EPFO makes it mandatory to provide workers’ bank account numbers
Retirement fund body EPFO made it mandatory for firms to provide their employees’ bank account numbers with IFSC code of bank branch to facilitate allotment of universal PF account number and payment to its subscribers.
The Employees’ Provident Fund Organisation headquarters has asked its over 120 field offices to seek the core banking account numbers with IFSC code of bank branch for seeding the same with the portable Universal PF Account Number (UAN).
“…government issued direction ..to issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of UAN, proper implementation of the EPF Scheme, 1952 and removal of the difficulties in the matter of payment of accumulations in the Fund to members after they cease to be such members,” an office order said.
EPFO’s Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
At present, EPFO has already captured bank account details in respect of 1.80 crore employees, PAN details in respect of 86.9 lakh employees and Aadhar number in respect of 28.2 lakh employees.
The EPFO is in the process of making portable Universal PF Account Number (UAN) operational for its 4.17 crore contributing subscribers by October 15.
The body had started the process of seeding the 4.17 crore UANs with subscribers bank account numbers, PAN, Aadhaar and other Know-your-Customers (KYC) details to improve the delivery of its services in July this year.
As per the office order, the firms will have to furnish the information regarding the core banking account number with IFSC code of the bank branch in respect of existing members by October 15.
Besides the employers shall provide the information regarding bank account and IFSC code in respect of previous members under their employment by October 31.
The order further stated that every employer henceforth will provide the core banking account number with IFSC code of the bank branch in respect of every new member on joining the Fund.
As per the order, the subscribers of the fund who are presently not employees of any establishment, will provide their core banking account numbers with IFSC code of the bank branch, a crossed cheque folio with member’s name printed thereon and their previous PF account number themselves at any Regional or Sub-Regional Office of the EPFO. These category of members shall be provided this information by November 31.
Source:http://ncjcmstaffside. | |
Showing posts with label GPF. Show all posts
Showing posts with label GPF. Show all posts
Tuesday, October 7, 2014
EPFO makes it mandatory to provide workers’ bank account numbers
Wednesday, April 3, 2013
Comparison in the returns between Employees Provident Fund and New Pension Scheme
Comparison in the returns between Employees Provident Fund and New Pension Scheme
Returns on EPFO fund is difficult to compare with return on other Pension Schemes like New Pension Scheme.
With an important message, a written reply was submitted in Lok Sabha 4th March, 2013 by the Minister of State for Labour and Employment Shri. Kodikunnil Suresh about the returns on NPS as follows...
"The wage ceiling for mandatory provident fund contributions under the Employees’ Provident Fund & Miscellaneous Provisions Act, 1952 is Rs. 6,500/-.
Data of workers outside the wage limit is not maintained by the Employees’ Provident Fund Organization.
EPF money is invested as per the investment pattern of 2003 notified by Government of India which allows investment in Central Government Securities, State Government Securities, Bonds of Public Sector Undertakings and Private sectors. Returns on EPFO fund is difficult to compare with return on other Pension Schemes like New Pension Scheme.
The declaration of the return of NPS is on the basis of the accounting policy prescribed by NPS which allow the NAV to be declared on the basis of current market value of the investments. While EPFO follows the cost value of the investment for accounting its investment and return is declared on the basis of actual receipt of interest on the investments.
The return on EPFO investments are fixed whereas the return on NPS are not fixed and fluctuates on daily basis depending on the prevailing market conditions".
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Tuesday, February 12, 2013
PFRDA Orders : Withdrawal of erroneous contribution received into NPS instead of GPF
PFRDA Orders : Withdrawal of erroneous contribution received into NPS instead of GPF
Withdrawal of erroneous contribution received into NPS instead of GPF
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Cir no: PFRDA/ 2013/2/ PDEX / 2 SL-1 Subject: Withdrawal of erroneous contribution received into NPS instead of GPF There have been various queries and requests from the subscribers and the PAOs/DDOs/DTOs on refund of contribution received into NPS erroneously, due to wrongly classifying subscriber as falling under NPS instead of GPF. After examining the matter, it has been the decided that such cases will be treated as erroneous transfer by the concerned department and do not fall under the exit/withdrawal from NPS. In all such cases, 100% withdrawal of accrued pension wealth is allowed subject to the condition that such proceeds should mandatory transferred back to the concerned PAO/DDO from whom the request for withdrawal has arisen. The concerned subscriber can approach through his PAO/DTO/DDO to our NPS claims cell at CRA for processing of such requests. Source: www.pfrda.org.in | |
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Thursday, December 6, 2012
Pensionary and GPF benefits to the employees of Non-Statutory Departmental Canteens Employees
Pensionary and GPF benefits to the employees of Non-Statutory Departmental Canteens Employees
No.12/4/97-Dir (C) (Vol.II)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel and Training
3rd Floor, Lok Nayak Bhawan,
Khan Market, North Block, New Delhi,
dated the 26.11.2012
OFFICE MEMORANDUM
Subject: Implementation of the Order dated 30.4.12 passed by the Hon’ble Delhi High Court in W.P. (Civil) No.5695/2000 – Pensionary benefits to the employees of Non-Statutory Departmental Canteens – Regarding.
