 3, 2023. Later the deadline was extended till June 26, 2023.

How this extra high contribution will be put to use and paid. Members also did not know whether they would have the option to withdraw from the Higher Pension Scheme in case the additional payments were excessive.

Information will be given to the customers about the deposit amount with interest
The circular clarified that the additional expenditure will be decided by the field authorities and the cumulative amount along with interest will be informed to the subscribers who opt for higher pension. It added that pensioners/members may be given time up to 3 months to clear these dues and give consent for transfer of these dues (in the prescribed format).

The field officers will inform the pensioners or members about the additional arrears to be paid for opting for higher pension. Earlier this month, the Labor Ministry had also clarified that 1.1% of the basic pay for subscribers opting for higher pension.

It has been decided to withdraw an additional contribution of 1.16 per cent from the total 12 per cent contribution of the employers to the provident fund. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund. At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).

Employers contribute 12 per cent of basic salary to social security schemes run by EPFO. It has been decided to withdraw 16 percent additional contribution. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund. At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).

Employers contribute 12 per cent of basic salary to social security schemes run by EPFO. It has been decided to withdraw 16 percent additional contribution. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund.

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At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). Employers contribute 12 per cent of basic salary to social security schemes run by EPFO.

Those with more than 15 thousand salary will not have to contribute additional 1.16 percent

Of the 12 per cent contributed by employers, 8.33 per cent goes to EPS and the remaining 3.67 per cent is deposited in Employees’ Provident Fund. Now EPFO ​​members who are opting to contribute on their actual basic salary and whose salary exceeds the limit of Rs 15,000 per month, will not have to contribute this additional 1.16 per cent towards EPS. The ministry had said that this provision is retrospective in nature in line with the directions given by the Supreme Court.

While implementing, issued two notifications on May 3, 2023. The ministry had said that with the issuance of the notification, all the directions of the Supreme Court contained in the judgment dated November 4, 2022 have been complied with.

Contrary to the provisions of the Provisions Act, the revised scheme had considered the need to contribute at the rate of 1.16 per cent of his salary to the extent of salary exceeding Rs 15,000 per month as additional contribution. The apex court directed the authorities to make necessary adjustments in the scheme within a period of six months.

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According to the circular, 8.33% employer’s share on higher pension with effect from November 16, 1995 or the date when the pensionable salary cap was raised from Rs 6,500 per month to Rs 15,000 per month.

In the 2014 amendment, the government directed that if you contribute to EPS on the basis of actual salary, then the EPFO ​​member will get an additional contribution of 1.16 per cent in EPS on whatever contribution is made to EPS over and above the pensionable salary limit of Rs 15,000. have to contribute.

Explain that every month 12% amount is deducted from the employee’s basic salary and dearness allowance and deposited in the EPF account. The employer also deposits the same amount in the employee’s account. However, the entire contribution of the employer does not go into the EPF account.

A major part of the 12% contribution of the employer goes to the EPF and a part to the EPS account. Employees Pension Scheme 1995 i.e. EPS-95 was implemented on 16 November 1995. Prior to September 1, 2014, there was a cap of Rs 5000/6500 for the maximum contribution in the EPS account. After this the cap was increased to 15,000.

Extended date of application for higher pension

The circular states that the interest to be charged on the arrears as per the above calculation will be the interest earned by the members on their PF. Another circular will be issued soon for the calculation of pension. An EPFO ​​official said that a separate circular will be issued for information on arrears and calculation of pension. Retirement fund body EPFO ​​has extended the application date for opting for higher pension from May 3 to June 26, 2023. EPFO has so far received more than 12 lakh applications for higher pension.

According to the circular, if you fill higher pension for joint application, then after verifying the application with the EPFO ​​office of your area, your salary details are verified with the details present in the EPFO ​​portal. When the verification is done, EPFO ​​will check the remaining money, after that it will proceed to transfer and deposit the order and you will then be selected for higher pension.

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The Supreme Court had ruled in November 2022 that those who were members of the Employees’ Provident Fund Organization (EPFO) as on September 1, 2014, can opt for higher pension.

Issuing a statement, the ministry said that this step will reduce the burden of the employees subscribing to the Employees’ Pension Scheme. The Labor Ministry further said that the employees’ contribution to the Pension Fund is not envisaged in the spirit of the Employees’ Provident Fund and Miscellaneous Provisions Act as well as in the Social Security Code. The Ministry said that keeping in view the EPF & MP Act and the Code, it has been decided to take an additional contribution of 1.16% within the total 12% of the employers’ contribution to the Provident Fund.

Court’s instructions

As per the Supreme Court order, employees drawing salary above Rs 15000 can opt to contribute more than 1.16%. The court directed the officials under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 to make necessary adjustments in the scheme within a period of six months.

The ministry said that all aspects of the matter, including legal and administrative, were examined in detail for implementing this direction. Thereafter, it was decided that since the Code on Social Security, 2020 (the Code) has already been notified, it would be appropriate to bring relevant provisions.

In the notification, the Labor Ministry said that it has taken all actions immediately within the prescribed time limit to comply with the directions of the Supreme Court. Which also includes extending the deadline till June 26 to allow beneficiaries to file for higher pension.

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Employees’ Provident Fund Organization (EPFO) has once again extended the deadline for the option of getting more pension under the Employees’ Pension Scheme (EPS). Amidst all this, the question that is troubling people the most is how will the calculation of higher pension be done… The Labor Ministry has now shared its formula with the people.

Clarification of Ministry of Labor

The Labor Ministry on Wednesday made it clear that it will use an additional 1.16 per cent contribution from the employer’s total contribution of 12 per cent to the PF to calculate the higher pension. This will be in line with the Supreme Court’s decision of 4 November 2022. Along with this, the Ministry of Labor has also told that this step to reduce the burden on the subscribers of the Employees Pension Scheme will be retrospective, that is, this decision will not be applicable from the day of arrival but from the back.

Money will go to pension fund from here

The ministry said in its statement that along with the Employees’ Provident Fund and Other Provisions Act, it has been told in the Social Security Code that contribution cannot be taken from the employees for the pension fund. Keeping this in mind, it has been decided that an additional 1.16 per cent will be taken from the 12 per cent contribution of the employers towards the Pension Fund, which is going to the Provident Fund.

There will be no burden on the employees

Let us tell you that in EPS the employee does not make any contribution on his behalf. Out of the total 12 per cent contribution made by the company, only 8.33 per cent goes to EPS. Whatever amount is more than this in the contribution of the company, it goes to EPF. The Ministry of Labor has clarified that the increased contribution to EPS will also go from the company’s share, which means that there will be no impact on take home salary or in hand salary even if you opt for higher pension.

There will be loss

Although it also has its disadvantages. If you choose a higher pension option, then the amount deposited in PF by the company will be less, which will affect your PF fund. Employees get the benefit of compound interest in PF. Now since part of PF will go to EPS, the benefit of compounding will also reduce. Similarly, the lump sum amount that is received from PF on retirement or already leaving the job, this amount will also be affected if the option of higher pension is selected.

Deadline extended till this date

The deadline for opting for higher pension was ending on 03 May. EPFO has increased this and now interested subscribers can opt for higher pension till 26 June 2023. Its deadline has been extended for the second time. First of all, in an order given on 4 November 2022, the Supreme Court had fixed the deadline till 3 March in this regard. EPFO had then extended the deadline till May 3 to opt for higher pension. Now it has been pushed further.

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The Ministry of Labor said, it has been decided to take an additional contribution of 1.16 percent out of the total 12 percent contribution of the employers in the provident fund.

At present, the government pays 1.16 per cent of the basic salary up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). This provision is retrospective as per the orders given by the Supreme Court, that is, it is applicable from the previous date. Meaning, this provision will come into effect from September 1, 2014, which is the cut-off date as per the Supreme Court order, i.e. employer’s contribution of 12% plus 1.16% will be deducted from the employee’s PF fund retrospectively.

So far more than 12 lakh applications have been received, if you also want that after retirement you get more pension every month, then you can opt for EPS-95. For this, you have to apply on the Integrated Member Portal of EPFO. EPFO has so far received more than 12 lakh applications for higher pension. This number is equivalent to 35 per cent of the total eligible employees.

How to Apply Online

First of all you have to e-Sewa portal – https//unified portal-mem.epfindia.

gov.in/memberinterface/. Here you have to click on Pension on Higher Salary.
A new page will open where 2 options will appear. The second option in this is to apply for the combined option. Select the option below here.
After this you will see a new home page. Here you have to enter your UAN, Aadhaar number, date of birth, mobile number and captcha code by clicking on the option on the left side.
After filling the form, OTP option will appear below, click on it. An OTP will come on your mobile number. Submit it after verifying it.

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At the same time, the Regional Pension Fund Commissioner (RPFC) will scrutinize the applications for higher pension. Explain that on the order of the Supreme Court of November 4, 2022, EPFO ​​has allowed the members of the pension scheme to apply for higher pension.

Which EPS members are eligible for higher pension?

The EPFO ​​has accepted the request for higher pension from employees who have compulsorily contributed more to the pension scheme under the Employees’ Provident Fund (EPF) scheme and have Has opted for enhanced pension coverage before retirement. EPFO said that the employees who had contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and the employees who opted under Employees Pension Scheme (EPS) with Revise Scheme while being a member of EPS-95 , he is eligible for higher pension coverage.

Employees’ Provident Fund Organization (EPFO) has extended the deadline for applying for more pension to Employees’ Pension Scheme (EPS) members. Now eligible EPS members will be able to apply for higher pension till June 26, 2023. Due to this, many problems on the application front were troubled due to lack of clarification, but now they are relieved. Let us tell you that on the demand of EPS members, Atul Sobti, the public sector representative in the EPF board, had written a letter to the Central PF Commissioner asking him to extend the deadline.

