Let workers migrate out of the poorly performing EPFO to the NPS
2 years, 9 months ago

Let workers migrate out of the poorly performing EPFO to the NPS

Live Mint  

The Employees' Provident Fund Organisation must manage workers’ savings more efficiently to help them build a respectable retirement nest. The 8.1% rate of return that the Central Board of Trustees of the EPFO has recommended for 2021-22—although better than the interest rate on bank deposits and small savings schemes —is not just lower than the 8.5% return in the previous financial year, but also the lowest in four decades. Reportedly, the EPFO has liquidated ₹12,785 crore worth equity investments in exchange-traded funds and will use capital gains of around ₹5,529 crore from it for the 2021-22 interest payout. Way back in 2000, the Project Oasis Report, which formed the basis of the New Pension System, noted that the EPFO was failing on the core goal of accumulating pension savings for participants due to its inefficient fund management. So, the way forward would be to let workers not lose out on the opportunity to switch to NPS, access low-cost fund management expertise and earn higher returns on their retirement savings.

Fund Crore Rate Epfo Return Nps Higher Returns  poorly  workers  rate  fund  corpus  returns  savings  nps  epfo  crore  let  performing  migrate  interest  return

History of this topic

EPFO members may soon approve their own PF withdrawals: Report
1 week ago

EPFO members may soon approve their own PF withdrawals: Report

India Today  

The Employees’ Provident Fund Organisation is planning to introduce a “self-approval” mechanism for subscribers to withdraw their provident fund money through an automated process. As part of this upgrade, subscribers will soon be able to intimate the EPFO directly about their withdrawal amount, instead of going through the existing manual checks by EPF officers. Sources also revealed that a digital …

EPFO to offer ATM withdrawals for savings, new features from Jan 2025: official
1 week, 3 days ago

EPFO to offer ATM withdrawals for savings, new features from Jan 2025: official

Hindustan Times  

New Delhi: The Employees’ Provident Fund Organisation subscribers will soon have easier access to their savings with new ATM withdrawal facilities. From January 2025, they will be able to withdraw funds up to a specified limit using an EPFO account-linked ATM card, along with other features to improve access, said an official on Saturday. EPFO subscribers will be able to …

EPFO Provident Fund withdrawals through ATMs: How does it work and what should you expect?
1 week, 5 days ago

EPFO Provident Fund withdrawals through ATMs: How does it work and what should you expect?

India TV News  

From 2025, Employees Provident Fund Organization customers will be able to withdraw their Provident Fund directly from ATMs, eliminating lengthy deposit procedures. This move is part of a larger effort to modernise India’s social security services: Enhanced convenience: Subscribers will no longer need to navigate tedious claim-filing procedures or wait for fund disbursal. Expanded social security coverage: Over 7 crore …

EPFO 3.0: ATM Access To PF And Removal Of 12% Contribution Cap On The Cards: Report
2 weeks, 6 days ago

EPFO 3.0: ATM Access To PF And Removal Of 12% Contribution Cap On The Cards: Report

ABP News  

The Employees' Provident Fund Organisation is set to introduce a series of transformative features under its proposed upgrade, EPFO 3.0. These changes, aimed at enhancing accessibility and flexibility for members, include ATM-enabled withdrawals, removal of the current contribution cap, and pension conversion options, according to a report by ET Now. Key Highlights of EPFO 3.0 PF Withdrawals via ATMs: The …

EPFO board pitches amnesty plan for PF payment violations
3 weeks, 2 days ago

EPFO board pitches amnesty plan for PF payment violations

Hindustan Times  

In a key decision, the central board of trustees of the Employees’ Provident Fund Organisation, in its 236th meeting chaired by labour minister Mansukh Mandaviya on Saturday, approved reinvesting 50% of its redemption proceeds from exchange traded funds back into equities. The board also recommended to the Union government a national EPFO amnesty scheme 2024 for all types of employers …

