epfo

The recommendations of the Pension Implementation Committee (PIC) of the Employees’ Provident Fund Organisation to increase the minimum pension amount to Rs. 1000 per month is to be placed before Central Board of Trustees, Employees Provident Fund {(CBT(EPF)} in its ensuing meeting for its consideration. Full Article

The Central Bureau of Investigation has registered a case u/s 120B IPC r/w 420 IPC and 13(2) r/w 13(1)(d) of P.C. Act 1988 against the then Additional Central Provident Fund Commissioner and other 8 then officers of EPFO Delhi who had entered into a criminal conspiracy with Managing Directors, two Director & one General Manager, HR of Delhi based private firm. In pursuance to this criminal conspiracy the accused allegedly created false records in respect of certain emplo.. Full Article

It has been brought to the notice of the Head Office that, in some case of grant of exemption, funds have not been transferred to the PF trusts, subsequent to the grant of exemption/relaxation, by the Appropriate Authority. It is therefore requested that, the matter may be examined and wherever required, necessary action for transfer of funds to the PF trusts granted relaxation/exemption by the Appropriate Authorities may be initiated immediately. Details of all such cas.. Full Article

Retirement fund body EPFO will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs 3 lakh crore corpus. Since the returns on investment provided by four fund managers was above the bench mark level of 8.52 per cent, past performance as EPFO's fund manager would not be given any weightage while making fresh appointments, a source privy.. Full Article

Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5% interest income on PF deposits for 2010-11. The finance ministry notification last week raises the income tax exemption to 9.5% interest income from 8.5%. The decision clears the air for the EPFO subscribers who were given increased interest rate by one percentage point for 2010-11, but the finance ministry had not matched the interest hike with a commensurate tax exempt.. Full Article

"Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per annum, settlement of claims of the EPF subscribers during 2011-12 shall be made at 9.5 per cent per annum till rate of interest is declared for 2011-12," said an order issued by the Employees' Provident Fund Organisation (EPFO). Full Article

Faced with high defaults in provident fund contributions by employers, the Employees Provident Fund Organisation , or EPFO, has decided to give monthly updates of contributions instead of an annual statement. The EPFO expects this will bring instances of defaults by employers to the notice of workers, who, in turn, will put pressure to demand their dues. Full Article

The retirment fund manager EPFO trustees today decided not to invest a portion of Rs 5,00,000 crore funds in the stock market in view of Finance Ministry's refusal to provide any guarantee on returns and safety of such investments. "We don't want t Full Article