Employment | Corporate Law Reporter

Expert Recommendations on Employees™ Pension Scheme

An Expert Committee constituted by the Government to review the Employees™ Pension Scheme (EPS), 1995, has, inter alia recommended either of the two options below: (i) Introduction of Provident Fund-cum-Pension Annuity Scheme wherein pension is linked to accumulations of members in the Fund or (ii) Modifications in the existing EPS, 95 such as: increase in… Read More

Tags: Employee Provident Fund, Employment, EPF, EPS, Government, Lok Sabha, National Park Service, Pension

Updation of EPF Accounts

The members™ accounts of Employees™ Provident Fund (EPF) for the previous year are updated by 30th September of the following year. The following steps have been taken for updation of members™ accounts: (i) In order to monitor the day-to-day progress of updation of members™ accounts, web based tool has been developed which allows timely corrective… Read More

Tags: Employee Provident Fund, Employment, EPF, FeedBurner, India, Legal education, Lok Sabha, United States

CLR Snippets | Extension of EPF Scheme

A proposal for reducing threshold limit from 20 to 10 employees for coverage under Employees™ Provident Fund & Miscellaneous Provisions Act, 1952 is under consideration of the Government. This information was given by Minister of State for Labour & Employment Shri Kodikunnil Suresh in the Lok Sabha in reply to a written question. Read More

Tags: Employee Provident Fund, Employment, FeedBurner, Government, India, Kodikunnil Suresh, Legal education, LokSabha

EPFO shows much better improvement

The number of contributing members to Employee Provident Fund Organisation (EPFO) has crossed 4.00 crore as on 17.08.2013. Similarly, number of establishments covered under EPF & MP Act, who are contributing and filing their return through electronic system has increased to 4 lakh. EPFO also distributed pension to more than 44 lakh pensioners during July,… Read More

Tags: Central Provident Fund, Digital signature, Employee Provident Fund, Employees' Provident Fund Organisation of India, Employment, EPF, EPFO, July 2013

Violation of EPF Act

Details of number of cases under Section 7A of Employees™ Provident Funds & Miscellaneous Provisions Act, 1952, initiated against the defaulting establishments during the last three years are as under: 2010-2011 2011-2012 2012-2013 26568 19615 17147 Details of Action taken during the said period is as under: (i) Number of prosecution cases filed under Section 14… Read More

Tags: Australia, Australian Capital Territory, Default (finance), Employee Provident Fund, Employment, Government, Oceania, Public Order Act 1986

Revised Online Transfer Claim Form For EPFO

Union Labour & Employment Minister Shri Sis Ram Ola today released Revised Transfer Claim form for EPFO beneficiaries marking this as first step towards launch of online Transfer Claim facilities here in New Delhi. The revised form will have the following salient features: ¢ The form will be called Transfer Claim Form instead of Form 13… Read More

Tags: Employee Provident Fund, Employees' Provident Fund Organisation of India, Employment, EPFO, Hon, Ministry of Labour & Employment, New Delhi, Union Labour

CLR Important | Employees Provident Fund Organization proposes radical changes in Provident Fund Coverage

The Employees Provident Fund Organization(EPFO) readying to re-notify a new definition of "compensation" that will include all allowances. Currently, employers contribute only 12% of the basic salary and dearness allowance, which in fact is not paid by most companies currently, towards their share of "matching" provident fund and the Employees Pension Scheme contribution. Hence, for several thousands of employees,… Read More

Tags: Business, Dearness Allowance, Employee Provident Fund, Employees' Provident Fund Organisation of India, Employment, EPFO, Salary, Tax credit

International Labour Conference of ILO to begin in Geneva next week

The 102nd Session of International Labour Conference of ILO to begin in Geneva next week Focus will be ON Employment and Social Protection in the new Demographic Context, Sustainable Development, Decent Work and Green Jobs. A Recurrent Discussion on the Strategic Objective of Social Dialogue will also be There. The 102nd Session of International Labour Conference of International Labour… Read More

Tags: Decent Work, Employment, Geneva, International Labour Organization, Labour law, Social protection, Sustainable development

MoF declares 8.5% interest on PF deposits

The Ministry of Finance has approved payment of 8.5% rate interest for 2012-13, up from 8.25% in the previous fiscal. The related circular is provided here. ***** Employees™ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) ( Head Office) Bhavishya Nidhi Bhawan,14-Bhikaiji Cama Place, New Delhi-110066 No. Invest.I/3(2)/133/ ROI/2012-13/4462, Dated: 15.05.2013 Subject: Declaration of Rate of Interest for… Read More

Tags: Central Government, Employee Provident Fund, Employees' Provident Fund Organisation of India, Employment, Government of India, India, Ministry of Labour & Employment, New Delhi

Govt initiatives for providing details to PF Account Holders

There are no dormant accounts in Employees™ Provident Fund Organisation (EPFO). However, as per provision of para 72(6) of the Employees™ Provident Funds (EPF) Scheme, 1952, a member™s account under certain condition is classified as Inoperative Account. All such Inoperative Accounts have a definite claimant. As per Para 73(1) of the EPF Scheme, 1952, a… Read More

Tags: Employee Provident Fund, Employees' Provident Fund Organisation of India, Employment, EPF, EPFO, Inoperative Account, Provident Fund Organisation, Rajya Sabha

DA and DR released to Central Govt. employees & Pensioners

Release of additional installment of Dearness Allowance to central government employees and Dearness Relief to pensioners, due from 1.1.2013 The Union Cabinet today gave its approval to release an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from 01.01.2013 at the rate of 8 percent over the… Read More

Tags: Cabinet of India, canada, Central Government, Dearness Allowance, Employment, Fiscal year, Labour, Union Cabinet

Conference Alert :: Program on Contract Labour (Regulation & Abolition) Act, Pune, April 17

Please send your reply on seminar@satvam.com or seminar@satvamindia.com Program on Contract Labour (Regulation & Abolition) Act Date & Time : Wednesday, April 17, 2013 09.30 a.m. to 5.30 p.m. (Registration & breakfast: 9.00 to 9.30 am) Venue : The Coronet Hotel, Apte Road, Deccan Gymkhana, Pune 411 004 (Opp. Santosh Bakery) Benefits/ learning objectives: In… Read More

Tags: contract labour, Deccan Gymkhana, Employment, Labour law, Oriental Bank of Commerce, Payment of Gratuity Act, Regulation & Abolition, Steel Authority of India