Two ways for the EPFO to give itself an image boost
1 month, 1 week ago

Two ways for the EPFO to give itself an image boost

Live Mint  

The proof of a retiral kitty’s worth is in the retiring. Since a surge in bogus claims after EPFO processes went online seems like a minor explanation at best, the organization must release data in more granular detail—and sooner—for a clearer picture of the scenario. Moreover, the government’s move to tax employee contributions to the fund above ₹2.5 lakh each …

New pension platform to ease payouts: Minister
1 month, 1 week ago

New pension platform to ease payouts: Minister

Hindustan Times  

The labour ministry will switch to a centralised pension-payment system from 2025, allowing retirees to receive monthly payouts from any bank or its branches in any location throughout the country, for which a large-scale test run was recently carried out. Mansukh Mandaviya The new platform for subscribers of the Employees’ Provident Fund Organisation, the state-run retirement fund manager, is aimed …

Trial run of centralised PF pension system is successful, says Centre
1 month, 2 weeks ago

Trial run of centralised PF pension system is successful, says Centre

The Hindu  

The pilot run of the proposed Centralised Pension Payments System under the employees’ pension scheme of the Employees Provident Fund Organisation is successful, the Union Labour Ministry said on Friday, November 8, 2024. The new system, to be implemented nationwide by January 2025, will help more than 78 lakh EPS pensioners to receive their pension from any bank, any branch, …

EPFO Raises PF Withdrawal Limit: New Rule Allows Higher Payout for Personal Needs
3 months ago

EPFO Raises PF Withdrawal Limit: New Rule Allows Higher Payout for Personal Needs

News 18  

The Employees’ Provident Fund Organisation has raised the one-time withdrawal limit for provident fund accounts to Rs 1 lakh, doubling the previous limit of Rs 50,000. The EPFO manages the provident fund, pension, and insurance schemes for the organised sector employees in India, primarily through the Employees’ Provident Fund scheme. Mandaviya also announced another key update: the government has relaxed …

What are the issues faced by EPFO pensioners?
3 months, 1 week ago

What are the issues faced by EPFO pensioners?

The Hindu  

The story so far: Nearly 78 lakh Provident Fund pensioners across the country under the Employees’ Pension Scheme, 1995 of the Employees’ Provident Fund Organisation will receive their pension through any bank, any branch from January 1, 2025. The Union Labour Ministry cleared the proposal earlier this month for a Centralised Pension Payment System as part of the EPFO’s ongoing …

Centre to make EPFO pensions fully portable to ease payouts
3 months, 2 weeks ago

Centre to make EPFO pensions fully portable to ease payouts

Hindustan Times  

The Union government will roll out a centralised pension payment system for all subscribers of the state-run retirement fund manager, the Employees’ Provident Fund Organisation, which will enable bank and location portability, and eliminate the need to physically move payment orders, Union labour minister Mansukh Mandaviya has said. Under the reforms taking effect next year, the regional offices would not …

NPS vs VPF: A Comparative Analysis of Interest Rates and Investment Features
7 months ago

NPS vs VPF: A Comparative Analysis of Interest Rates and Investment Features

India TV News  

Choosing the right retirement planning scheme is a crucial decision that can significantly impact your financial future. Today, we will compare the VPF and NPS interest rates, investment features, and other key aspects, to help make an informed decision for retirement planning. Difference Between VPF and NPS Let’s look at the differences between VPF and NPS interest rates, investment features, …

Over ₹10 lakh crore under its watch, NPS to ease withdrawal options
1 year, 3 months ago

Over ₹10 lakh crore under its watch, NPS to ease withdrawal options

The Hindu  

State governments that have ostensibly opted out of the National Pension System for their employees and have reverted to the Old Pension Scheme that guaranteed 50% of final salary as monthly pension, continue to remit due contributions to the NPS corpus. State government employees account for the largest chunk of the savings pool which crossed ₹10 lakh crore on August …

Centre ratifies 8.15% interest rate on EPF for 2022-23
1 year, 4 months ago

Centre ratifies 8.15% interest rate on EPF for 2022-23

Deccan Chronicle  

New Delhi: The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23. Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. As …