Earlier, Atul Sobti, Director General of Standing Conference of Public Enterprises (SCOPE) and representative of Public Sector Enterprises in the Central Board of Trustees of EPFO, wrote a letter to Central Provident Fund Commissioner Neelam Shami Rao asking for online joint option form for higher pension from pension fund manager.

The last date was asked to be extended for at least one month. In the letter, Sobti, referring to the problems of EPS members, said that the EPFO ​​has not issued any clarification regarding the controversial clause in the document, nor has it been removed from the online form, even though the Kerala High Court on April 12 at 10 Instructions have been given to remove the clause within days. In this regard, Sobti had sought clarification from the EPFO ​​on the requirement of prior permission under Para 26(6).

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The government is now going to increase the limit of pension, after which your pension can be doubled. Hearing is currently going on in the Supreme Court on this. Please tell that after this decision of the government, no matter how low your salary is, but your pension will be calculated only on Rs 15,000.

Let us tell you that the matter of abolishing this salary limit of Employees’ Provident Fund Organization is going on in the Supreme Court. Along with this, the calculation of pension in EPFO can also be done on the previous salary i.e. higher salary category. After this decision of EPFO, there will be a bumper increase in the pension received by the employees. With this decision, the employees will get many times more benefits of pension.

Hearing was held in August

Let us tell you that on August 12 last year, the Supreme Court had adjourned the hearing of a batch of petitions filed by Union of India and EPFO, which said that the pension of the employees cannot be limited. The hearing of these cases is going on in the court.

How much is the maximum pension now?

Employed people are members of the Employees’ Provident Fund Organization, who are also considered members of the EPS. All employees contribute 12% of their salary to EPF. Along with this, the employee gets the same amount from the company and 8.33 percent of it also goes to the Employees’ Pension Scheme. Talking about the maximum pensionable salary at this time, it is Rs 15,000.

Pension is available after the age of 58 years.

Let us tell you that any employee gets the benefit of pension after 58 years. For this, it is mandatory for the employees to work for at least 10 years. Along with this, tell that employees who contribute to EPF are also eligible for EPS.

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The court asked EPFO ​​to make such a provision in its portal that employees and pensioners are allowed to opt for higher contribution without giving proof of prior consent.

Justice Ziyad Rehman AA gave interim order to EPFO

Justice Ziyad Rehman AA gave this interim order while hearing the petition of employees and pensioners on Wednesday. The petition claimed that while opting for higher contribution, a copy of prior consent has to be given, which is mandatory under the EPF Scheme, 1952. The petitioners argued that the EPFO ​​never insisted on giving such permission and was accepting higher contributions.

The Supreme Court had fixed May 3 as the last date

They said that they are not able to fill that column in the online form because of this rule and they are not able to submit it without proof of prior consent. If they do not do this before the last date of May 3, then they will not be able to avail the benefits of the scheme. Let us inform that the Supreme Court has given time till May 3 to choose the option of higher contribution.

EPFO gave this argument in its argument

EPFO opposed the plea, arguing that prior consent is a “vital requirement” to avail the benefit. After hearing everyone’s arguments, the High Court said that the petitioners should get interim relief. The court said that if the portal cannot be changed then other options like submission of offline applications should be made available. It said that these facilities should be made available to all employees and pensioners within 10 days from the date of the High Court order of April 12.

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Subscribers have time till May 3

The petition claimed that while opting for higher contribution, a copy of the prior permission has to be given, which is mandatory under the EPF Scheme, 1952. The petitioners argued that the EPFO ​​never insisted on giving such permission and was accepting higher contributions.

They said that they are not able to fill the said column in the online option form, and without giving the proof of prior consent, they will not be able to submit the online option successfully. If they do not do so before the deadline of May 3, they will be deprived of the benefits of the scheme. The Supreme Court has given time till May 3 to choose the option of higher pension.

What did the Kerala High Court say to EPFO?

The EPFO ​​opposed the plea, arguing that permission was a “vital requirement” for availing the benefit. After listening to everyone’s arguments, the High Court said that the petitioners should get interim relief. The court said, “The Supreme Court has fixed May 3, 2023 as the last date for submitting the options. Now EPFO ​​is insisting on proof of prior consent for furnishing the details of the option under Para 26(6) of the EPS Scheme. Also, in view of the specific nature of the online facility provided for this, they are being prevented in a way from submitting the application regarding the said option.

Asked to provide online and offline facilities

The judge said that if the petitioners were not allowed to submit their options before the last date, they would be forever deprived of the opportunity to claim the benefits under the award of the court. The court directed the EPFO ​​and the authorities under it to “make adequate provisions in the online facility so that the employee/pensioner can easily exercise the option as directed by the apex court without proof of consent.” It said that if In case the online facility cannot be suitably modified, other viable options including physical submission of applications may be provided.

It said that the above facilities shall be made available to all within a period of 10 days from the date of the High Court’s order dated April 12. be made available to employees and pensioners.

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At the same time, preparations are being made to release the outstanding interest amount of some EPF account holders for the financial year 2021-22 soon. EPFO has indicated that interest on EPF deposits will be transferred to members’ accounts in April 2023. Interest rate on EPF amount increased for 2022-23

The Central Board of Trustees of EPFO ​​has increased the interest rates on EPF accounts for the financial year 2022-23 to 8.15 percent, which is 0.05 percent more than the interest rate for the same period last year. Please tell that the interest rate in the financial year 2021-22 was 8.10 percent.

According to the new interest rate of 8.15 percent, the government will give interest to the account holders on the amount deposited in EPF.

EPFO can issue interest amount in April

According to EPFO, usually interest money on EPF accounts is released in the last month of the financial year. EPFO has indicated that the amount of EPF interest can be released in April. At the same time, some EPF account holders could not get the interest amount even for the last financial year 2021-22. It is estimated that he too can be released in April.

Finance Ministry said – there will be no loss of interest amount

Even for the financial year 2021-22, the Finance Ministry has said in November 2022 that there will be no loss of interest amount for the customers of Employees Provident Fund Organization (EPFO) if the interest amount is not transferred to some EPF account holders.

It was told then that the delay in depositing the interest amount for the financial year 2021-22 was due to software upgradation due to the tax changes implemented last year. Due to this, the amount of interest rate sent to the accounts is not visible to the EPF members.

Salary contribution percentage in EPF account

EPFO operates Employees Provident Fund Account (EPF Account) for its members to provide social security after retirement of salaried employees. An employee contributes 12 per cent of his salary on a monthly basis to the EPF account.

Whereas, the employer also contributes 12 per cent for the employee. The entire 12 per cent contribution of the employee is deposited in the EPF account, but in the 12 per cent of the employer, 3.67 per cent contribution is deposited in the EPF account of the employee and the remaining 8.33 per cent is deposited in the Employees’ Pension Scheme (EPS).

All this amount is available on the retirement of the employee. The Central Government gives interest rate on annual basis on the amount deposited on EPF.

Method to know the amount present in the EPF account

EPF account holders can choose several options to know the amount present in their account. Members can know the current account balance by sending a message to Employees’ Provident Fund Organization on mobile number 7738299899 through their registered mobile number.

Apart from this, the amount can be known by giving a missed call on 011-22901406 and logging in through the member passbook by visiting the official website of EPFO ​​www.epfindia.gov.in. Whereas, the balance in the account can also be found from the Umang app.

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For 2021-22, the government had approved 8.1 per cent, the lowest interest rate in four decades on Employees’ Provident Fund deposits. However, now it has been increased by 0.05 percent.

EPFO increased interest on EPF

Employees’ Provident Fund Organization (EPFO) has increased the interest rate by 0.05 percent to 8.15 percent for the financial year 2022-23. It was earlier 8.10 percent. This is the first increase after FY19. In March 2022, the government had fixed the EPF rate at 8.1 per cent for over 6 crore active subscribers, the lowest since 1977-78.

CBT took the decision

The decision to hike interest rates on EPF was taken by the Central Board of Trustees (CBT) of EPFO ​​in its meeting. After the support of the government, the interest rate on EPF for 2022-23 will be deposited in the accounts of more than five crore subscribers of EPFO. EPFO will give this interest rate only after its permission from the finance ministry of the government.

EPF money is received on retirement

EPF is a compulsory savings scheme under the Employees’ Provident Fund Act, 1952. It is run by the Employees Provident Fund Organization (EPFO). It covers every single office, company where 20 or more people work. The employee has to pay a fixed contribution towards the provident fund and gets the money at the time of retirement. During September 2017 to November 2021, about 4.9 crore new employees are associated with EPF.

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But do you know who and how will get the benefit of this decision of the government. Let us tell you. The decision taken by the Central Board of Trustees (CBT) will now be sent to the Finance Ministry. After this, a notification will be issued by the Ministry of Finance.

After the notification comes from the Ministry of Finance, it will be effective and then you will get the increased interest of your PF in your account. It is a matter of when the money will be received. Now let’s talk about which employees will be able to get the benefit of this.

They will get the benefit of increased interest

All 7 crore members of EPFO ​​will be able to get the increased interest. Voluntary Provident Fund i.e. VPF depositors will also be able to get the benefit of this decision.

Apart from this, the benefit of this decision of the government will also be given to such employees whose EPF accounts have been opened by the trust.

Last year, EPF kept the interest rates at 8.10 per cent, which has now been increased to 8.15 per cent. That means now you will get Rs 8150 instead of Rs 8100 interest.
This is how a retirement fund of 5 crores is prepared from EPF

If your monthly salary is Rs 50,000 and you are 30 years old. You get 12% contribution from EPF side. Apart from this, suppose that every year your salary is increasing at the rate of 10 percent. You get 8.10 percent interest from EPF on this amount (which is till now), so in this sense you will get a fund of Rs 5,04,07,319 at the time of retirement. According to this calculation, you can create a fund of 5 crores with a monthly salary of 50 thousand.