The undersigned is directed to refer to this Department’s Office Memoranda Nos.12/3/92-Dir (C), dated 16.11.92 and 16.12.93 (copies enclosed) which provided for Pensionary and GPF benefits admissible to the Non-Statutory Departmental Canteen employees. These provisions had been against by a section of canteen employees. The Hon’ble CAT, Principal Bench, New Delhi in two such petitions bearing Nos.572/96 and 2136/98 have ordered on 3.12.99 and 13.1.2000 respectively as under :-
i) "……….The respondents are, therefore directed to grant the benefits of the entire past service prior to the Applicants having been declared as Government Servants for counting towards pensionary benefits"
ii) "………Respondents are directed to take a decision in terms of the decision given by the Tribunal in O.A. No.572/96i.e.to take into account the entire past service of the applicants for purpose of counting towards pensionary benefits".
2. However, Government decided to file an appeal against the said orders of the CAT before Hon’ble High Court. Accordingly, an appeal was filed vide W.P. No.5695/2000 against of the CAT. Pending disposal of W.P.No.5695/2000 in the Delhi High Court, it was decided to implement the CAT’s Order dated 3.12.99 vide OM No.12/9/2000-Dir (C), dated 8.11.2000. Now, W.P. (C) No.5695/2000 has been dismissed by the Hon’ble High Court vide their order dated 30.04.2012 for devoid of merits.
3. The matter has been accordingly considered by the Government and it has been decided that the entire past service rendered on regular basis by the non-statutory canteen employees will be reckoned as "Qualifying Service" for the purpose of calculation of pension in accordance with the relevant provisions contained in CCS (Pension) Rules, 1972 and related orders. This admissibility will be subject to the refund of the entire amount received as employers’ contribution to the EPF, if any, including interest received by them alongwith interest at the rate applicable to GPF accumulation from time to time as prescribed in Department of Pension and Pensioners Welfare’s OM No.38/34/2001-p&PW (F), dated 29/4/2002 (copy enclosed). The interest will be calculated for the period from the date of receipt of employers’ share of EPF contribution by the employee to the date of refund to the Government.
4. In view of the above, the provisions contained in this Department’s Office Memoranda bearing No.12/3/92-Dir (C), dated 16/11/92, 16/12/93 and 8/11/2000 shall stand modified to the extent of the provisions specified herein above.
5. The Ministries/Departments are requested to issue instructions to their attached/subordinate offices to take immediate necessary action to settle the cases of the employees afresh who retired/died in harness on or after 1/10/91.
6. This issues with the approval of Ministry of Finance, Department of Expenditure U.O. Note No.1(17)/E.V/2000, dated 7/11/2012 and Ministry of Home Affairs, Home (Finance) Dy. No.CF 147351/AFA (F-1), dated 8/11/2012.
7. Hindi version of this will follow.
sd/-
(Pratima Tyagi)
Director (Canteens)
Source: www.persmin.nic.in
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EPF Beneficiaries in the Country
EPF Beneficiaries in the Country
As on 31.03.2012, total number of beneficiaries under Employees’ Pension Scheme 1995 are 41.03 lakhs and the amount of pension paid to these pensioners by the Employees’ Provident Fund Organisation (EPFO) is Rs. 4475.45 crores.
A proposal of the Pension Implementation Committee (PIC), a sub-Committee of the Central Board of Trustees, Employees’ Provident Fund (EPF) to enhance the minimum pension under Employees’ Pension Scheme, 1995 to Rs. 1000 is under consideration of the Government.
The Minister of State for Labour & Employment Shri K. Suresh gave this information in reply to a written question in the Rajya Sabha today about the the total number of Employees Provident Fund`s pension beneficiaries in the country and amount of pension being paid to them from exchequer; and whether Government will abide by its old promise to enhance their pension amount and if so, by when it is likely to be materialised.
