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SBI to issue receipts for payments of PF dues: EPFO

Resolving a major issue between SBI and the firms filing PF returns, EPFO has said the bank will now issue receipts for cheques or drafts deposited by them, avoiding uncalled for penalties for late clearances. "Employees' Provident Fund Organisation has finally been able to resolve a major problem of employers with regard to State Bank of India," an EPFO statement said. SBI was not giving re...

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EPFO hikes interest on PF deposits to 8.75 per cent

Your employee provident fund account would earn 8.75 per cent interest in 2013-14. The Central Board of Trustee of the Employee Provident Fund Organisation (EPFO) recommended the rate to government on Monday. In 2012-13, the rate of interest was 8.5 per cent. The meeting was chaired by Union Minister for Surface Transport and Labour & Employment Oscar Fernandes. The Board has also decided to...

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Draft terms of reference for 7th Pay Commission published by Confederation

The members of the National Secretariat of the Confederation available at New Delhi met on 23rd Oct. 2013 and again on 24th October, 2013 to discuss and formulate our views on the 7th CPC terms of Reference. On the basis of the discussions, we prepared a draft terms of reference and submitted it for consideration of the Staff Side. The important points we placed in our draft for the consideration ...

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Filing online PF account transfer claims become a reality

The filing of online provident fund account transfer claims on changing jobs for subscribers of the EPFO has become a reality now. The facility has been made available as the Employees' Provident Fund Organisation (EPFO) has launched its online transfer claim portal (OTCP) on October 2, 2013. EPFO's Central Provident Fund Commissioner K K Jalan has said, "..handling of transfer c...

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Labour Ministry notifies investment pattern for EPFO minus equity clause

The Labour Ministry has finally notified the more flexible investment pattern of 2008 for Employees Provident Fund Organisation this week but minus its provision for investment in equity. The notification comes after a tussle that has lasted for six years between the ministry and the finance ministry on whether EPFO should invest funds in equity. The pattern that has been notified by the Lab...

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Canteen allowance part of basic wages for PF deduction: Delhi HC

Canteen allowance paid by the employer to employees is part of basic wages and is required to be taken into account while computing the provident fund contribution, the Delhi High Court has said in a ruling. The court said this in its recent judgement on a petition filed by Whirlpool Of India Ltd against an order of Regional Provident Fund Commissioner asking the company to pay PF contribution ...

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EPFO working on new universal number: CPFC

EPFO is working on a universal number system for its four-crore active subscribers. "We are in the process of working on universal number system. But because we have burnt our fingers in the past, we want to be sure on the new system. Hopefully, we will launch the system this fiscal," Central Provident Fund Commissioner K K Jalan told reporters. He said if launched successfully it would be ...

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Give workers the National Pension Scheme as an option

Trade unions are wrong to block the proposal to let workers of the employees pension scheme (EPS) switch to the National Pension Scheme (NPS). Ideology cannot override common sense as workers need better returns and must have the option to take control over their retirement savings. The EPS, funded by the Centre that contributes 1.16% of the members' monthly wage and the employer who contributes 8...

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Unions oppose finance ministry’s proposal to offer EPFO members NPS scheme

Trade unions have decided to oppose finance ministry's proposal to offer the New Pension System (NPS) to the retirement fund body EPFO's subscribers who are covered under Employees' Pension Scheme-1995 (EPS-95). The Finance Ministry has said the NPS scheme p...

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Hike contribution to ensure Rs 1,000 minimum pension: EPFO

EPFO has made a case for increase in government's contribution to its pension scheme EPS-95 to 1.79 per cent of basic wages from existing 1.16 per cent for ensuring Rs 1,000 per month to pensioners. " is believed that there is a strong case for increasing the government's contribution from 1.16 per cent to 1.79 per c...

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