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Explain that in November 2022, the Supreme Court had extended the deadline for requesting pension hike under EPS 1995 by four months. If you were a participant of EPS 1995 and you retired before 1 September 2014, you have only time till 4 March 2023 to apply for higher pension. Those who are eligible for EPFO ​​High Pension can now submit their applications along with required paperwork through a single site announced by EPFO.

Eligibility for higher pension

According to EPFO, employees who were already members of EPFO ​​under EPS on September 1, 2014, and who continue to be members of EPFO ​​on or after that date, are eligible to apply for higher pension. Along with this, let us tell you that you have to keep in mind that this option is available only for those employees who were unable to apply by the original deadline.

More than 8,000 people applied

According to official figures, more than 8,000 people have applied for membership online. At the same time, under the instructions of the Supreme Court, on February 20, a circular was published by EPFO. EPFO finally stopped giving any other option to the retirement people on March 4, 2023.

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EPFO clarified instructions on other points including deadline, application process and eligibility, clearing the way for the members of the Employees Pension Scheme (EPS) to opt for higher pension in a circular dated 20 February 2023. With this, EPFO ​​has now released the online link for application on the portal e-Service Portal – https://unifiedportal-mem.epfindia.gov.in/memberinterface/. With its help, members can apply for higher pension.

Eligible members can apply online

EPFO ​​has accepted the request for higher pension of employees who have compulsorily contributed more salary to the pension scheme under the Employees’ Provident Fund (EPF) scheme and before their retirement Has opted for enhanced pension coverage. EPFO said that the employees who had contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and the employees who opted under the Employees’ Pension Scheme (EPS) with the revised scheme while being members of EPS-95 , he is eligible for higher pension coverage.

Higher pension application deadline May 3

The Employees’ Provident Fund Organization has allowed members to exceed the limit of pensionable salary of Rs 15,000 per month. For this, the employee and the employer can do a joint sign up on the EPFO ​​website and request the EPFO ​​to deduct 8.33 per cent of the higher monthly basic pay. The last date for application has been made 3 May 2023, which was earlier 3 March 2023.

These documents will be required for the application

• EPS members will have to submit several documents to get the benefit of higher pension which are as follows-
• Proof of joint option u/s 26(6) of EPF scheme attested by employer.
• Proof of joint option under erstwhile para 11(3) attested by the employer.
• Proof of credit of provident fund account on salary exceeding the salary limit of Rs.5,000/- Rs.6,500.
• Proof of contribution to Pension Fund on salary in excess of Rs.5,000/Rs.6,500.
• Written refusal certificate from any higher official of APFC or EPFO ​​on request or deposit for higher pension.

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At present, 12% of the basic salary and dearness allowance of each employee is contributed by their company to the EPF. Of the 12% employer contribution, 8.33% goes to the Employees’ Pension Scheme (EPS) and 3.67% to the Employees’ Provident Fund (EPF).

A pension program was set up by the government in 1995 under Section 6A of the EPF Act. As per the Employees’ Pension System of 1995 (EPS-95), the employer (institution) contribution of 8.33% should be made in the pension scheme. The maximum monthly pension was fixed at Rs.5,000 or Rs.6,000 by EPS-95. The employer was required to pay 8.33% of the initial Rs. 5,000 for pension scheme (which was later increased to Rs.6,500)

How much pension can be received

Here is an example to know how much pension you can get by choosing the EPFO ​​High Pension option. For example, if your basic salary is 40,000 per month, and 12% of your basic salary (Rs 4800) is transferred to your EPF account. EPS receives Rs. 1250 of the employer’s contribution, which is equal to 12% of your basic salary, and the balance Rs.3550 in your EPF account.

Understand math like this

If you opt for High Pension, the pension you will be paid on your retirement will be determined using your actual basic pay and dearness allowance (if applicable). For example, the pension would be Rs.18,857 (Rs.40,000*33)/70, if your average pensionable pay (Basic + DA) during the last 60 months was Rs.40,000 at the time of retirement.

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The application date has been extended by EPFO. Earlier, the last date to apply for this was March 3, but now the government has extended it for two months. EPFO has given information that the members of the Employees’ Provident Fund Organization (EPFO) will be able to apply jointly with their employers till May 3, 2023, by opting for more pension.

They will have to apply for this on the Integrated Member Portal of the Retirement Fund Organization. Earlier it was believed that March 3, 2023 was the last date for opting for higher pension. The recently activated URL on EPFO’s Unified Member Portal clearly shows that the last date for opting for higher pension is May 3, 2023.

The court had given the order, let us tell you that earlier the Supreme Court had said in its order on November 4, 2022 that EPFO ​​will have to give four months time to all eligible members to opt for higher pension. This period of four months will end on March 3 , expiring on 2023. This gave the impression that its last deadline is March 3, 2023.

Last week, the pension was increased in 2014.

EPFO ​​had released the details of its process last week. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014.

Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. EPFO has issued a circular in this regard to its field offices.

URL information will be available soon

EPFO ​​had said that such a facility will be provided so that URL information will be given soon. After this, the Regional PF Commissioner will put a proper notice and banner on the notice board so that it can be informed publicly. Under this, each application will be registered and recorded digitally and will be given a receipt number. The in-charge of the Regional Provident Fund Office will review each joint option case. After this the applicant will be informed about the decision by e-mail/post and later through SMS.

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This is absolutely correct. It is good to get more pension, but what price will have to be paid for it, that too should be known. We are saying this because whatever pension you will get, it will be from your own money. Government or EPFO ​​or your employer company is not going to give any extra money. Understand it like this – even after opting, the same amount will go to the EPF account as it used to go earlier.

Out of that money, it will be possible to give higher pension only by putting less in your PF, and more in EPS (pension). It is clear from this simple thing that for more pension you will have to compromise with the huge lump sum amount that you can get in PF. So,

The Supreme Court has said that the employees who have opened EPF account before September 1, 2014, will be given the option of higher contribution towards higher pension. Ever since the EPFO ​​has released its guideline regarding higher pension, many doubts and questions are being raised among the employees regarding this.

EPFO has said that soon an online link will also be released for choosing higher pension. Through this, employees can opt for higher pension. However, in the previous news we have answered all those questions which may be in your mind. You can clear all your confusion by visiting this given link – Here , Experts say that PF account holders opting for higher pension may have to bear 5 major disadvantages.

1- The money of PF account will ‘fly away’

The biggest and first disadvantage of choosing the new option will be that the money deposited in your EPF account will be transferred to the Pension Fund. This will also end the benefit of compound interest on your PF account. Actually, under the rules of higher pension, a large amount of contribution made by the employer has to be put in the pension scheme. This means that a large part of the amount deposited till now in the PF account will be withdrawn and put in EPS.

2- No facility of lumpsum withdrawal

You do not get the option of lumpsum withdrawal in the Employees Pension Scheme (EPS). It gives your total accumulated amount in the form of pension. If you want, you can try your hand at other government pension schemes like National Pension System (NPS). Here you get market linked returns and you can also withdraw a lump sum amount. Apart from this, the investment made here gives you a rebate of Rs 1.5 lakh under 80C and a further tax rebate of Rs 50,000.

3- Full money of PF account will not be received

Under the current rules of PF, in case of any untoward incident, your nominee (wife-children) gets the entire money deposited in this account. But, in the case of EPS, in your absence, the wife will get only 50 per cent pension. This means that if you get Rs 20,000 as pension, then your wife will get 50 per cent ie Rs 10,000 only, while the children will get 25 per cent ie Rs 5,000 pension.

4- Cannot retire early

The biggest loss for those opting for higher pension in EPS will be that they will not get the option of early retirement. The benefit of EPS scheme is available only when the employee has retired after working till the age of 58 years or has completed 10 years of service.

5- More loss than less interest

In EPS scheme, you also get less interest. This means that the money you have deposited in this item, you will get less return on it. Instead, you get more interest on your PF account. At present, 8.10 percent annual interest is being received on the money deposited in PF.

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The body managing the retirement fund said that members and their employers would be able to apply jointly for this. In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014.

Earlier, the EPS revision of August 22, 2014 raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, the members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS.EPFO in an office order has given details about handling of ‘Combined Option Form’ by its field offices.

EPFO said that ‘a facility will be given, for which the URL (Unique Resource Location) will be told soon. After receiving this, the Regional PF Commissioner will give information through notice boards and banners for wide public information. “According to the order, every application will be registered, logged digitally and a receipt number will be given to the applicant.

It further added that the Officer-in-Charge of the Regional Provident Fund Office concerned will examine each case of joint option on higher pay. There after, the applicant will be informed about the decision through e-mail/post and later through SMS. It has been said in the order that these instructions are being issued in compliance of the order dated November 4, 2022 of the Supreme Court.

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According to these guidelines, those employees who were entitled to get more pension under the EPS scheme but did not apply for it, will now be able to apply for more pension. According to the recent decision of the Supreme Court, till March 3, 2023, an application can be made to get more pension.

EPFO told that both the employee and the employer will be able to apply jointly for this. In fact, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, employees and their employers were allowed to contribute 8.33 per cent of their actual salary to EPS. In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014.

EPFO in an office order has given details about handling of Joint Option Form by its field offices. EPFO said that a facility will be given, for which the URL (Unique Resource Location) will be told soon. After getting this, the Regional PF Commissioner will give information through notice boards and banners for wide public information. According to the order, every application will be registered, logged digitally and a receipt number will be given to the applicant.