Govt hikes interest rate on Employees Provident Fund for 2022-23 to 8.15%
1 year, 5 months ago

Govt hikes interest rate on Employees Provident Fund for 2022-23 to 8.15%

Hindustan Times  

The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23. Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. As per an …

EPF Update: Govt Approves 8.15% Interest Rate for Fiscal 2023-24; Details Here
1 year, 5 months ago

EPF Update: Govt Approves 8.15% Interest Rate for Fiscal 2023-24; Details Here

News 18  

The central government has approved to credit interest at 8.15 per cent to the Employees’ Provident Fund scheme for 2023-24. The EPFO’s Central Board of Trustees on March 28 set an 8.15 per cent interest rate on provident fund for this fiscal. According to an Employees’ Provident Fund Organisation office order issued on Monday, July 24, the labour ministry has …

EPFO fixes 8.15% interest rate on provident fund
1 year, 8 months ago

EPFO fixes 8.15% interest rate on provident fund

Hindustan Times  

The Employees Provident Fund Organisation, the retirement fund manager to India’s nearly 70-million-strong salaried class, has fixed an 8.15% interest rate on employees’ provident fund for 2022-23, a member of its Central Board of Trustees told HT. Provident fund savings are mandatory under the Employees Provident Funds and Miscellaneous Provisions Act. Provident fund savings are mandatory under the Employees Provident …

EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23
1 year, 8 months ago

EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23

India Today  

The retirement body fund Employees Provident Fund Organisation on Monday fixed the employees’ provident fund for 2022-23 at 8.15 per cent, reported news agency PTI quoting sources. The fresh rate is 0.5 per cent higher than the 8.1 per cent interest rate EPFO had declared for 2021-22, which also was the lowest in almost four decades. “The Employees’ Provident Fund …

EPFO Fixes 8.15% Interest Rate On EPF For 2022-23
1 year, 8 months ago

EPFO Fixes 8.15% Interest Rate On EPF For 2022-23

News 18  

The Employees’ Provident Fund Organisation has fixed 8.15% interest rate on Employees’ Provident Fund for the financial year 2022-23. “The Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,” news agency PTI quoted a source as saying. The …

EPFO marginally hikes interest rate on deposits to 8.15 %
1 year, 8 months ago

EPFO marginally hikes interest rate on deposits to 8.15 %

The Hindu  

After a two-day meeting of the Central Board of Trustees of the Employees’ Provident Fund Organisation, which ended here on Tuesday, it was decided to recommend an increase of 0.05% in the interest for Provident Fund deposits. A government release said the interest rate would be officially notified in the government gazette after the approval of the Ministry of Finance, …

EPFO likely to decide rate of interest on employees’ provident fund deposits for FY23 by March 28
1 year, 8 months ago

EPFO likely to decide rate of interest on employees’ provident fund deposits for FY23 by March 28

The Hindu  

The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund deposits for 2022-23 at its two-day meeting beginning Monday. "The Employees' Provident Fund Organisation's apex decision-making body Central Board of Trustees is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source …

2-day EPFO board meeting from today: List of issues likely to be taken up
1 year, 8 months ago

2-day EPFO board meeting from today: List of issues likely to be taken up

Hindustan Times  

The Central Board of Trustees of the Employees Provident Fund Organisation will convene in New Delhi on Monday for a 2-day meet, during which they are expected to discuss a host of issues, including the interest rate for the financial year 2023-24. Higher pension: The board may hold detailed discussions regarding the higher pension option for subscribers after the Supreme …

EPF Interest Rate Likely To Be Revised Down To 8%, EPFO Board Meet May Decide Today
1 year, 8 months ago

EPF Interest Rate Likely To Be Revised Down To 8%, EPFO Board Meet May Decide Today

News 18  

The interest rate on the employees’ provident fund is likely to be revised, even as the retirement fund body EPFO’s board meets on Monday. According to an ET report recently, the government might peg the interest rate on PF deposits at about 8 per cent for the financial year 2022-23, as compared with 8.1 per cent currently. For 2021-22, the …