Source:pib
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Tuesday, December 4, 2012
State wise details of funds deposited in the EPF
State wise details of funds deposited in the EPF
EMPLOYEES PROVIDENT FUNDS
The below details was given in the Parliament in written reply to a question by the Minister of Labour and Employment Shri.Mallikarjun Kharge as follows...
State-wise details o>1F the funds deposited in the Employees Provident Fund (EPF) is given alt Annex.
As per Annual Account (unaudited) of the Organisation for the year 2011-12, Rs. 22,636.57 Crore is lying in Inoperative Accounts.
Returns are being collected from establishments wherein contributions are received so as to update members` accounts to make them operative. Following steps have been taken to get the claims from the PF members so as to settle the claims of such inoperative accounts:
(i) Publicity through print media and electronic media is made to educate the members to file their claims for settlement.
(ii)The employers and employees unions have been requested to advise the members to file their claims for settlement.
In order to ensure the paymeni: to the actual claimant, following precautions are taken:
(i) The attestation of claim foirms by the authorized signatory is made mandatory where the establishment is in operation.
(ii)To identify the member iim those cases where employer is not available, the attestation by the Bank authorities is insisted alongwith at least one of 1the documents as required under KYC (Know Your Customer) of the bank.
The current phase of Computerization Project of Employees9 Provident Fund Organisation (EPFO) was approved by the Central Board of Trustees, Employees` Provident Fund in its meeting held on 17th April, 2008 and accordingly the Project has been implemented! in 119 offices out of 120 offices by 31st March, 2011. The computerization in only left over office at Keonjihar (Odisha) could not be completed as the office premise was not suitable for implementing the project and the office has been shifted to a new rented! premises. The implementation of computerisation project in this office would be completed shortly.
STATE-WISE FUNDS DEPOSITED IN EMPLOYEES PROVIDENT FUND (EPF) AS ON 31-03-2012 (Rs. in Crores)
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GPF CUM PENSION SCHEME
GPF CUM PENSION SCHEME
Whether the Government has issued any order to extend the benefit of GPF-cum- Pension Scheme to the officials of some Universities/Inter-University Centres..?
The below information was given by the Minister of Human Resource Development Shri.E.Ahamed as written answer for the question raised in the Parliament is given below...
The Central Government has extended GPF-cum-Pension scheme (for officers/staff) to six Inter University Centres (IUCs) who have joined prior to 1.1.2004 and had opted for the same.
The six IUCs are
(i) Inter University Consortium for Department of Atomic Energy Facility(IUC-DAEF);
(ii) Inter University Consortium for Astronomy and Astrophysics(IUCAA);
(iii) Nuclear Science Centre(NSC);
(iv) Consortium for Educational Communication (CEC);
(v) National Assessment and Accreditation Council (NAAC) and
(vi) Information and Library Network Centre (INFLIBNET). The expenditure on this GPF-cum-Pension Scheme shall be borne by UGC from its own funds.
The Central Government has approved introduction of New Pension Scheme to all regular employees joining Navodaya Vidyalaya Samiti (NVS) and also given option to other regular employees of NVS either to join the New Pension Scheme or to continue with the existing scheme. This scheme has been introduced with effect from 1.4.2009. However, employees who joined the NVS before the date have not accepted the scheme and have represented for coverage under CCP (Pension) Rules, 1978, but this could not be acceded to.
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Linking of General Provident Fund interest rates with Employees Provident Fund
Linking of General Provident Fund interest rates with Employees Provident Fund
Rate of interest on EPF is fixed on the recommendation of the Central Board of Trustees (CBT), Ministry of Labour and Employment based on the income earned on the accumulated fund during the financial year. However, rate of interest on GPF is generally fixed after taking into consideration the average secondary market yields on government securities of similar maturity.
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Wednesday, November 7, 2012
EPF INTEREST RATES MAY RISE
EPF INTEREST RATES MAY RISE
The Employees’ Provident Fund Organisation is likely to add to the festive cheer by announcing an 8.8 per cent return on retirement savings for 2012-13, significantly higher than the 8.25 per cent set for the previous financial year.
“Our calculations work out to a 8.6 per cent return for 2012-13. But there is tremendous pressure and expectation from the EPFO, and we could take it up to 8.8 per cent to match the interest rate on Public Provident Fund,” a senior PF official said. The increased payout will be possible by using returns on inoperative accounts, which have deposits of Rs 22,000 crore, the official said.