It further states that the Officer-in-Charge of the Regional Provident Fund Office concerned will scrutinize each case of joint option on higher pay. After this the applicant will be informed about the decision through e-mail/post and later through SMS. Earlier, EPFO ​​had issued this circular on December 29 to comply with the directions of the Supreme Court. In this circular, information has been given about which employees will get higher pension and how to apply online for it.

The circular states that only those employees are eligible, who have compulsorily
contributed higher wages under the Employees’ Provident Fund (EPF) scheme and opted for higher pension before retirement. As per the circular, At the same time, the employees who retired before September 1, 2014, without exercising any option, have also been out of its membership. According to the amendment of 2014, only those employees who exercise the option will be given this benefit.

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By sending a letter, it has been asked to complete it soon. So that those who want to claim more pension on the basis of higher salary, they can avail the benefit of this option. The ministry has also asked EPFO ​​to clarify the process for submission of joint option for those retiring after September 1, 2014 and members of the existing Employees’ Pension Scheme (EPS) .

According to a report in The Hindu, the letter was sent by the Ministry of Labor last week. According to the official, we expect EPFO ​​to issue a circular with procedures in this week. The ministry has also asked the EPFO ​​to be clear about the process for existing EPS subscribers retiring before and after September 1, 2014.

The opposition had raised the currency in the Parliament

Even during the budget session of the Parliament, the issue of delay in issuing the circular was raised in both the Houses. CPI(M) MP John Brittas had recently written to Union Labor Minister Bhupendra Yadav, requesting his intervention to expedite the process. Opposition MPs questioned EPFO’s notice to several pensioners who retired before September 1, 2014, that their pension would be stopped if they did not submit details of their joint options submitted to EPFO.

Change orders were given

In a recent circular of EPFO, its regional offices were asked to revise the pension entitlement and recover the amount if any one has received pension without exercising any option under paragraph 11(3) of the EPS. The official said that the new circular will address all the issues related to the Supreme Court order.

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As per EPFO ​​rules, 12 per cent of the basic income of the employee is deposited in the EPFO ​​account, out of which 8.33 per cent is set aside for pension account and 3.67 per cent for Employees’ Provident Fund (EPF). If an employee leaves his job or takes leave in between. So in that case do they lose their pension entitlement? You are being given information about this here.

As per EPFO ​​rules, the length of service of an employee is taken into account even if they take leave in between. In other words, if a person returns to his job after a gap of some years, his previous years of service will be added to his current tenure.

Explain that to take advantage of the pension scheme of EPF, it is necessary for the employee to work for at least 10 years. If an employee changes companies, his Unique Account Number (UAN) remains the same and his total working period is calculated net of any gaps in between.

Understand the terms of pension like this

If a person works for a company for 7 years and takes a break of one year, then works for another 4 years, then their total job span will be considered as 11 years. In this scenario, the employee will be entitled to EPF pension benefits. Also, if a person works for 9.5 years, he is eligible for a grace period of 6 months as per EPFO ​​rules, which is equal to 10 years.

This is how you can take advantage of the pension scheme

EPFO scheme is an important financial instrument for salaried individuals, as it ensures pension benefits after retirement. It is important to note that the requirement of length of service for pension eligibility is an important aspect that every EPFO ​​subscriber should be aware of. So, even if you are an EPFO ​​subscriber and you have left your job, you can still avail the benefits of the pension scheme by ensuring a total job tenure of 10 years or more.

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If you are not yet availing the pension scheme of EPFO, then there is an important news for you. During the budget session of Parliament, Congress MP B Manikkam Tagore and Bharat Rashtra Samithi MP Manne Srinivasa Reddy asked Union Labor and Employment Minister Bhupendra Yadav questions related to the retired employees deprived of the benefits of the EPF pension scheme. Let us know what the Union Labor and Employment Minister Bhupendra Yadav gave in response to the question of the opposition MPs.

EPFO gave opportunity to pensioners for enhanced pension?

In response to this question, Union Labor and Employment Minister Bhupendra Yadav said that yes, yes. On December 29, 2022, the Employees’ Provident Fund Organization (EPFO) issued instructions for inviting online applications from pensioners who retired prior to January 01, 2014 and who have opted for combined options to contribute to the Pension Fund at a salary in excess of the pay limit prior to their retirement. was used. But, their combined options were rejected by EPFO ​​(due to cut-off date). This is in pursuance of the directions of the Supreme Court as contained in Article 44(ix) read with Article 44(v) and (vi) of the judgment dated 04 November 2022 in SLP (Civil) No. 8658-8659 of the year 2019.

EPFO is considering the option of increased pension during the job?

In response to this question, Union Labor and Employment Minister Bhupendra Yadav said that on August 22, 2014, G.S.R. As per the Employees’ Pension (Amendment) Scheme, 2014 notified vide 609(E), with effect from 01 September 2014 only employees drawing salary up to Rs.15,000 per month are entitled to subscribe to the Employees’ Pension Scheme (EPS), 1995.

What is the status of those who retired or employed after September 1, 2014?

In response to this question, Union Labor and Employment Minister Bhupendra Yadav said that those persons who have retired after 1st September 2014 or who are in service and are members of EPS 1995, they can apply for G.S. .Prohibit. are governed by the provisions of the EPS, 1995 as amended vide 609(A).

What is the Supreme Court’s order?

The Supreme Court has directed under Section 142 of the Constitution of India that members of the EPS, 1995, who have exercised the option to contribute on salary in excess of the wage ceiling as required in the proviso to pre-amended Article 11(3) of the EPS, 1995 not exercised shall be entitled to exercise the combined options under clause 11(4) of the post-amended scheme within the extended time period of four months.

Provided further that the remaining requirements as per the amended provision shall be complied with. The Supreme Court directions have legal, financial, actuarial and logistical implications and are being studied.

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EPFO is reviewing the higher pension of the members who retired before September 1, 2014. In fact, the members who did not choose the option of higher pension are still getting higher pension. Now EPFO ​​can cut the pension of such members who get more pension. Excess pension will also be recovered from the members.

Such cases will be re-examined

EPFO in its January 25 circular said that the cases of retired employees who did not opt ​​for higher pension before September 1, 2014 would be reviewed. Those cases will be investigated which are being given more pension. He will not get pension beyond January 2023. In such a case the pension will be restored again. There will be a limit of Rs 5,000 or Rs 6,500 on this. According to the guidelines of EPFO, the employees will now have to deposit money equal to 8.33 percent of their basic salary in EPS. Its maximum limit will be Rs 15,000 per month.

These people will get less pension

The pensioners who did not choose the option of higher pension but even after that they were getting higher pension. Such members will now get less pension. However, before examining such cases, the department will send notices to those members. So that he can prove his case. For reduction of pension also notice will be given to the pensioners first.

There will be recovery of more pension

If someone has lost more pension, then recovery will also be done from that. Pension will be recovered through EPFO ​​method. Pension will be checked first. After complete calculation, if the excess amount has been given, then its recovery will be started.

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If your salary has increased and the letter with salary hike has reached in your hands, then you should also take a look at the monthly provident fund i.e. PM (PF) deduction. This is because as per the income tax rules, if the annual EPF contribution of the Employees’ Provident Fund Organization (EPFO) member is more than the prescribed limit, then the EPF interest tax will have to be paid. In fact, the contribution amount in excess of the limit will also be taxable.

What is rule?

According to the income tax rules effective from 1 April 2021, tax will have to be paid on the interest earned on contribution of more than Rs 2.5 lakh annually. Let us tell you that the Finance Minister had taken this decision keeping in mind the high salary employee. However, this rule will not affect those with a monthly salary of Rs 2 lakh.

If an employee has invested ₹3 lakh in his EPF account in a financial year, the interest earned on the additional ₹50,000 contribution will be taxable. Explain that according to its recent notification (dated 15-02-2022) by the Revenue Department, tax will be levied on the interest of government employees who have deducted GPF above five lakh rupees.

The government has implemented the Income Tax (25th Amendment) Rules 2021.Due to this, the limit of maximum tax free contribution in GPF has been implemented to 5 lakhs. If the deduction is made by the employee over this, then the interest income will be considered as income.

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About 25,000 pensioners of the Employees’ Provident Fund Organization (EPFO) are facing the sword of pension reduction. The Retirement Fund Organization has instructed its local authorities to stop paying higher pensions to those who retired before 2014. Along with this, the additional amount given to them under this arrangement should also be recovered. In this regard, EPFO ​​had issued a circular on Wednesday. The organization says that such cases will be reviewed who retired before September 1, 2014 and have not subscribed to the pension facility on higher pay.

About 25,000 pensioners of the Employees’ Provident Fund Organization (EPFO) are facing the sword of pension reduction. The Retirement Fund Organization has instructed its local authorities to stop paying higher pensions to those who retired before 2014. Along with this, the additional amount given to them under this arrangement should also be recovered. In this regard, EPFO ​​had issued a circular on Wednesday.

The organization says that such cases will be reviewed who retired before September 1, 2014 and have not subscribed to the pension facility on higher pay.

EPFO has said in the circular that from January 2023, the higher pension of such pensioners should be banned. After this, their pension will be revised on the basis of salary of Rs 5,000 or Rs 6,500. EPFO has referred to paragraph 11(3) of EPS-95 in this circular which talks about the maximum pensionable salary of an employee. EPFO has said in the circular that advance notice should be given to the pensioner before the pension is revised.

May have to face protest

Social activist Praveen Kohli, who advocates for the rights of pensioners, says that this is the pride of EPFO. He said that the circular is distorting the truth and many information has also been suppressed. According to Kohli, the court had upheld the EPS-95 in 2003 itself and after that the pension of 24,672 pensioners was revised. After this, many other pensioners also got a decision in their favor from various courts.