’Significant drop’ achieved in EPF’s actuarial deficit, Centre informs Rajya Sabha
1 year, 8 months ago

’Significant drop’ achieved in EPF’s actuarial deficit, Centre informs Rajya Sabha

The Hindu  

A “significant drop” has been achieved in the actuarial deficit of the Employees’ Pension Fund, according to the Central government. This has become possible thanks to improvement in the quality of data in respect of members of the Employees’ Pension Scheme, 1995 and amendments carried out based on recommendations of the actuarial valuation report, and suggestions of the Union Finance …

EPF Board meet pushed to March 27-28
1 year, 9 months ago

EPF Board meet pushed to March 27-28

The Hindu  

The government on Monday announced the deferral of a meeting of the Employees’ Provident Fund Organisation board, where it is expected to finalise the EPF rate to be paid on crores of formal sector workers’ retirement savings in its custody for 2022-23. Chaired by Union Labour and Employment Minister Bhupender Yadav, the board of trustees of the EPFO was earlier …

The pension conundrum: On the EPFO resource base
1 year, 10 months ago

The pension conundrum: On the EPFO resource base

The Hindu  

Union Minister for Labour and Employment Bhupender Yadav seems to have little to say on the issue of the Employees’ Provident Fund Organisation allowing sections of subscribers and pensioners to opt for higher pension under the Employees’ Pension Scheme, 1995. The issue of allowing higher pension — pension proposed in the event of employers making 12% mandatory PF contributions on …

Time to streamline the Provident Fund pension scheme
1 year, 11 months ago

Time to streamline the Provident Fund pension scheme

The Hindu  

For around 70 lakh pensioners, the end to the agonising wait for higher pension under the Employees’ Pension Scheme, 1995, appears to be no where in sight even though it has been over two months since the Supreme Court of India reiterated, as a matter of principle, its approval of the idea of higher pension. In October 2016, the top …

EPF vs NPS: Which one is most appropriate for you?
2 years, 6 months ago

EPF vs NPS: Which one is most appropriate for you?

Live Mint  

To grow their nest fund, most salaried people have access to two broad retirement-specific tools, Employees' Provident Fund and National Pension System. The Employees' Provident Fund Organisation acquired 1.11 crore members between March 2021 and February 2022, whereas the National Pension System registered 93.6 lakh for the full FY 2021-22. National Pension System NPS is a defined contribution retirement savings …

PPF vs EPF vs NPS vs mutual funds: Guide to your pension plans
2 years, 8 months ago

PPF vs EPF vs NPS vs mutual funds: Guide to your pension plans

India Today  

Savings for retirement and pension plans are essential even as one needs to look after immediate goals such as children's education and buying a house or flat. PPF INTEREST RATE, INCOME TAX BENEFITS PPF is considered as one of the safest avenues for saving as it offers guaranteed and income tax-free returns. PPF also offers Rs 1.5 lakh deduction on …

EPFO interest rate better than other schemes, reflects today's realities, says Nirmala Sitharaman
2 years, 9 months ago

EPFO interest rate better than other schemes, reflects today's realities, says Nirmala Sitharaman

Firstpost  

She said the decision to lower interest rate was taken by the central board of the provident fund managing body, EPFO, which has representatives of all stakeholders including employees’ unions New Delhi: Finance Minister Nirmala Sitharaman on Monday defended a proposal to cut interest rate paid on employees’ provident fund deposits to over four-decade low of 8.1 per cent, saying …

DC Edit | EPF: Better safe and steady
2 years, 9 months ago

DC Edit | EPF: Better safe and steady

Deccan Chronicle  

The rate of return from the social security fund of the Employees’ Provident Fund Organisation has nosedived to 8.1 per cent, the lowest since an eight per cent return in 1977-78. Debt market investments, while ideally steady, cannot offer much more than bank interest rates, which are, however, likely to rise marginally once RBI’s growth-oriented accommodative stance changes to deal …

