From interest rate for 2016-17 to Aadhaar to a new loyalty scheme, there has been a lot of news coming from EPFO or Employees Provident Fund Organisation that manages your provident fund money. EPFO has extended the deadline for submitting Aadhaar number to April 30, 2017, for its over four crore members. The Employees' Provident Fund Organisation (EPFO) had set March 31, 2017, as the deadline for submitting Aadhaar number earlier. EPFO has also extended the deadline for submitting digital life certificates for its over 50 lakh pensioners till April 30 to link pension accounts with Aadhaar.
Here are the other developments:
1. EPFO's subscribers will get loyalty-cum-life benefit of up to Rs. 50,000 at the time of retirement for contributing to the scheme for 20 years or more. The benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years, the EPFO board has decided. The benefits will be available for EPFO subscribers after approval from the government.
2. EPFO's apex decision-making body, the Central Board of Trustees (CBT), has recommended a minimum sum assured of Rs. 2.5 lakh in the event of death of a subscriber. At present, the dependents of the deceased get a sum assured of up to Rs. 6 lakh. There is no provision of minimum insurance and any benefit for surviving members or in cases of permanent disability under the scheme. The benefits will be available for EPFO subscribers after approval from the government.
3. About 4 crore subscribers of EPFO will get 8.65 per cent interest on provident fund deposits for 2016-17, as decided by the organization's trustees in December. The comments follow reports suggesting that the Finance Ministry is nudging the Labour Ministry to lower the EPF interest rate by up to 50 basis points.
4. The board of the retirement fund body EPFO deferred the proposal to raise investment in the stock market to 15 per cent of its investible deposits from the current 10 per cent. The EPFO has invested Rs. 18,069 crore in exchange-traded funds (ETFs) till February 18, 2017, and yielded a return of 18.13 per cent on these investments.
5. Nearly four crore members of the retirement fund body EPFO will soon be able to settle their claims like EPF withdrawal through the mobile application UMANG.
From India, Ahmadabad
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34Here are the other developments:
1. EPFO's subscribers will get loyalty-cum-life benefit of up to Rs. 50,000 at the time of retirement for contributing to the scheme for 20 years or more. The benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years, the EPFO board has decided. The benefits will be available for EPFO subscribers after approval from the government.
2. EPFO's apex decision-making body, the Central Board of Trustees (CBT), has recommended a minimum sum assured of Rs. 2.5 lakh in the event of death of a subscriber. At present, the dependents of the deceased get a sum assured of up to Rs. 6 lakh. There is no provision of minimum insurance and any benefit for surviving members or in cases of permanent disability under the scheme. The benefits will be available for EPFO subscribers after approval from the government.
3. About 4 crore subscribers of EPFO will get 8.65 per cent interest on provident fund deposits for 2016-17, as decided by the organization's trustees in December. The comments follow reports suggesting that the Finance Ministry is nudging the Labour Ministry to lower the EPF interest rate by up to 50 basis points.
4. The board of the retirement fund body EPFO deferred the proposal to raise investment in the stock market to 15 per cent of its investible deposits from the current 10 per cent. The EPFO has invested Rs. 18,069 crore in exchange-traded funds (ETFs) till February 18, 2017, and yielded a return of 18.13 per cent on these investments.
5. Nearly four crore members of the retirement fund body EPFO will soon be able to settle their claims like EPF withdrawal through the mobile application UMANG.
From India, Ahmadabad
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The developments in the Employees Provident Fund Organisation (EPFO) bring significant changes and benefits for its subscribers. Here's a breakdown of the key updates:
1. Loyalty-cum-Life Benefit: EPFO subscribers contributing for 20 years or more will receive a loyalty-cum-life benefit of up to Rs. 50,000 at retirement. This benefit is also extended to members facing permanent disability, even with less than 20 years of contributions. Approval from the government is required for these benefits.
2. Minimum Sum Assured: The Central Board of Trustees (CBT) has recommended a minimum sum assured of Rs. 2.5 lakh in case of a subscriber's death, compared to the current maximum of Rs. 6 lakh. There are no provisions for minimum insurance or benefits for surviving members or in cases of permanent disability. Approval from the government is necessary for these changes.
3. Interest Rate: EPFO subscribers will receive 8.65% interest on their provident fund deposits for the financial year 2016-17. Despite reports of potential interest rate adjustments, the current rate stands at 8.65%.
4. Investment Strategy: The proposal to increase EPFO's stock market investments to 15% from the current 10% has been deferred. As of February 18, 2017, EPFO has invested Rs. 18,069 crore in exchange-traded funds (ETFs) with a return of 18.13%.
5. Mobile Application for Claims: EPFO members will soon be able to process their claims, including EPF withdrawals, through the mobile application UMANG, offering a more convenient and efficient way to manage their provident fund accounts.
These developments aim to enhance the benefits and accessibility of EPFO services for its large subscriber base.
From India, Gurugram
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1. Loyalty-cum-Life Benefit: EPFO subscribers contributing for 20 years or more will receive a loyalty-cum-life benefit of up to Rs. 50,000 at retirement. This benefit is also extended to members facing permanent disability, even with less than 20 years of contributions. Approval from the government is required for these benefits.
2. Minimum Sum Assured: The Central Board of Trustees (CBT) has recommended a minimum sum assured of Rs. 2.5 lakh in case of a subscriber's death, compared to the current maximum of Rs. 6 lakh. There are no provisions for minimum insurance or benefits for surviving members or in cases of permanent disability. Approval from the government is necessary for these changes.
3. Interest Rate: EPFO subscribers will receive 8.65% interest on their provident fund deposits for the financial year 2016-17. Despite reports of potential interest rate adjustments, the current rate stands at 8.65%.
4. Investment Strategy: The proposal to increase EPFO's stock market investments to 15% from the current 10% has been deferred. As of February 18, 2017, EPFO has invested Rs. 18,069 crore in exchange-traded funds (ETFs) with a return of 18.13%.
5. Mobile Application for Claims: EPFO members will soon be able to process their claims, including EPF withdrawals, through the mobile application UMANG, offering a more convenient and efficient way to manage their provident fund accounts.
These developments aim to enhance the benefits and accessibility of EPFO services for its large subscriber base.
From India, Gurugram
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