What is Para 11(3)

In this para, employees have been allowed that you can invest more than the limit fixed for pension from monthly salary. But the employees will have to take advantage of this facility jointly with their employer. This means that before increasing the money in the pension fund, the employee will also need the consent of the employer. Now EPFO ​​is saying that those who retired before September 1, 2014, should not be given more pension if they had not opted for this facility.

The post EPFO Higher Pension: Big news for 25,000 pensioners! Pension will be reduced! Big step taken regarding EPS-95 first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Covid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder: Good News: 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

The Finance Investment and Audit Committee has proposed setting a limit of 10 per cent return for profit booking in equity investment made through Exchange Traded Funds (ETF).

Not only this, to take advantage of the fluctuations in the stock market, instead of withdrawing the money invested in ETFs in lump sum, the committee has also suggested to redeem ETFs repeatedly. This means that EPFO ​​will redeem the ETF only if the annual return is 10% or more. It will be implemented once it is approved by the Central Board of Trustees (CBT) of EPFO.

According to a media report , a member of the EPFO ​​board told that this will bring transparency in the redeemed policy as well as increase the returns. Equity is getting more returns than debt and other investment options. In view of this, EPFO ​​is now changing its investment strategy. The Labor Ministry is also in favor of more equity investment.

15 percent is equity investment

EPFO ​​invests 15 percent of its total fund in ETF. EPFO also plans to increase the investment period in ETFs to 5 years instead of 4. An official said that EPFO’s plan is to get good returns from the ups and downs of the stock market. That’s why the money invested in ETFs has to be redeemed on a daily basis instead of being redeemed in lump sum on getting 10% return or more.

The policy of withdrawing money will change

At present, EPFO ​​redeems equity on the basis of ‘first in, first out’. This means that the money invested in equity in the first year is withdrawn in the fourth year so that the money remains invested for a long time and can get good returns. The Ministry of Labor believes that investing in equity has now become necessary to give more returns to EPFO ​​members. This is because the rate of return is falling in debt and other investment options.

1.5 lakh crore annual equity investment

EPFO ​​started investing in equity in 2015-16. In the first year it invested 5 per cent of its funds in equity and in the second year 10 per cent. Due to this, 15 percent of the fund was invested in equity in the next year. Its total investment of Rs 1.7 lakh crore was done in equity. In this, till March 31, 2022, EPFO ​​had withdrawn Rs 22,000 crore. EPFO invests around Rs 1.5 lakh crore in the stock market every year.

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Organization (EPFO Members) has recently shared another information. It has been told that what facilities are being given to the pensioners. If you also get pension, then it is important that you also know those information.

Facilities available to pensioners

• Online submission of pension claim. Pensioners can also submit claims through EPFO ​​member portal or UMANG app.
• view pension passbook online
• Download Pension Payment Order (PPO) from Digi-Locker
• Submission of Digital Life Certificate from Home through Mobile App

पेंशनभोक्ताओं के लिए ‘ईज ऑफ लिविंग’ सुनिश्चित किया जा रहा है ।#AmritMahotsav #pension #EaseOfLiving #epfo@PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @mygovindia @PIB_India @MIB_India @AmritMahotsav pic.twitter.com/LsXr8KMAYz

— EPFO (@socialepfo) January 17, 2023

Process of making Life Certificate through Face Authentication

• use 5 mega pixel camera of android smartphone with internet
• Keep Aadhaar number registered with Pension Disbursing Authority
• Download AadharFaceRd App
• Download Jeevan Pramaan face application from https://jeevanpramaan.gov.in/package/download
• After that do operator authentication and face scan of operator
• Pensioners fill your details
• Capture photo with front camera and submit

EPFO members get many facilities

Employees’ Provident Fund Organization (EPFO) provides the facility of EPF and EPS schemes to its members. Under EPF, a retirement fund is available on retirement, while in the EPS scheme, a fixed amount is received every month as pension on retirement by the members. 12-12% of the employee’s basic salary and dearness allowance (dearness allowance) is deposited in the EPF account. But, the amount of 12% of the employer is deposited in two parts. Out of 12% contribution of the employer, 8.33% amount is deposited in the Employee Pension Account and the remaining 3.67% amount goes to the EPF account.

The post Big update of EPFO! Crores of pensioners started getting these special facilities, you can also check the details first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO Pension Rules: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

Many users have complained about the non-availability of e-passbook facility of EPFO ​​on social media platforms.

One user wrote on Twitter, “As usual, EPFO ​​website (passbook) is not working. Tried with all three different browsers. This user also tagged the Twitter handle of the Ministry of Labour. Apart from this, another user wrote that the EPFO ​​passbook portal is down for the last 7 days.

EPFO told, when the service will start However, EPFO ​​has flashed a message on its website that the facility of e-passbook will be available from 5 pm today. Meanwhile, according to the circular dated December 29, 2022 of the Employees’ Provident Fund Organization (EPFO), the Central Government has directed to implement the instructions given in the order of the Supreme Court.

Explain that the court has abolished the limit of monthly salary of Rs 15,000 for joining the pension fund. In the amendment of the year 2014, the limit of maximum pensionable salary (including basic pay and dearness allowance) was fixed at Rs. 15,000 per month and before amendment the maximum pensionable salary was Rs. 6,500 per month.

6 months time given to join the pension scheme The Supreme Court termed the Employee Pension (Amendment) Scheme of the year 2014 as “legal and valid”. Giving relief to many employees, the court said that those employees who have not yet exercised the option to join the Employees’ Pension Scheme, should be given another 6 months to do so.

In this, all EPS members were given six months time from September 1, 2014, to opt for the revised scheme. Later, in its order, the court had given four months more time to eligible subscribers to opt for higher pension under EPS-95. The court had also done away with the requirement of employee contribution of 1.16 per cent of salary exceeding Rs 15,000 per month in the 2014 amendment.

The post EPFO Alert: Big news! This service of EPFO ​​has stopped, PF account holders are facing problems, know when it will start first appeared on Rightsofemployees.com.

Actually, with the decision of the Supreme Court, the pension of the Employees Pension Scheme (Employee Pension Scheme) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by up to 300% in one stroke! EPFO has fixed the maximum salary for EPS pension of employees at Rs 15 thousand (basic salary). Now the Supreme Court can abolish this salary-limit of Employees’ Provident Fund Organization.

The matter is sub judice and hearing is going on continuously. In the Employee Pension Scheme of the employees, the pension can also be calculated on the last salary i.e. higher salary bracket. With this decision of EPFO, employees will get many times more EPS pension. Explain that it is necessary to contribute to EPF for 10 years to get pension. Whereas, after completing 20 years of service, a weightage of 2 years is given.

How will your Employee Pension Scheme pension increase?

According to the existing system of Employees’ Provident Fund Organization, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his Employee Pension Scheme (Employee Pension Scheme) Pension will be calculated at Rs 15,000 only, even if he is working with an EPS employee. Salary 20 thousand rupees.

Be it in the basic salary bracket or Rs.30,000. According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is (service history x 15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example of increase in Employee Pension Scheme

Suppose the Employees’ Provident Fund Organization subscriber’s job is 33 years. His last basic salary is 50 thousand rupees. Under the existing system of Employee Pension Scheme, pension was calculated only on a maximum salary of Rs 15,000. In this way (Formula: 33 years+2= 35/70×15,000) the pension would have been only Rs 7,500. This is the maximum EPS pension in the current system. But, after removing the limit of pension, adding the pension according to the last salary, he will get a pension of Rs 25000 thousand. Means (33 years+2= 35/70×50,000=Rs 25000).

What is the whole matter of Employee Pension Scheme

The Employees Pension Scheme (Employee Pension Scheme) Amendment, 2014 was implemented by the Central Government by issuing a notification from 1st September 2014. This was opposed by private sector employees and was heard in the Kerala High Court in the year 2018. All these employees were covered by the facilities of EPS EPF and Miscellaneous Provisions Act, 1952.

The employees protested against the rules of the Employees’ Provident Fund Organization, saying it ensured them less pension. Because the salary may be more than 15 thousand, but the calculation of EPS pension has been fixed on a maximum salary of 15 thousand rupees. However, before the revision made by the central government on 1 September 2014, this amount was Rs 6,500.

Considering the rules of the Employee Pension Scheme as unfair, the Kerala High Court had given its verdict while accepting the writ of the employees. On this EPFO filed an SLP in the Supreme Court, which was dismissed by the Supreme Court. Now this matter is being heard again. Employees’ Provident Fund Organization (Employees’ Provident Fund Organization) employees can get good news soon!

The post EPS Pension Increase: Big news! EPS pension increased 3 times in the new year, see EPFO’s new order first appeared on Rightsofemployees.com.

In this circular, a big benefit has been given to the employees. Under this, higher pension will be given to the employees. For this, the employees have to apply online. Let’s know about it.

Who will get higher pension?

The EPFO ​​issued a circular to the Supreme Court on December 29 stating, ‘Employees who have compulsorily contributed higher wages under the Provident Fund (EPF) scheme and higher wages before retirement Chose the option of pension (Higher Pension Option), but his request was clearly rejected by EPFO, he will now get higher pension.

Apart from this, the Employees’ Provident Fund Organization (EPFO) says that the members who had contributed for pension on a salary exceeding the salary limit of Rs 5 thousand or Rs 6 thousand 500 and opted for higher pension, will also get this benefit. will get. According to the EPFO ​​circular, employees after this order will not be eligible under the Higher Pension Scheme.

Eligibility for Higher Pension

1. Option proof under para 26(6) of EPF scheme
2. Para 11(3) proof attested by the employer
3. Deposit proof
4. Pension fund deposit on salary in excess of Rs 5,000 – 6,500 limit Proof of
5. APFC Proof

Apply like this (Apply For Higher Pension)

For this, you go to the local office and apply for pension.
After filling the application form, take the relevant documents along with you.
Fill the application form according to the instructions given by the commissioner.
– If a mistake is found in the verification, then the application can be canceled.