The Central Board of Trustees, the apex decision-making body of the EPFO, is expected to meet by early next month to take a final call. No date has been set, but sources said the board will have to meet soon to also consider the EPFO’s annual report, which must be tabled in Parliament’s winter session beginning November 22.
“Interest of 8.6 per cent is not acceptable when other schemes like PPF are giving higher returns. We will pitch for at least an 8.8 per cent return, if not 9 per cent,” a CBT member said.
The EPFO, which manages a corpus of over Rs 3.5 lakh crore, was faced with a deficit last fiscal and was forced to announce a drastic rate cut of 1.25 percentage points from the 9.5 per cent return it offered in 2010-11.
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Tuesday, November 6, 2012
Change in Central Government Investment Model for the Corporate Sector - PFRDA
Change in Central Government Investment Model for the Corporate Sector - PFRDA
Pension Fund Regulatory and Development Authority
1st Floor, ICADR Building, Plot No.6, Vasant Kunj
Institutional Area, Phase II, New Delhi-110070
CORRIGENDUM TO CIRCULAR
Ref: PFRDA/CIR/1/Corporate-CG/1 dated 18th October 2012
Date: 31st October 2012
SUBJECT: Change in Central Government Investment Model for the Corporate Sector
This Corrigendum is issued with reference to clause 4 (b) of our earlier circular No-PFRDA/CIR/1/Corporate-CG/1 dated 18th October 2012 on the captioned subject. The clause 4(b) of the above mentioned circular applicable for the existing Corporate Sector Subscribers under the CG Scheme has been revised as under:
“The existing corporates under CG scheme are allowed a time period of 60 days from 1st Nov 2012 i.e. up to 31st December 2012 to choose any one PFM for shifting their assets. However, the investment management fee would be the same as the fee applicable to the NPS schemes under Private Sector as per the extant guidelines.”
sd/-
Deepa Kotnis
(General Manager)
Source: www.pfrda.org.in
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Saturday, November 3, 2012
General Provident Fund News : PAN No. Updation Status for GPF Subscribers...
General Provident Fund News : PAN No. Updation Status for GPF Subscribers...
CGA Instructions to update GI data to provide Unique IDs to GPF subscribers
No.ITD-CGA/07-11/GPF-MIDS/Pt. file III/868-925
Ministry of Finance, Department of Expenditure
Office of the Controller General of Accounts
Lok Nayak Bhavan, Khan Market
New Delhi —110003
(IT. Division)
Office Memorandum
Dated October 21, 2012
Reference is invited to this office OM of even no. 673-708 dated 14.09.2012, vide which all the Pr.CCAs/CCAs/CAs were requested to direct all the PAOs under their administrative control to update the General Information (GI) data of all the GPF subscribers in COMPACT with their Date of Birth, Date of Joining Government Service, Date of Superannuation and PAN allotted by Income Tax Department so that the multiple accounts of GPF subscribers could be mapped and Unique IDs could be allotted to all the Account holders.
2. However, on verification from the report available on e-Lekha, It has been observed that the GI data has been updated only by very few PAOs. The multiple accounts of GPF subscribers could be mapped only after receipt of the complete information.
3. Pr.CCA/CCA/CA may instruct all the PAOs under their payment control to update the GI data urgently so that this office may take steps towards allotment of Unique IDs to the individual GPF subscribers. It may be ensured that all the GPF account numbers are maintained through GPF module of COMPACT only by the respective PAOs.
4. A report to check the status of updation of GI data by the PAOs is available on e-Lekha. The Controller level user of e-Lekha can view this report viz., ‘PAN No. Updation Status for GPF Subscribers’, under sub module MIS-8 of e-Lekha.