'Return gift': Congress' jibe at BJP after EPFO cuts interest rate to 8.1%, lowest in 4 decades
2 years, 9 months ago

'Return gift': Congress' jibe at BJP after EPFO cuts interest rate to 8.1%, lowest in 4 decades

Hindustan Times  

The latest reduction in Employees' Provident Fund Organisation's interest rate is a "return gift" by the Bharatiya Janata Party to people after it secured a record win in the recently concluded assembly elections in five states, Congress general secretary and chief spokesperson Randeep Surjewala said on Saturday. "The EPFO has reduced the interest rate on PF deposits to the lowest …

EPF rate slashed from 8.5% to 8.1% for 2021-22, to hit savings
2 years, 9 months ago

EPF rate slashed from 8.5% to 8.1% for 2021-22, to hit savings

The Hindu  

The return on workers’ retirement savings parked with the Employees’ Provident Fund Organisation has been slashed to 8.1% for 2021-22 from the 8.5% rate credited to EPF members’ accounts in the last two years. The EPFO’s income from investments this year stood at ₹76,768 crore from about ₹70,000 crore in 2020-21, when it had paid out 8.5% to EPF accounts. …

Middle-class savings to dip as EPFO cuts interest rate to 8.1% for 2021-22
2 years, 9 months ago

Middle-class savings to dip as EPFO cuts interest rate to 8.1% for 2021-22

Hindustan Times  

The Employees’ Provident Fund Organisation, the state-run retirement fund manager and a popular savings scheme for millions of salaried middle-class Indians, on Saturday decided on an 8.1% interest on provident fund deposits for 2021-22, a downward revision. In the previous year, the fund manager kept the interest rate on savings steady at 8.5% but Saturday’s downward revision is lowest in …

EPFO’s pension scheme likely to get a reboot
2 years, 10 months ago

EPFO’s pension scheme likely to get a reboot

Live Mint  

Retirement fund body Employees’ Provident Fund Organisation is toying with the idea of bringing out a new pension product for organised sector workers not covered under the Employees’ Pension Scheme, 1995. Public Provident Fund: PPF is a government-backed savings vehicle with quarterly fixed returns determined by the government. We showcase some of the key differences between NPS and PPF: National …

EPFO board allows faster decisions on investment opportunities
3 years, 1 month ago

EPFO board allows faster decisions on investment opportunities

The Hindu  

The Employees’ Provident Fund Organisation’s Central Board of Trustees on Saturday approved a proposal that would speed up decisions on investment opportunities, according to EPFO officials. The CBT, at a meeting chaired by Labour and Employment Minister Bhupender Yadav, “decided to empower the Finance Investment and Audit Committee to decide upon the investment options, on case-to-case basis, for investment in …

PF Rule: You Monthly EPF Contributions can Get you Over Rs 1.5 Crore. Know How
3 years, 4 months ago

PF Rule: You Monthly EPF Contributions can Get you Over Rs 1.5 Crore. Know How

News 18  

You must hate it when you look at your salary slip at the starting of the month and find that all the various deductions have reduced your monthly in-hand income. Your EPF fund fetch an interest rate of 8.5 per cent for the financial year 2020-21. “In India, average inflation in the long run is considered to be around 6 …

EPFO fixes interest rate on EPF deposits at 8.5% for 2020-21: Sources
3 years, 9 months ago

EPFO fixes interest rate on EPF deposits at 8.5% for 2020-21: Sources

India Today  

The Employees’ Provident Fund Organisation has fixed the rate of interest on provident fund deposits at 8.5 per cent for the financial year 2020-21, sources in the government have said. The decision to fix the EPFO interest rate at 8.5 per cent was taken in the backdrop of an economic slowdown due to coronavirus pandemic that forced the Indian economy …

EPFO Keeps Interest Rate Unchanged at 8.5% for FY-21 on Provident Fund Deposits
3 years, 9 months ago

