From interest rates for 2016-17 to Aadhaar and a new loyalty scheme, there has been a lot of news coming from the EPFO, or Employees' Provident Fund Organisation, which manages your provident fund money. EPFO has extended the deadline for submitting Aadhaar numbers to April 30, 2017, for its over four crore members. The Employees' Provident Fund Organisation (EPFO) had earlier set March 31, 2017, as the deadline for submitting Aadhaar numbers. EPFO has also extended the deadline for submitting digital life certificates for its over 50 lakh pensioners until April 30 to link pension accounts with Aadhaar.
Other Developments
1. EPFO's subscribers will receive a 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, as decided by the EPFO board. 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 the death of a subscriber. At present, the dependents of the deceased receive a sum assured of up to Rs. 6 lakh. There is no provision for 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 receive an 8.65 percent 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 percent of its investible deposits from the current 10 percent. The EPFO has invested Rs. 18,069 crore in exchange-traded funds (ETFs) till February 18, 2017, and yielded a return of 18.13 percent 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.
Other Developments
1. EPFO's subscribers will receive a 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, as decided by the EPFO board. 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 the death of a subscriber. At present, the dependents of the deceased receive a sum assured of up to Rs. 6 lakh. There is no provision for 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 receive an 8.65 percent 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 percent of its investible deposits from the current 10 percent. The EPFO has invested Rs. 18,069 crore in exchange-traded funds (ETFs) till February 18, 2017, and yielded a return of 18.13 percent 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.