The post PF Pension Rules Change: EPFO ​​has issued new rules! Now employees will get higher pension first appeared on Rightsofemployees.com.

On Thursday, EPFO ​​has directed its local offices to implement it. EPFO has issued this circular on December 29 to comply with the Supreme Court’s directive. In this circular, information has been given about which employees will get higher pension and how to apply for it online.

Who can get higher pension?

The circular states that only those employees are eligible, who have compulsorily contributed higher wages under the Employees’ Provident Fund (EPF) scheme and opted for higher pension before retirement. But his request was clearly rejected by EPFO.

Employees’ Provident Fund Organization (EPFO) said that the members who had contributed for pension on salary above the salary limit of Rs 5 thousand or Rs 6 thousand 500 and opted for higher pension would be given this benefit.

Who will not get higher pension from EPF

According to the circular, employees after the order of the Supreme Court dated November 4, 2022 will not be eligible under the Higher Pension Scheme. At the same time, the employees who retired before September 1, 2014, without exercising any option, have also been out of its membership. According to the amendment of 2014, only those employees who exercise the option will be given this benefit.

How to apply for higher pension 

If you are eligible to get higher pension then you can apply for pension by visiting the local office. You will also have to carry the completely filled application form and relevant documents along with you. The application form will have to be done according to the method specified by the commissioner. Then verification has to be done. If any mistake is found under the order, the application can also be canceled. In case of adjustment, the pension applicant can get consent.

If in any case money is sent from Provident Fund Trust to EPFO, then the trustee will have to inform about it. The payment along with interest will be deposited in a few days. 

Documents for Higher Pension 

• Proof of option u/s 26(6) of EPF Scheme
• Proof of option u/s 11(3) attested by the employer
• proof of deposit
• Proof of deposit in Pension Fund on salary exceeding the salary limit of Rs.5,000 or Rs.6,500
• Evidence in writing of refusal from APFC or any other 

The post EPFO issued circular on higher pension for these employees, know the complete details… first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO Pension Rules Change: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder: Good News! 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

Link Aadhaar Card with PAN before this date

If you do not link your Aadhaar with PF account, then you may be deprived of many facilities related to PF account. The Employees’ Provident Fund Organization has fixed March 31, 2023, for all PF account holders to link Aadhaar with PAN. If you are not able to do this within this time limit, then your PF account can also be deactivated.

Now it has been made mandatory to link Aadhaar with PAN card, driving license and other documents. Now you can link your Aadhaar with PF account while sitting at home. The process of linking Aadhaar with PF account is very easy.

Link Aadhaar with PF account like this

To link Aadhaar with PF account, first you have to visit the official website of EPFO ​​https://unifiedportalmem.epfindia.gov.in/memberinterface/ .

After this you have to log in here through UAN number and password.

After logging in, many options will appear on your screen.

After this you have to click on the option of ‘KYC’ available here.

After this, you will see many options, out of which you will have to click on the option of Link Aadhaar.

After this you will have to enter the Aadhaar card number here and then click on the save option.

After completion of all this process, you have to click on the option of ‘Submit’.

After this UIDAI will verify the information given by you and link your Aadhaar with PF account.

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In this series, the Ministry of Labor is running a scheme named EPS-95 for EPFO ​​account holders. Under this, the account holders get minimum monthly pension. EPFO has informed its account holders about this scheme by tweeting.

Employees’ Provident Fund Organization ( EPFO ) gave information about the benefits and features related to EPS 95 by tweeting. At present, there are more than 6 crore subscribers of EPFO ​​and 75 lakh pensioners across the country, who will get its benefit. Let us know in detail about EPS 95 …

Major advantages of EPS 95 The special thing is that the EPS-95 scheme covers the account holders as well as their widowed man or woman as well as children. Under this scheme, if an account holder dies during his job, then his spouse is given a minimum monthly pension of ₹ 1000.

• In this scheme, the member gets pension on retirement at the age of 58 years.
• The initial member pension (if unemployed) is available from the age of 50 years in the scheme.
• There is a provision for disability pension if the member is permanently and totally disabled during the service period.
• On the death of the account holder, two children get an amount equal to 25 percent of the pension his or her spouse is getting.
• Both the children get equal amount of 25-25 per cent till the age of 25 years.
• Pension to the dependent father/mother on the death of the member account holder provided there is no nominee of the family or any other member.
• Please tell that the full name of this scheme is Employees Pension Scheme-1995. This scheme of EPFO ​​was named EPS-95 because it was started in the year 1995.
• Employees’ Provident Fund Organization is one of the largest social security organizations in the world. This organization keeps on offering different schemes for its account holders. EPFO schemes can be very useful for you in times of trouble.

The post EPFO New Pension: Now pension at the age of 50! Nominee-wife-child will also get these big benefits, know how ? first appeared on Rightsofemployees.com.

Money can be transferred to the account soon:

Most of the employees of the country have their own PF account in which they contribute every month. If your PF money is deducted from your salary, then soon a large amount can be transferred to your account. At present, the PF account of more than 6 crore employees is present across the country.

Who will get this benefit:

Employees’ Provident Fund Organization (EPFO) KK will transfer PF interest money to the employees’ account very soon. In such a situation, those employees whose PF account has Rs 5 lakh deposited, they can get 40 thousand rupees as interest. According to media reports, the interest amount will be transferred to the PF account soon.

Check PF account balance sitting at home:

• To check the balance of PF account, you have to visit the website epfindia.gov.in.
• Then click on the option ‘Click here to know your EPF balance’.
• After this, through the redirect link, you have to go to the page of epfoservices.in/epfo/.
• – There you have to click on the option of ‘member balance information’.
• Then the PF account number and registered mobile number have to be entered there.
• After this, after selecting your state, you have to click on the website link of your state’s EPFO ​​office.
• Finally, click on the option of ‘Submit’.
• After completing this process, you will be able to see your PF account balance on the screen.

The post PF Interest Credited ! Good News: Employees will get Rs, 40,000 interest in PF account, know its full details first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

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That’s why it is beneficial to do nomination for EPF Subscriber. Now EPFO ​​also closes some facilities of non-nomination subscribers.

It is also not that if no one has nominated, then after the death of the EPF account holder, his family members cannot withdraw his money. Even if a subscriber has not declared his nominee, his family members can claim by filling Form 20.

Who will get the money

without nomination If an EPF account holder dies, then the family members have to fill Form Form 20 to withdraw the money. The rule of EPFO ​​is that if the subscriber has not made the nomination and he dies, then the money deposited in EPF is distributed equally among the family members.

EPFO considers these as Family Members

Family members include spouse, children (married or unmarried), dependent guardians, dependent guardians of the husband of the subscriber in case the subscriber is female, widow of the son of the subscriber and her children.

Form 20 has to be filled

The family of the EPF account holder has to fill Form 20 to get the form money. In this, the names of the family members who are entitled to receive the money will have to be given. The company will give information about the family members where the EPF subscriber used to work. If for some reason the company cannot give this information, then the list of family members will have to be certified and submitted by the Executive Magistrate. Along with Form 20, a photocopy of death certificate and canceled check will also have to be attached.

If there is a will then it will take more time

If the subscriber has made a will then it may take more time to get the claim. This happens because the succession certificate of the will has to be given. This is done as a precaution so that no one else can make such a claim in future. Its investigation takes time due to which the claim is received a little late.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Covid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

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Money can be transferred to the account soon:

Most of the employees of the country have their own PF account in which they contribute every month. If your PF money is deducted from your salary, then soon a large amount can be transferred to your account. At present, the PF account of more than 6 crore employees is present across the country.

Who will get this benefit:

Employees’ Provident Fund Organization (EPFO) will transfer PF interest money to the employees’ account very soon. In such a situation, those employees whose PF account has Rs 5 lakh deposited, they can get 40 thousand rupees as interest. According to media reports, the interest amount will be transferred to the PF account soon.

Check PF account balance sitting at home:

• To check the balance of PF account, you have to visit the website epfindia.gov.in.
• Then click on the option ‘Click here to know your EPF balance’.
• After this, through the redirect link, you have to go to the page of epfoservices.in/epfo/.
• – There you have to click on the option of ‘member balance information’.
• Then the PF account number and registered mobile number have to be entered there.
• After this, after selecting your state, you have to click on the website link of your state’s EPFO ​​office.
• Finally, click on the option of ‘Submit’.
• After completing this process, you will be able to see your PF account balance on the screen.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPF Pension: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post PF Account: Good News! 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (Basic Salary) for the Employees’ Pension Scheme. Meaning, even if your salary is more than 15 thousand rupees a month, but your pension will be calculated only on a maximum salary of 15 thousand rupees. EPFO is in the process of abolishing this salary limit. Sources say that the calculation of Employees’ Pension Scheme will be done on the last salary i.e. high salary bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get pension, it is necessary to contribute to Employees Provident Fund (EPF) for 10 years. Whereas, after completing 20 years of service, a weightage of 2 years is given. If a decision is taken to remove the limit, then how much difference will it make, let us understand…

How will the pension be calculated?

According to the current system, if an employee is doing a job from June 1, 2015, and if he wants to take pension after completing 14 years of service, then his pension would be calculated at Rs 15,000 only, even if he earns Rs 20,000. Be it in the basic salary bracket or 30 thousand rupees. According to the old formula, the employee will get a pension of about Rs 3000 from June 2, 2030, on completion of 14 years. The formula for calculating pension is – (Service History x 15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example No. 1

Suppose the salary (Basic Salary + DA) of an employee is at 20 thousand rupees. Calculating from the pension formula, his pension will be Rs.4000 (20,000X14)/70 = Rs.4000. Similarly, the higher the salary, the more he will get the benefit of pension. There can be a 300 percent jump in the pension of such people.

