Tag Archives: EPFO

EPFO floats tender for EPF Fund Managers.

17 Monday Nov 2014

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Employees Provident Fund Organisation (EPFO) will be floating tenders for Fund Managers for managing the funds of the organisation. At present, these are being managed by asset management firms SBI, HSBC, AMC, Reliance Capital and ICICI Securities Primary Dealership.  They were given the right for three years and the period will be over by 31st march 2015.

The new tender and appointment of Fund Managers will be effective from 1st  April 2015 for three years. The workers prefer that their funds are entrusted with government or PSU Banks / Firms.

You can check your EPF Accounts on line

05 Sunday Oct 2014

Posted by in TU News - India

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Over four crore subscribers of the retirement fund body EPFO would be able to access their provident fund accounts online on real time basis using a dedicated members’ web portal from October 16.

The Universal Account Number (UAN) member’s portal will help Employees’ Provident Fund Organisation’s (EPFO) to monitor whether their employers are depositing their PF contributions.he UAN members’ portal is likely to be launched by Prime Minister Narendra Modi on October 16, a senior official said adding that in the first phase the members’ accounts would be accessible and become portable for lifetime.

As the UAN will be a portable account, the formal sector workers would not have to apply for transfer of PF accounts on changing jobs.(Courtesy : Economic times)

EPF Commissioner calls BSNLCCWF for meeting

22 Monday Sep 2014

Posted by in BSNLCCWF - Casual and Contract workers

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The Central EPF Commissioner, New Delhi has fixed a meeting with the BSNLCCWF and BSNL Management at 11.00 on 24 September to discuss about the ‘Deployment of Contract/Casual Workers for perennial nature of jobs in BSNL’ at the EPFO office. This is a preliminary meeting before the meeting of the Parliamentary Standing Committee on Labour on 29th September 2014 on the same subject for which also BSNLCCWF has been invited to provide evidence.
Comrades are requested to intimate the details about the implementation of the EPF to the Casual and Contract Workers in BSNL in their respective circles.

EPFO to provide Permanent Account Numbers to subscribers

20 Sunday Apr 2014

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It is reported that EPFO will provide permanent or universal account numbers (UAN) on the pattern of core banking services to its over five crore active subscribers by October 15 this year.

The UAN will facilitate subscribers in avoiding filing of PF transfer claims on changing jobs. The same Account Number can be used even after the person joins another job.

India Inc against merger of Pay and Allowances for EPF Contribution

10 Thursday Apr 2014

Posted by in AIBDPA - BSNL DOT Pensioners, Neo-liberal policy, TU News - India

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The attitude of  India Inc is made clear in the editorial of the “Economic Times” dated 10th April. It has strongly supported the decision of the Central government is rejecting the proposal of the EPF Organisation to add the DA and other allowances for calculating the contribution to the EPF both by the employee and the employer.

The proposal of the EPFO will benefit  the employee by increase  in his EPF and also pension. What has irked  India Inc is that they will have to pay increased  contribution by the employers. In fact, the employers have converted a good part of the salary  in to allowances to deny contribution to the EPF.

We strongly condemn the decision of the government in rejecting the recommendation of the EPFO, which is only to favour the corporates etc. We demand the government to approve the decision of the EPFO to include the allowances also in calculating the contribution to the EPF.

EMPLOYEES PENSION SCHEME – NON-CONTRIBUTION REQUIRED AFTER 58 YEARS

08 Tuesday Apr 2014

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EPFO (Employees Provident Fund Organisation)has clarified that according to the Employees’ Pension Scheme 1995, the employees are eligible for pension after attaining age of 58 years. They need not pay the contribution after 58 years. The EPFO has given suitable directions to all its field offices. The clarifications are issued after it was noticed that the contributions were being /collected even after attaining 58 years.

EPF Contribution restricted – One more anti-worker decision of Government

06 Sunday Apr 2014

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At present the contribution to the Employees Provident Fund is limited to 12% of the basic salary. Along with the contribution of the employee an equal amount is to be remitted by the employer. The Employees organisations have been demanding that the contribution to EPF should be calculated on the basis of the pay and allowances together so that there will more savings in the EPF.
The Employees Provident Fund Organisation (EPFO) also agreed to the same and recommended to the government for including the allowances for calculating the contribution. It had issued a circular stating that “All such allowances which are ordinarily, necessarily and uniformly paid to the employees are to be treated as the basic wages.”
But the Government refused to approve the recommendation. It has directed the EPFO not to count the allowances along with the basic pay for the calculation of contribution to Provident Fund. The justified benefit getting to the EPF subscribers have been denied by the government.
It is clear that the government has taken this measure on the pressure of the private corporates to avoid employer’s higher contribution to the EPF. It is well known that the UPA government was always in support of employers and against the interests of the workers.
It is also to be pointed out that the Government has so far not implemented its decision to increase the minimum pension to Rs.1,000 and maximum to Rs. 15,000 which was one of the demands of the Central trade Unions and which was accepted.
Even in the last moment when the General Elections are to start in a few days, the UPA government wants to favour the corporates instead of the workers.

Portable PF No. by 2014

17 Friday Jan 2014

Posted by in BSNLCCWF - Casual and Contract workers

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The EPFO is planning to provide Portable PF numbers to all its account holders by 2014, making it unnecessary to have a new account every time that the worker shifts to another company or work.

At present the Account No.has to be transferred every time joining a new work. The present decision, when implemented, will reduce the hardship of transferring the account numbers.

EPFO decides interest rates 8.75% for 2013-14

13 Monday Jan 2014

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The Board of Trustees of Employees Provident Fund Organisation (EPFO) which met today, 13th January has decided to give 8.75% interest to the account holders. Last year it was 8.5%. The Central Trade unions have been continuously demanding that it should be raised to 9.5% as earlier. 5 crore workers will benefit by this decision. The Finance ministry has to approve the decision of the Central Board of trustees, before the amount could be put in the accounts of the workers.
The EPFO is estimated to have an income of Rs 20,796.96 crore in the current financial year. Payment of interest at the rate of 8.5 per cent to subscribers would have required Rs 20,740 crore and left a surplus of Rs 56.96 crore, according to earlier projections. Now there may not be any extra balance.

EPFO to decide on New Fund Managers

27 Friday Dec 2013

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It is reported that the EPFO in its meeting on 14th January 2014 may decide the Fund Managers for its 5 lakh crore pension funds. At present there are four Fund Managers of EPFO viz. SBI, HSBC AMC, Reliance Capital and ICICI Securities Primary Dealership. These were appointed for a term of three years beginning September 1, 2011.

Before 2008, there was only one Fund Manager, State Bank of India, a PSU. In 2008, three private Fund Managers were included. Only 35% is now with SBI and the rest of the 5 lakh crore is with private FM. Whether the Private Fund Managers will be increasing this time. The chances are high, since the government’s policy is to favour the private more.
Till a Public Sector or Govt. FM is there, there will be competition and better interest. But once the Govt. FM is not there, others will form a cartel and reduce the interest on the funds drastically which will cause serious loss to the pensioners. In my opinion, only Govt. or PSU Fund Managers should be there so that the pension funds will be safe and market variations will not adversely affect it.