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The monthly average job creation numbers have consistently been declining after every release of EPFO.
These will help 4 crore EPFO members to fulfil the dream of owning a house.
The defaulting companies account for less than 1 per cent of the 860,000 firms enrolled with the EPFO. Besides, most default cases that the EPFO has reported in its annual report are of less serious nature, such as delayed transfer, dispute on applicability of the EPFO Act, and determination of the amount to be transferred to the fund.
The EPFO will allot employers the universal numbers of their employees.
The chief of EPFO, KK Jalan, said that data in the systems would be made available real time.
The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a contributory scheme that offers a pension of 3,000 per month to those employed in the unorganised sector, from cobblers to construction workers, excludes those covered by the Employees' State Insurance Corporation (ESIC) and EPFO. This exclusion criterion appears restrictive, based on a mistaken assumption that workers cannot move from the unorganised sector to the organised sector and vice versa, two officials with direct knowledge of the matter said on condition of anonymity The government is considering relaxing the criterion so that those who enrol in PM-SYM continue to receive its benefits even if they move to a job in the organised sector, the officials said.
Around 79.16 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to October 2018, data showed.
The EPFO has amended the scheme by inserting a new paragraph -- 68 BD -- to the Employees' Provident Funds ( EPF) Scheme, 1952, to enable a subscriber to make down payment to buy homes and pay EMIs through the EPF account, a senior official said.
All this has been made possible thanks to the universal account number (UAN) allotted by the Employee Provident Fund Organisation (EPFO) to its members.The UAN is a 12-digit 'portable' number allotted to each member which gives them control of their EPF account and minimises the role of employer in matters related to a member's account.
details of employees would then be made available to the EPFO.
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- EPG (disambiguation)
- EPG (disambiguation)