Example No. 2

Suppose an employee has a job of 33 years. His last basic salary is 50 thousand rupees. Under the existing system, the pension would have been calculated only on a maximum salary of Rs 15,000. In this way (formula: 33 years + 2 = 35/70×15,000) the pension would have been Rs 7,500 only. This is the maximum pension in the current system. But, if the pension ceiling is removed and the pension is added according to the last salary, they will get a pension of Rs 25,000 thousand. Means (33 years+2= 35/70×50,000= Rs 25000).

Pension will increase up to 333%!

Explain that according to the rules of EPFO, if an employee contributes to EPF continuously while working for 20 years or more, then two more years are added to his service period. In this way he completed 33 years of service, but the pension was calculated for 35 years. In such a situation, the salary of that employee can increase up to 333 percent.

What is the whole matter?

The Employees’ Pension Amendment Scheme, 2014 was implemented by the Central Government by issuing notification from 1st September 2014. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of EPF and Miscellaneous Provisions Act, 1952.

The employees protested against the rules of EPFO, saying that this ensures less pension to them. Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed on the maximum salary of 15 thousand rupees. However, before the amendment made by the Central Government on September 1, 2014, this amount was Rs 6,500. Considering the rules of EPFO ​​as unjustified, the Kerala High Court approved the writ of the employees and gave its verdict. On this, EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

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The government may soon increase the salary limit of the pension scheme of the Employees’ Provident Fund Organization (EPFO). This will increase the mandatory contribution of employees and companies. Also, it will help the employees to save more for their retirement funds.

Currently, the salary limit for the Employees’ Provident Fund (EPF) scheme of EPFO ​​is Rs 15,000 per month. This can be increased to Rs 21,000. If this happens, 75 lakh more employees will come under the ambit of EPFO. Now their number is 6.8 crore. The salary cap was last raised in 2014 from Rs 6,500 per month. PF has to be deducted in those companies where 20 or more employees work.

Committee will be formed soon An expert committee will be formed soon to increase the salary limit. The committee will decide the limit according to inflation. After this the minimum wage limit will be increased.

This is how the contribution will increase after the amendment . At present, the monthly salary of Rs 15,000 is Rs 1,800 at the rate of 12%. If the salary limit is raised to Rs 21,000, the PF contribution at 12% will increase to Rs 2,520. This will increase the retirement fund.

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Which pensioners need not worry?

If it has not been a year since you submitted your life certificate, then you do not need to submit your certificate till November 30, 2022. Private sector pensioners get pension under Employees’ Pension Scheme (EPS), 1995 of Employees’ Provident Fund Organization (EPFO). Pensioners of EPF’95 need not submit their life certificate in November, 2022 in these two conditions if-

1. Your pension started one year ago,

2. You submitted your last life certificate on or after December, 2021.

Deposit anytime, will be valid for 1 year

Apart from this, the pensioners of EPF’95 get another facility. You can submit your life certificate whenever you want. The only rule is that whenever you submit your life certificate, this certificate will remain valid for the next one year. You just have to keep in mind that you should submit your new life certificate as soon as its validity expires.

From where do you get the digital certificate?

You can take Digital Life Certificate from Jeevan Praman Kendras like Bank, Government Office, Post Office or Jeevan Praman App. Apart from this, you can also download it from the Jeevan Pramaan app. You can download this app from https://jeevanpramaan.gov.in /. For this, you will need a pre-approved biometric fingerprint or iris scanning device.

How to deposit Jeevan Praman Patra?

DLC can be done comfortably sitting at home with Jeevan Pramaan. Its process is here-

• You will first have to enter the details of pension account and account holder along with Aadhaar, mobile number.
• After this OTP will come for authentication on email id and mobile number. After OTP verification, you can generate DLC (Digital Life Certificate).
• Now you will have to give the pensioner’s Aadhaar number, pension payment order, bank account details and mobile number.
• After completion of biometric authentication, an SMS will come on your mobile number, which will contain the ID of your Jeevan Pramaan certificate.
• Now the pension issuing authority can access your digital life certificate on the Jeevan Pramaan website if needed.

What are the methods other than Jeevan Pramaan App?

Pensioner can also deposit his DSL through Doorstep Banking Mobile Application. To book this service, he can either call these toll-free numbers- 18001213721, 18001037188 or book this service by visiting the official website. Apart from this, they can also submit their life certificate through face authentication technology through UIDAI’s Aadhaar software.

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Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

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Employees’ Provident Fund Organization ie EPFO ​​is working on an important proposal. EPFO is considering a proposal to abolish the salary and the limit of employees in the company. This proposal is being considered to be implemented for all types of formal workers and self-employed people. This means that people whose salary is less than Rs 15,000 and a company that does not have 20 employees can be included in the retirement scheme of EPFO.

To implement this new proposal, EPFO ​​is talking to different parties and its point has also been conveyed to the states. At present, only people whose salary is Rs 15,000 can take advantage of the EPFO ​​scheme. Also, only the company which has at least 20 employees can add their employees to the EPFO ​​scheme. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 will have to be reformed to remove the salary limit of Rs 15,000 and 20 employees. After this change, self-employed people will also be able to join the EPFO ​​scheme.

Once this amendment is done in the rules of EPFO, then the rule of salary and mandatory number of employees will be abolished. Then any company with any income or salary and any number will be able to join EPFO. At present, the benefit of retirement scheme of EPFO ​​is available to the same employee or worker whose salary is more than Rs 15,000. EPFO provides provident fund, pension and insurance facility to its members. These facilities are provided under EPF, Employee Pension Scheme and Employee Deposit Linked Insurance Scheme.

On the other hand, a committee has suggested to increase the salary limit of EPF from Rs 15,000 to Rs 21,000. According to the existing rules, only an employee can join EPFO ​​whose salary is up to Rs 15,000.

The rule says that it is necessary to give the benefit of the EPF scheme on behalf of the company to an employee with a monthly salary of Rs 15,000. If the recommendation of the committee is accepted, then the salary limit can be Rs 21,000. Earlier in 2014, the salary limit was increased. EPF was set up in the year 1952 and the 9th increase was done for the last time in 2014.

The money deposited in EPF is for retirement facilities. But in adverse circumstances or subject to certain conditions, money can be withdrawn from PF. During the Corona period, the government had given permission to withdraw advance money from PF. As soon as the limit of Rs 21,000 is fixed, about 75 lakh employees of the country will come under PF.

At present, the benefit of EPF is given to 6.80 crore people. But if the EPFO ​​abolishes the rule of salary limit, then people working in the formal sector and self-employed will also benefit. Under EPF, the benefits of provident fund, pension and insurance schemes are given to the employees.

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In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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According to a report, now this limit can be increased to Rs 21,000 a month. Last time this limit was increased in 2014. Then the monthly limit for EPFO ​​was Rs 6500, which was increased to Rs 15,000. However, this limit is applicable only to those companies where the total number of employees is more than 20.

The government is hopeful that after increasing the salary limit for joining EPFO, the mandatory contribution from the side of the company and the employees will increase. This will enable employees to save more for their retirement. With this, more and more people will come under the ambit of EPFO.

According to a report in ET, after increasing the salary ceiling of EPFO, about 75 lakh employees will come under this purview. Presently 6.8 crore employees are registered under EPFO.

How does this sealing work?

At present, employees earning Rs 15,000 per month come under the purview of EPFO. The company and the employees together have to contribute 12% of the salary to the EPFO. Secondly, those employees of the organized sector whose salary is less than Rs 15,000 are also required to become members of EPF. In such a situation, if the employee wants, he can increase his contribution, but only a fixed amount is contributed by the company.

The post EPFO Salary Increased Limit: Big News! Can the government increase the salary limit of EPFO? Currently this limit is ₹15,000 per month first appeared on Rightsofemployees.com.

EPFO: Pensioners taking pension from the Employees’ Provident Fund Organization (EPFO) under the Employees’ Pension Scheme (EPS) 1995 do not have to submit life certificates till November 30. 

The deadline till November 30 does not apply to pensioners coming under EPS-95. EPFO told through a tweet that pensioners of EPS-95 can submit life certificate anytime in the year. It will be considered valid for the next one year from the date of submission. For example, if he has submitted the life certificate on 1st December, it will be valid till 30th November next year.

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The Employees’ Provident Fund Organization (EPFO) has informed that if your pension was started less than a year ago, or you have deposited it in December 2021, then there is no need to submit life certificate in November 2022.

Life certificate can be submitted from home

Now you will not need to go to the bank or post office to submit the life certificate. Now you can do this work from the comfort of your home. Here we are telling you how to book doorstep service.

How to apply for Digital Life Certificate

Step 1: Download Doorstep Banking App for submission of Jeevan Pramaan.

Step 2: Select your bank’s doorstep service.

Step 3: Enter your pension account number and validate.

Step 4: Make the payment.

Step 5: Submit your request.

Agent will come to your door

You will get the name and address of the agent coming for doorstep service on SMS. The agent will visit your home to complete the life certificate submission process.

What is Jeevan Pramaan Certificate? (What is Life Certificate for Pensioners)

Jeevan Pramaan Certificate is a digital life certificate of the pension scheme of the Government of India. It is aadhaar based digital service for pensioners which is based on biometric authentication and pensioners can submit their life certificate through this. This is one of the methods of submission of life certificate of the government.

You can also deposit by visiting the service center

Pensioners can submit life certificate by visiting their nearest Common Service Center. Pensioners can also submit life certificate by visiting the post office.