EPFO Keeps Interest Rate Unchanged at 8.5% for FY-21 on Provident Fund Deposits

News 18  

The Employees’ Provident Fund Organisation has maintained 8.5 per cent interest for 2020-21, the same rate fixed for the last fiscal 2019-20. Last year, in March, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent in 2018-19. Budget 2021 has proposed to restrict tax exemption for interest …

EPFO likely to announce interest rates on provident fund deposits for FY 2020-21 today
3 years, 9 months ago

EPFO likely to announce interest rates on provident fund deposits for FY 2020-21 today

Firstpost  

The Employees Provident Fund Organisation is expected to announce the interest rates on provident fund deposits for the financial year 2020-21 on Thursday. The central board of trustees will meet in Srinagar and reports say the EPFO could lower the rates for FY 20-21 following the economic downturn throughout the last year due to novel coronavirus. In March 2020, the …

EPFO Likely to Announce Interest Rates for 2020-21 Tomorrow
3 years, 9 months ago

EPFO Likely to Announce Interest Rates for 2020-21 Tomorrow

News 18  

Employees’ Provident Fund Organisation will likely announce the interest rates on Provident Fund deposits for the financial year 2020-21 on March 4, following the Central Board of Trustees meeting in Srinagar. The retirement body had said that the 8.5 percent interest would be paid in two installments – 8.15 percent from debt investments and 0.35 percent from equity. Finance Minister …

For affluent, EPF is not nest egg but goose that lays golden eggs
3 years, 10 months ago

For affluent, EPF is not nest egg but goose that lays golden eggs

The Hindu  

Over 1.23 lakh high net worth individuals deposited over ₹62,500 crore into their employees’ provident fund accounts in 2018-19 alone, and the largest EPF account has a staggering ₹103 crore balance, sources in the Department of Revenue said on Thursday, defending the Budget move to tax the income on employees’ PF contributions over ₹2.5 lakh a year. “Since any tax …

Parliamentary panel to scrutinize EPFO corpus, benefit to workers
4 years, 2 months ago

Parliamentary panel to scrutinize EPFO corpus, benefit to workers

Live Mint  

The parliamentary committee on Labour is set to scrutinize the Rs10 trillion corpus under the Employees' Provident Fund Organization in its upcoming meeting and it will also look at the performance of the fund management and investments made. The standing committee on Labour, scheduled to meet on 21 October, is also planning to look at ways to make EPFO more …

EPFO to pay 8.5% interest for FY20 in two instalments, cites COVID's impact on income
4 years, 3 months ago

EPFO to pay 8.5% interest for FY20 in two instalments, cites COVID's impact on income

Firstpost  

An instalment of 8.15% will be paid for now, and the remaining 0.35% will be credited by December New Delhi: Retirement fund body EPFO on Wednesday decided to provide 8.5 per cent rate of interest on employees’ provident fund for 2019-20 as committed earlier. In March this year, Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees …

EPFO Decides to Credit Part of 8.5% Interest for FY20 to 6 Crore Subscribers: Report
4 years, 3 months ago

EPFO Decides to Credit Part of 8.5% Interest for FY20 to 6 Crore Subscribers: Report

News 18  

Retirement fund body EPFO on Wednesday decided to credit a part of 8.5 per interest on employees provident fund for 2019-20 into the account of its around 6 crore subscribers. The decision to provide 8.15 per cent interest on EPF has been taken at the Employees' Provident Fund Organisation's trustees meet held on Wednesday, a source said. The EPFO's apex …

EPFO Withdrawals Hit Rs 30,000 Crore as 80 Lakh People Dig Into Their Retirement Fund
4 years, 4 months ago

EPFO Withdrawals Hit Rs 30,000 Crore as 80 Lakh People Dig Into Their Retirement Fund

News 18  

Amid the COVID-19 outbreak, 80 lakh Employee Provident Fund Organisation subscribers have withdrawn as much as Rs 30,000 crore in less than four months starting from April. The amount withdrawn by EPFO subscribers exceeded the usual outgo recorded during the period, which could be due to layoffs, pay cuts and medical expenses, according to a report by The Economic Times. …

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