EPFO has introduced the ECR 2.0 for online collection of remittances through multi-banking. After introduction of the Unified Portal system for remittance of contributions, real time monitoring of the remittance position of the establishments has become a reality. The salient features and sequence of action are as follows – An SMS alert shall be sent…
The Ministry of Labour introduced two new schemes for labour welfare ‘One IP-Two Dispensaries’ and ‘Aadhaar-Based Online Claim Submission’ on International Labour Day (1st May 2017). Aadhaar – Based Online Claim Submission scheme: EPF Members who have activated their UAN and seeded their KYC (Aadhaar) with EPFO will now under this scheme be…
Earlier, advance withdrawal of PF balance could be made under Para 68J (Advance for Illness) and Para 68N (Advance for Handicap Support Equipment) Only after providing a certificate from a physician with employer approval. There was no other documents or information required. Under the EPF (Fifth Amendment) Scheme, 2017, Para 68J (Advance for Illness) and…
The deadline for employers to provide Form 16 to their employees for the year 2016-17 has been extended to June 15, 2017. Previously, As per Rule 31 of the Income Tax Act, the due date for Form 16 (Certificate for TDS deduction on salary) was 31st May 2017. Form 16 is an important document for…
The EPFO announces the interest rate for Employee and Employer Provident Fund (EPF) contribution for the financial year 2017-18.
The EPF interest rate changed from 8.80% (fiscal year 2016-17) to 8.65% (current year). During this fiscal year (2017-2018), EPFO subscribers will get a marginally lower return than they have in the past few years.
