Leveraging Aadhaar for improving the services of EPFO — regarding.

Employees' Provident Fund Organisation
Ministry of Labour & Employment, Govt. Of India
Bhavishya Nidhi Bhawan, 14-Bhikaji Cama Place, New Delhi-110066

R-I/UID/2010/37496

date: 06.02.2013

To
All ACCs (Political states),
All RPFC-I (In-charge of Regions),
All RPFC-II (In-charge of SROs)
(Through web circulation)

Subject:- Leveraging Aadhaar for improving the services of EPFO — regarding.

Sir,
     This is in reference to Head Office letter No. RI/UID/2010/30051 dated 21.01.2013 on the subject cited above.

   The issue of expeditious enrolment of the EPF members was discussed with UIDAI Officials. It has emerged that UIDAI through its registrars has been organising enrolment camps in 18 states only. Register General of India (RGI) has been collecting data in respect of the remaining states through National Population Register (NPR). While the data collected by RGI is also being processed for issue of Aadhaar numbers by UIDAI, the methodology used by RG1 for setting up enrolment camps is different i.e. it is being done on the basis of house-to-house data collected by enumerators during Census Operations 2011, unlike UIDAI camps, where any resident, irrespective of the place of residence, can get himself enrolled for Aadhaar number. Thus enrolment may take considerable time.

Read More »

Amendment in Provident Fund Rules – Notification issued by Ministry of Labour and Employment.

MINISTRY OF LAROUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 5th October, 2012.

     G.S.R. 744(E).— In exercise of the powers conferred by section 5, read with sub-section (1) of section of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Provident Funds Scheme, 1952, namely: -

   1. (i) This Scheme may be called the Employees’ Provident Funds (Fourth Amendment) Scheme, 2012.

       (ii) It shall come into force on the date of its publication in the Official Gazette.

   2. In the Employees’ Provident Funds Scheme, 1952 (hereinafter, referred to as the principal Scheme), under paragraph 83 relating to special provisions in respect of International/Workers.

       (a) in paragraph 69 of the principal Scheme" as modified by para 6 of aforesaid paragraph 83, for sub-paragraph (4), the following sub-paragraph shall be substituted, namely: -

Read More »

EPFO decided 9.5 pc interest on PF and not to invest in stock markets

EPFO for 9.5 pc interest on PF; not to invest in bourses

The EPFO on Tuesday stuck to its decision that about 4.71 crore subscribers of the pension fund should get one per cent increase in interest on their deposits for 2010-11, pegging the rate of interest at 9.5 per cent.

The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) also decided not to invest in stock markets.

After a two-hour meeting of the CBT, Labour and Employment Minister Mallikarjun Kharge expressed hope the finance ministry will shortly give its concurrence to the proposal.

"I hope that after we answered all clarifications, they (Finance Ministry) will approve it (9.5 per cent interest rate for 2010-11)," he told reporters on the finance ministry's reservation on 9.5 per cent recommended by the Central Board of Trustees of Employees Provident Fund Organisation (EPFO) in September last.

"As far as 9.5 per cent interest (2010-11) is concerned, the Finance Ministry had sought some clarifications. Those clarifications have been sent by Labour Secretary to the Finance Ministry," Kharge added.

Downplaying the ongoing tussle between the two ministries over hiking the interest rates on PF deposits, Kharge said there was "no tussle between the two ministries over giving 9.5 per cent interest rate."

"These are just consultations between the two ministries. They had certain queries and when we satisfy them. They will definitely approve it," Labour Secretary P C Chaturvedi later explained.

Although CBT, which is headed by labour minister, had decided to give a higher return of 9.5 per cent on provident fund deposits for 2010-11, the Finance Ministry had expressed its opposition to the move.

Following discovery of Rs 1,731.57 crore in suspense account, the EPFO trustees favoured raising the rate of interest on provident fund deposits to 9.5 per cent for its 4.71 crore subscribers from 8.5 per cent which is being paid by EPFO since 2005-06.

The decision, however, did not find favour with the Finance Ministry which argued that there was no real surplus.

It said the surplus shown by the EPFO arose because all subscribers' accounts were not updated.

In a recent letter of 29th January, the Labour Ministry argued the EPFO is not asking for any government support for the extra returns to the salaried workers.

It is their money which has earned returns.

The Finance Ministry's objections were based on a report by Comptroller and Auditor General which suggested that there was no surplus with the EFFO's interest suspense account.

Source: DDI News

Read More »