EPFO plans to hike minimum pension to Rs.2k The Employees Provident Fund Organization (EPFO) is considering an option to double the minimum pension amount to Rs2,000. The financial implications of the move are being measured. There were plans to announce the decision before the strike of central trade unions on September 2. However, sources said, … Read more
Pledging PF to buy home may soon become a reality Retirement fund body EPFO may soon introduce a scheme to allow its over 4 crore subscribers to pledge their provident fund to buy low-cost houses and use the account to pay equated monthly installments. “We are working on a housing scheme for members of the … Read more
Senior citizen welfare fund: Norms out; 9 member panel to administer The ministry released the notification dated March 18 about the fund, which will be utilised for schemes for the promotion of the welfare of senior citizens in line with the National Policy on Older Persons and the National Policy on Senior Citizens. The Ministry … Read more
EPFO disbursed Rs. 47,630 crore as member benefits and Rs. 8,200 crore as monthly pensions in 2015-16 In 2015-16, EPFO disbursed approximately Rs. 47,630 crore as member benefits and Rs. 8,200 crore as monthly pensions. To monitor the status of enrolment of contractual employees especially in municipalities, EPFO has taken steps towards putting in place … Read more
Restriction on EPF withdrawal As per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: – (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on … Read more