The post Jeevan Pramaan Patra: EPFO ​​issues new guidelines for life certificate, know details first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Good News! Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

The post Employees Pension Increased: Good News ! There may be an increase of Rs 8500 in the pension of the employees, know how first appeared on Rightsofemployees.com.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

The post Pension Increased: Good News ! There may be an increase of Rs 8500 in the pension of the employees, know how first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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Important news for EPFO ​​subscribers. The government has rejected the proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers. After this, a parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension from the existing Rs 1,000 per month. However, the amount of the increase proposed by the Labor Ministry is not known.

Big blow to EPFO ​​subscribers

According to the information, top officials of the Ministry of Labor and EPFO ​​on Thursday informed the Parliamentary Standing Committee on Labor under the chairmanship of BJD MP Bhartrihari Mahtab about the operation of the EPF pension scheme and the management of its fund. The officials informed the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension. After this, the committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this subject.

In fact, the committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs 2,000. The committee had made this proposal in view of rising inflation.

change in pension scheme

Significantly, the EPFO ​​has agreed to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95) to employees retiring in less than six months. Till now Employees’ Provident Fund Fund (EPFO) subscribers are allowed to withdraw deposits from Employees’ Provident Fund account only if there is less than six months of service left. This decision means that now the subscribers of EPFO ​​will be able to withdraw money from the pension fund as well.

The post EPFO Pension Increased: Pension of EPFO ​​subscribers will increase! Government made big statement first appeared on Rightsofemployees.com.

A new rule has come to withdraw money from EPFO, which is beneficial for you. It is also important for you to know this. The Central Board i.e. CBT has recommended to the government that changes should be made in the EPS withdrawal rules. This is great news for the employees who are going to retire in the next 6 months.

The CBT has recommended the government to make necessary changes in the EPA-95 plan. It is believed that when the retirement benefit is fixed, the retiring employees will get more benefits. On Monday, the Employee Provident Fund Organization has announced some new changes to withdraw money. According to the new rules, an employee can withdraw money even 6 months before retirement.

The Employees’ Provident Fund Organization (EPFO) has announced a significant change on Monday. Now how can customers withdraw their savings amount? Employees Pension Scheme 1995 (EPS-95) deposits can now be withdrawn by subscribers even with less than six months service as per the decision taken by EPFO.

At present, only EPFO ​​members who have less than six months of service left can withdraw the amount deposited in an employee’s provident fund account. The Central Board of Trustees in its 232nd meeting, chaired by Union Labor Minister Bhupendra Yadav, the highest decision-making body of EPFO, recommended changes to the existing EPS-95 scheme to the government. The board has advised the government regarding the extension of EPS withdrawal benefit to the members who are going to retire in six months.

The board has also suggested that the participants who have deposited the amount in the scheme for more than 34 years should be given proportionate pension benefits. As a result, when the retirement benefit is fixed, the retirees will get a higher pension.

According to the statement, the board has recommended that it is possible to determine the value of equitable transfer whenever exemption from EPS-95 is granted or cancelled. It has an exchange-traded fund (ETF) unit investment policy that has been approved. The board also gave its approval for transactions of ETF units purchased in 2018 to capture capital gains.

The documents authorized to submit this audit report to Parliament include audited annual accounts for the financial year 2020-21 as per the Employees’ Deposit Link Insurance (EDLI) Scheme 1976, EPS Scheme 1995 and EPF Scheme 1952.

The post EPFO New Rules: Good news for EPFO ​​pensioners, can withdraw money even before retirement, check details first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Covid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder: Good News: 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

The post Pension Increased: Good News ! There may be an increase of Rs 8500 in the pension of the employees, know how first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has more than 25 crore subscribers across the country, out of which the government is soon going to transfer interest in the account of about 6 crore people. In such a situation, to get this interest, you will have to deal with a very important task. Without doing this work, interest money will not be transferred to your account. Employees’ Provident Fund (EPF) has given its subscribers the facility to update KYC (Know Your Customer-KYC).

You can update KYC by visiting the official portal of EPFO, epfindia.gov.in. If the KYC process of an account holder is not completed, then in such a situation, the PF will not transfer the interest money to the account. You will need UAN number and password to do this work. If you have not yet completed your EPFO ​​KYC, then update it as soon as possible. Let’s know about this-

What will happen if KYC is not updated?

Employees Provident Fund Organization has told that you do not face any problem in money transfer or withdrawal when KYC is updated in the account. On the other hand, in the absence of such, there is a problem in getting tax claim or interest in some way. Without KYC (EPF KYC), you also do not get any kind of SMS alert related to the account. In such a situation, do this work as soon as possible. It is worth noting that EPFO ​​has given this information that from 31 October 2022, it has started transferring interest money in the account of employees.

These documents are required to update KYC-

• Aadhar Number (Aadhaar Card)
• PAN Number (PAN Card)
• Passport
• Driving License
• Copy of Passbook for Bank Account Number

Step by step process to update KYC-

1. For this, first go to the member portal of EPFO.
2. Here login by entering your UAN number and password.
3. As soon as you login, a page will open in front of you in which manage will be written.
4. Select its KYC option. After this, fill all the details asked here like Aadhar number, PAN number, bank account number etc.
5. After that click on Save option.
6. In the column of KYC Pending for Approval, you will see the status of KYC.
7. If you see Digitally Approved KYC written then your KYC has been completed. You will also get a message through its SMS.

The post EPFO Big News! Attention EPFO ​​Account Holders! Do this important work as soon as possible, otherwise the interest money will stop first appeared on Rightsofemployees.com.

Good news has come out for the beneficiaries of Employees’ Provident Fund Organization (EPFO). EPFO has started crediting the interest account holders account for the financial year 2021-22. After which now soon the interest money will start reflecting in the account of 7 crore subscribers of EPFO. EPFO has recently tweeted this information. If you are also employed and your PF is deducted, then you can check your Provident Fund balance in these 4 ways.

Significantly, at the beginning of the month, the Finance Ministry said that the EPFO ​​​​interest amount is being deposited in the accounts of Employees’ Provident Fund subscribers. But this happened because the software had to be upgraded. The ministry said that no customer has suffered any loss of interest amount.

1. Check balance through SMS in this way

If your UAN is registered with EPFO, then your latest contribution and PF balance information can be received through a message. For this you have to send EPFOHO UAN ENG to 7738299899. The last three letters are for language. If you want information in Hindi then you can send it by writing EPFOHO UAN HIN. The service is available in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali. This SMS should be sent from the registered mobile number of UAN.

2. Check Balance Through

Missed Call You give a missed call on 011 22901406 from your registered mobile number. After this you will get a message from EPFO ​​in which you will get the details of your PF account. For this, it is necessary that the bank account, PAN and Aadhaar should be linked with UAN.

3. Through EPFO

​​>> You have to go to EPFO ​​for this.
>> Click on Employee Centric Services here.
>> Now click on View Passbook.
>> To view passbook you have to login with UAN.

4. Through UMANG App

>> Open your UMANG App (Unified Mobile Application for New age Governance) and click on EPFO.
>> You have to click on Employee centric services on another page.
>> Click on View Passbook here.
>> Enter your UAN number and Password (OTP) number.
>> OTP will come to you on your registered mobile number.
>> After this you can check your PF balance.

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Actually, there has been a demand to increase the pension of PF subscribers for a long time. But the Finance Ministry has rejected the Labor Ministry’s proposal in this regard.

Proposal to increase the pension from Rs 1000 per month The proposal to increase
the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor. The parliamentary committee will seek clarification from the Finance Ministry in this regard. However, it could not be found that how much pension has been proposed by the Ministry of Labor?

Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

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After this, a parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension from the existing Rs 1,000 per month. However, the amount of the increase proposed by the Labor Ministry is not known.

Shock to EPFO ​​subscribers

According to the information, top officials of the Ministry of Labor and EPFO ​​on Thursday informed the Parliamentary Standing Committee on Labor under the chairmanship of BJD MP Bhartrihari Mahtab about the operation of the EPF pension scheme and the management of its fund. The officials informed the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension. After this, the committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this subject.

In fact, the committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs 2,000. The committee had made this proposal in view of rising inflation.

change in pension scheme

Significantly, the EPFO ​​has agreed to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95) to employees retiring in less than six months. Till now Employees’ Provident Fund Fund (EPFO) subscribers are allowed to withdraw deposits from Employees’ Provident Fund account only if there is less than six months of service left. This decision means that now the subscribers of EPFO ​​will be able to withdraw money from the pension fund as well.

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Which means, the employees whose salary is less than 15 thousand or 15 thousand rupees, then their salary limit will now be 21 thousand rupees. For example, if the salary of an EPF employee is 15 thousand rupees, then his salary will be 21 thousand rupees per month.

The proposed increase of the salary limit to Rs 21,000 per month has been endorsed by a committee, the report said. The committee has said that the government may implement the increase from a later date after deliberation. In such a situation, if the increase is accepted by the Central Board of Trustees of EPFO, then lakhs of employees will get a big relief.

According to media report, once the proposal is implemented, an estimated 7.5 million additional workers will benefit from the scheme. At present, the central government pays about Rs 6,750 crore annually under the Employees’ Pension Scheme.

The report also said that any company with more than 20 employees must be registered with the EPFO ​​and the EPF scheme has been made mandatory for all employees earning less than Rs 15,000. Along with this, it has also been told that workers more than the limit of Rs 21,000 will be brought under the purview of retirement scheme and the benefit of other social security scheme will also be given.

Explain that under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, EPFO ​​provides social security benefits to the employees in the form of pension and insurance funds. As per the data, in January 2022, EPFO ​​added 1.52 million employees on a net basis, which is an increase of over 21 per cent as compared to 1.26 million in December 2021.

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Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

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Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

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