Diabytes
Employees Provident Fund Organisation News
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The committee chaired by Sumita Dawra took stock of the progress made in the implementation of CITES 2.01 to facilitate a UAN-based ledger for all member accounts and thus allow faster access to funds and processing of claims during EPFO Meet.
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Members have already started filing their requests using this new facility out of which around 40,000 are already approved by the field offices of EPFO.
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The last amendment on the cap of salary was made in 2014 wherein the government had raised the PF salary limit from Rs 6500 to Rs 15000.
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EPFO members are covered under free life insurance through the Employees' Deposit Linked Insurance Scheme (EDLI).
The EDLI cover is provided to salaried employees through a combination with EPF and the Employees' Pension Scheme (EPS).
The life cover is decided based on the last drawn salary of the employee.
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The interest credit to EPFO accounts would be credited early this year.
EPFO now offers an annual interest rate of 8.5 percent.
One can easily check the PF balance now.
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The month-on-month comparison of payroll data reflects a slight increase of 31,826 net subscribers in Feb.
On a year-on-year comparison, February 2022 saw an increase of 1,74,314.
The age-group of 18-25 years constitutes around 45 per cent of total net enrolments during the month.
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Approximately 6.65 lakh net subscribers exited but re-joined EPFO by continuing their membership with EPFO instead of opting for final withdrawal.
The payroll data also reflects a declining trend in the number of members exited since July 2021.
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EPFO alerted subscribers against sharing important information.
The organisation said that its employees don’t ask for such details.
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EPFO has urged its members not to share essential information, even if someone purports to be its representative and asks for it, in a social media message from its official Twitter handle.
Subscribers to provident funds should be aware that the EPFO never requests money from its members via WhatsApp or any other social media platform in exchange for its services.
EPFO members can use DigiLocker to protect themselves from online scams. DigiLocker is a secure cloud-based platform for document and certificate storage, exchange, and verification.
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EPFO issued directions to field offices to credit the interest income at 8.5 per cent for 2020-21 into the subscribers' account.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
In March 2020, EPFO had lowered interest rate on provident fund.
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More than 7,400 employees will start receiving the benefits.
Air India employees will receive an extra 2% of employer’s contributions in their Provident Fund Accounts.
Air India employees will receive a guaranteed Rs 1000 pension.
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The organisation has taken note of the delay in payment of pension to pensioners.
Pensioners had complained that the money was not getting credited to their accounts.
The Employees’ Pension Scheme pensioners have long been difficulties in receiving the pension on time.
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The 18-21 age-group also registered a healthy addition of around 2.81 lakh net enrolments.
The 18-25 age bracket contributed around 46.20 per cent of total net subscriber additions in November 2021.
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It is critical to name a nominee for your EPF or EPS account in order to ensure that your loved ones benefit from your life savings even if you are not present.
It should be remembered that an EPF account holder can alter the nominee for their EPF account by completing a fresh PF nomination.
EPF members should keep in mind that they can file an e-nomination at any time and from any location using their UAN login.
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Even if a person changes positions after the relocation to the C-DAC to create the systems, their provident fund number will remain the same.
The Central Board of Trustees (CBT), EPFO's ultimate decision-making authority, made this decision at its 229th meeting.
The Board voted to allow the Finance Investment & Audit Committee (FIAC) to decide on investment choices on a case-by-case basis for all such asset classes.
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EPFO is currently offering an 8.5% interest rate on PF investments.
The organisation has kept the interest rates unchanged in the last financial year at 8.5%.
EPFO subscribers can use multiple ways to check their PF balance.
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The fraudulent transactions were done between March 2020 and June 2021.
The total amount withdrawn from PF is Rs 21.5 crore.
This money was fraudulently withdrawn from the pooled fund of EPFO.
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This was a long pending demand of the pensioners and will benefit approximately 6.3 lakhs pensioners.
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Among the various options, the CBT will also decide in its meeting whether or not to give the subscriber an option to return the partial withdrawal to EPFO or not.
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EPFO has also lowered the rate of interest on employees provident fund to 8.55 percent from 8.65 percent.
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