Epfo in a sentence

EPFO interest rate: For the previous year, EPFO paid an interest rate of 8.65 per cent.

New Delhi: Employees “Provident Fund Organisation” (EPFO) launched a new portal on Wednesday through EPFO pensioners will get the details of pension-related information.

It captures all details of tax deducted at source (TDS) and tax collected at source (TCS) by various entities – employers, banks, EPFO and other financial institutions, among many others.

Job creation is measured in the number of new net enrolments made with the Employees Provident Fund Organisation (EPFO).

According to the statement, the Employees' Provident Fund Organisation (EPFO) has released provisional payroll data for October 2024, revealing a net addition of 13.41 lakh members.

The net addition in EPFO subscriptions indicates the extent of formalisation of the job market and the coverage of social security benefits to the organised/ semi-organised sector workforce.

This signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives, a labour ministry statement said on Wednesday.

According to the report, net new enrolments with retirement fund body EPFO stood at 10.05 lakh in August, up from 7.48 lakh in July.

Anticipating the huge surge in the demand, EPFO came out with acompletely new software which has been developed from scratch and module for on-line receipt of the claims was introduced within 24 hours and deployed on 29th March 2020.

EPFO also invests in Nifty and Sensex ETFs of Mutual Fund and UTI Mutual Fund.

Importantly, according to EPFO, this being an advance, does not attract income tax deductions.

In FY19, India had created 89.7 lakh new payrolls as per the EPFO data.

So, to ensure proper management of your EPF contributions and to help EPFO in its effort for better compliance, link your Aadhaar Card number with your UAN.

Terming the latest measures as “Atmanirbhar Bharat 3.0”, Finance Minister Nirmala Sitharaman Thursday had announced a number of steps ranging from EPFO support, fertiliser support to collateral free credit to stressed sectors.

Despite the government wanting to push these reforms, however, the trade unions—in the case of EPFO—have been able to ensure that close to five years later, Jaitley’s promise remains unfulfilled.

Don’t disclose your personal information over the phone,” EPFO tweeted today.

ESI scheme is applicable to all those establishments that employ 10 or more people and any firm or company having more than 20 employees must register with EPFO as these are considered vital for social security of workers.

Firstly, you need to update the information with the EPFO.

Please do not respond to such fake calls,” EPFO said on its website and Twitter.

The EPFO said the data is provisional as updation of employee records is a continuous process and gets updated in subsequent month/s.