sd/-
(Alok Kumar Verma)
Dy. Controller General of Accounts (ITD)
Source: www.cga.nic.in
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Monday, May 28, 2012
How to calculate the interest rates for General Provident Fund
How to calculate the interest rates for General Provident Fund The rate of interest on GPF is generally fixed after taking into consideration the average secondary market yields on government securities. The rates of interest on General Provident Fund (GPF) is 8% for the period from 1.4.2011 to 30.11.2011 and 8.6% from 1.12.2011 to 31.3.2012, whereas the rate of interest on EPF for the financial year 2011-12 is 8.25%. whereas the rate of interest on EPF is fixed on the recommendation of the Central Board of Trustees (CBT) by the Employees Provident Fund Organisation (EPFO), Ministry of Labour and Employment based on the income earned on the accumulated fund during the financial year. Ministry of Finance announced on 22nd May 2012, the interest rates on General Provident Fund and similar funds, which has been revised to 8.8% (Eight point six per cent) with effect from 1.04.2012. Share and Care For Latest Updates Always visit http://satish24k.blogspot.in For Beautiful Wallpapers Always visit http://24ksatish.blogspot.in |
Friday, May 25, 2012
GPF and SDS Interest Rates Revised for the Financial Year 2012-13
GPF and SDS Interest Rates Revised for the Financial Year 2012-13 Press Information Bureau Government of India Ministry of Finance 24-May-2012 12:36 IST GPF and SDS Interest Rates Revised for the Financial Year 2012-13 Government of India has revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8% with effect from 01.04.2012. The funds concerned are:- 1. The General Provident Fund (Central Services). 2. The Contributory Provident Fund (India). 3. The All India Services Provident Fund. 4. The State Railway Provident Fund. 5. The General Provident Fund (Defence Services). 6. The Indian Ordnance Department Provident Fund. 7. The Indian Ordnance Factories Workmen’s Provident Fund. 8. The Indian Naval Dockyard Workmen’s Provident Fund. 9. The Defence Services Officers Provident Fund. 10. The Armed Forces Personnel Provident Fund. Share and Care For Latest Updates Always visit http://satish24k.blogspot.in For Beautiful Wallpapers Always visit http://24ksatish.blogspot.in |
GPF (General Provident Fund) interest rate for 2012-13
GPF (General Provident Fund) interest rate for 2012-13 (PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA) F.No.5(1)-B(PD)/2012 Government of India Ministry of Finance (Department of Economic affairs) New Delhi, the 22nd May, 2012 RESOLUTION It is announced for general information that during the year 2012-2013, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.8% (Eight point eight per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2012. The funds concerned are :- 1. The General Provident Fund (Central Services). 2. The Contributory Provident Fund (India). 3. The All India Services Provident Fund. 4. The State Railway Provident Fund. 5. The General Provident Fund (Defence Services). 6. The Indian Ordnance Department Provident Fund. 7. The Indian Ordnance Factories Workmen’s Provident Fund. 8. The Indian Naval Dockyard Workmen’s Provident Fund. 9. The Defence Services Officers Provident Fund. 10. The Armed Forces Personnel Provident Fund. 2. Ordered that the Resolution be published in Gazette of India. sd/- (Brajendra Navnit) Deputy Secretary (Budget) Source: www.finmin.nic.in [http://finmin.nic.in/the_ Share and Care For Latest Updates Always visit http://satish24k.blogspot.in For Beautiful Wallpapers Always visit http://24ksatish.blogspot.in |
Tuesday, May 22, 2012
Payment of EPF
Payment of EPF Ministry of Labour & Employment Payment of EPF Employees of a liquidated company can file their claim for provident fund, duly attested by any of the following authorized persons: Member of Parliament; Member of Legislative Assembly; Magistrate; A Gazetted Officer; Sarpanch of the Village; Manager of the Bank in which the Bank Account of the claimant is maintained; and Notary Public, etc. As per the provisions contained in the Employees’ Provident Funds Scheme, 1952, claims of a member, completed in all respect, is to be settled within 30 days of its receipt in the office Employees’ Provident Fund Organisation (EPFO). This information was given by the Union Labour & Employment Minister Shri Mallikarjun Kharge in reply to a written question in the Lok Sabha today. Share and Care For Latest Updates Always visit http://satish24k.blogspot.in For Beautiful Wallpapers Always visit http://24ksatish.blogspot.in |
Wednesday, May 16, 2012
Withdrawal of PF by International Workers
Ministry of Labour & Employment Withdrawal of PF by International Workers In accordance with amended para 69 (under para 83 of Employees’ Provident Fund Scheme, 1952), an International Worker is allowed to withdraw the full amount standing to his credit in the fund: • on retirement from service in the establishment at any time after attaining the age of 58 years; • on retirement on account of permanent and total incapacity for work due to bodily or mental infirmity duly certified by the medical officer; • In respect of a member covered under a Social Security Agreement entered into between the Government of India and any other country, on such grounds as may be specified in that agreement. The provisions of Inoperative accounts are not applicable in respect of International Workers. This information was given by the Union Minister for Labour & Employment Shri Mallikarjun Kharge in reply to a written question in the Lok Sabha today. Share and Care For Latest Updates Always visit http://satish24k.blogspot.in For Beautiful Wallpapers Always visit http://24ksatish.blogspot.in |
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