Dedication of Portability through Universal Account Number (UAN) for Employees Provident Fund

“The minimum pension for employees has been introduced first time so that employees’ pension is not less than Rs. 1000 per month. The wage ceiling has been raised from Rs. 6500 to Rs. 15000 per month to ensure that vulnerable groups are covered under EPF Scheme”.

Under the scheme complete information for approximately 4 crore subscribers of EPF has been centrally compiled and digitized and a UAN has been allotted to all. The UAN is being seeded with Bank account and Aadhar Card and other KYC details for financial inclusion of vulnerable section of society and their unique identification.

Camps are being organized to facilitate opening of bank account and Aadhar card for those subscribers who have no bank account or Aadhar card as on date. This will ensure portability of the Social Security Benefits to the labour of organised sector across the jobs and geographic areas. The EPF account of employee will be now be updated monthly and at the same time he will be informed through sms.

Finally it will ensure that each of the 4 crore or more EPF account holders have direct access to their EPF accounts and will also enable them to consolidate all their previous accounts (approximately Rs 27000 Crore are currently lying with EPFO in inoperative accounts). By 16th October, 2014, approximately 2 crore subscribers will have the benefit of portability through UAN. Subscribers have been informed through sms/email immediately on inauguration.

The minimum pension for employees has been introduced first time so that employees’ pension is not less than Rs. 1000 per month. The wage ceiling has been raised from Rs. 6500 to Rs. 15000 per month to ensure that vulnerable groups are covered under EPF Scheme.

Source: PIB News

Extension of PPF Scheme to private sector banks – Department of Posts

Department of Posts issued a detailed order including the list of private banks to authorize to transfer of Public Provident Fund accounts from Head Posts Offices to Nationalized Banks…

SB ORDER No. 11/2014

F.No.32-01/2014-SB
Government of India
Ministry of Communications & lT
Department of Posts

Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 22.09.2014

To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject: – Extension of PPF Scheme to private sector banks.

The undersigned is directed say that this office has received some complaints regarding non transfer of their PPF Account from Post office to Private sector banks and vice versa. The matter was referred to Min. of Finance, Department of Economic Affairs [MOF(DEA)] for clarification. MOF (DEA) has forwarded copies of Gazette notifications to this office wherein MOF (DEA) had authorized some branches of ICICI Bank Ltd., lDBl Bank Ltd., HDFC Bank Ltd. and UTI Bank Ltd. (Axis Bank Ltd.) to operate PPF accounts under PPF Scheme. Copies of MOF (DEA) Gazette notifications .no. F.7/3/2005-NS.ll dated 14.06.2005 and 29.08.2005 are also enclosed.

2. In view of above, now PPF Account can be transferred from Post office to the branches of private banks mentioned in above Gazette notifications and vice versa and procedure prescribed for the transfer of PPF A/c from Head Post Office (HPO) to Nationalized Banks and vice versa will also be applied for transfer to these designated branches of Private Banks. lt is, therefore, requested to circulate these notifications to all field units for information and necessary action.

3. This issues with the approval of Competent Authority.

Encl.: As above

Yours faithfully,
sd/-

(Kawal Jit Singh)
Assistant Director(SB-II)

Click here to view the detailed list of Private Banks…

Source: www.indiapost.gov.in
[http://www.indiapost.gov.in/DOP/Pdf%5CCirculars%5CPPF_1535_29092014_pub_upload.PDF]

Finance Ministry notification regarding revision of maximum limit of subscription in PPF accounts

Revision of maximum limit of subscription in a financial year of Public Provident Fund account shall be Rs.1,50,000 in place of Rs.1,00,000…

No. F.No. 113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts

Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 21.08.2014

To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject:- Revision of maximum limit of subscription in a financial year of PPF Account.

Sir / Madam,

The undersigned is directed to convey the decision of the Min. of Finance (DEA) for revision of existing maximum limit of subscription in a financial year in the existing PPF accounts as well as new PPF account to be opened on or after 13.08.2014. Now the subscription in a financial year shall be Rs 1,50,000/- in “place of Rs 1,00,000/- in PPF accounts. The copy of Gazette Notification No. G.S.R. 588 (E) dated 13.08.2014 issued by MOP (DEA) is enclosed.

2. it is requested to circulate this instruction to all field units and ensure that the instruction is strictly followed.

3. This issues with the approval of Competent Authority.

Yours faithfully,
sd-
(L.K.Sinha)
Assistant Director General (FS-I)

Source: www.indiapost.gov.in
[http://www.indiapost.gov.in/DOP/Pdf/Circulars/ppf_limit-1416_27082014_pub_upload.PDF]

Simplification of procedure on withdrawals from Provident Fund

Simplification of procedure on withdrawals from Provident Fund

Simplification of rules/procedure on withdrawals from Provident Fund by Railway employees

GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAYA)
(RAILWAY BOARD)

No. F(E)III/2014/PF/3/3

NEW DELHI, Dated: 27.08.2014

The General Secretary,
NFIR,
3, Chelmsford Road,
New Delhi-110055.

Dear Sir,

Sub: Simplification of rules/procedure on withdrawals from Provident Fund by Railway employees – reg.

Ref: (i) Item No: 8/2014-PNM/NFIR

(ii) NFIR’s letter No.1/3/Pt.1 dated 25.10.2013

Kindly refer to the Agenda item No. 8/2014 for PNM/NFIR meeting on the above subject wherein contention was that employees are being asked to submit affidavits and fulfil other unnecessary formalities for withdrawal from Provident Fund.

Information had been called for from all Zonal Railways regarding procedure being followed in different Railways while sanctioning withdrawals from Provident Fund few marriage purpose. Almost all Railways are following the simple procedure on withdrawals from Provident Fund by its employees except some Railways where self declaration duly witnessed by two railway employees is required. None of the Railways have asked its employees to submit affidavit in connection with withdrawal from Provident Fund.

It is therefore requested to indicate the specific Railway which is insisting on submission of affidavits etc. for withdrawal from Provident Fund, so that they are suitably advised.

Yours faithfully,
sd/-
Secretary, Railway Board

Source: NFIR

Provident Fund Interest Rate 8.75%

Provident Fund Interest Rate 8.75% for 2014-15

EPFO retains interest rate at 8.75% for current fiscal

NEW DELHI: Retirement fund body EPFO’s trustees on Tuesday decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 per cent.

“It has been decided to pay 8.75 per cent interest in the current fiscal,” Central Provident Fund Commissioner (CPFC) K K Jalan told PTI after the meeting of the Central Board of Trustees (CBT), the apex decision making body of the Employees’ Provident Fund Organization (EPFO).

The EPFO has about 5 crore subscribers and the decision will have a bearing on their retirement fund.The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT, sources said.

The final notification for payment of the interest rate for the current fiscal will be issued by the finance ministry later.

The EPFO had provided 8.75 per cent rate of interest on PF deposits for 2013-14, which was higher than 8.5 per cent paid for the previous fiscal.

Source: Times of India