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Showing posts with label Employers. Show all posts
Showing posts with label Employers. Show all posts

Friday, 13 January 2017

19:25

EPF Statutory dues for the month of December can be paid by 20th January 2017

EPF Statutory dues for the month of December can be paid by 20th January 2017 

Considering the issues arising out of stabilisation of the Unified Portal for employers with UAN Based simplified Electronic Challan cum Return filing system the remittance for the month of December 2016 can be paid by 20th January 2017.

The Portal was launched by EPFO on 23.12.2016, which helps in submission of UAN based returns and challans. It has been noticed that due to increased traffic on the portal, many employers have faced some difficulty in upfront allotment of UAN, connectivity/login issues, website slowing down and also unfamiliarity of the new processes. The Statutory dues are to be paid by 15th of every month.

Source:PIBNEWS
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Saturday, 12 March 2016

07:20

EPFO launches an incentive scheme for employers to encourage partnership in allotment of universal account number (UAN) to their employees

EPFO launches an incentive scheme for employers to encourage partnership in allotment of universal account number (UAN) to their employees

Employers can get refund upto 10% of administrative charges payable to EPFO under a new incentive scheme

EPFO, Head Office, New Delhi:  In order to boost the process of seeding the Universal Account Number (UAN) with KYC (e.g PAN, bank account details, Aadhar) that enables enhanced services from EPFO, an “Incentive Refund Scheme” has been launched.  The Scheme shall be in operation for one year beginning 1st January 2016 to 31st December, 2016.

The employers can now claim upto 10% refund of administrative charges on fulfilling certain criteria relating to UAN in respect of its contributing members.  The refund as per the scheme comes in two categories:-

Incentive Refund Scheme A

Claim 10% refund of administrative charges by:-

(i) Providing member’s details as required under Form No. 11 (New) (80% or above)
(ii) Seeding of all the three i.e AADHAR (atleast 80% of (i) above, bank account (100% of (i) above) and PAN (wherever applicable).
(iii)UAN activation (100% of (i) above)

Incentive Refund Scheme B

Claim 5% refund of administrative charges by:-

(a)Providing member’s details as required under Form No. 11 (New) (60% or above).
(b)Seeding of all the three i.e AADHAR (70% of (a) above, bank account (80% of (a) above) and PAN (wherever applicable).
(c)UAN activation (60% of (a) above).

Only such establishments that have in each month of the quarter achieved the criteria for qualification can avail the incentive of 5% or 10% by way of refund at the end of every quarter starting from quarter ending March, 2016.

Already 6.38 crore UAN numbers have been allotted by EPFO.  Seeding of UAN with KYC details including Aadhar, bank details is a priority area for EPFO.  This is being carried out in full swing.  More than 2.44 crore members have activated their Universal Account Number and are able to access enhanced services like downloadable dynamic UAN card, updated details of PF accounts, auto trigger of transfer request while changing employment etc.  The incentive scheme aims to improve service delivery to those who need the most.  It is now possible for employers to submit UAN based claims directly to PF offices, without attestation of the employers.

 Source:PIBNEWS 
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Wednesday, 9 September 2015

07:55

EPFO mulls further reduction in admin fee charged from firms

EPFO mulls further reduction in admin fee charged from firms

In a move that could substantially reduce the financial burden of around 800,000 employers, the Employees' Provident Fund Organisation (EPFO) is considering a further cut in the administrative fee it charges companies. The industry has called for a reduction in the administrative fees as this is a part of the employers' contribution towards the EPFO.

The EPFO is planning to reduce the administrative fee from 0.85 per cent to 0.65 per cent of the monthly basic salary. The Union labour ministry had already reduced the administrative charges from 1.10 per cent to 0.85 per cent with effect from January this year.

"As the services of EPFO improve with changing technology, a case is made out to reduce the administrative fee. We are in discussion to reduce it to 0.65 per cent of the monthly salary," said Central Provident Fund Commissioner K K Jalan. However, the move will need the approval of EPFO's apex decision-making body, the Central Board of Trustees (CBT). The CBT is scheduled to meet on September 16 in Hyderabad. However, this proposal is not a part of the agenda as yet.

Industry representatives had requested the Union labour ministry recently to reduce the administrative charges. "While reduction in the administrative charges will not bring any adverse impact to the social security benefits of employees, it will be a huge relief to the employers, which is very important in the present competitive environment," said a letter by G P Srivastava, chief advisor, Associated Chambers of Commerce and Industry of India. The industry has, however, demanded a reduction to 0.5 per cent of the basic salary from the present 0.85 per cent.

EPFO mulls further reduction in admin fee charged from firms According to sources, EPFO employees are usually apprehensive of the move as the fund collected through this fee is used to pay their salary. Apart from this, the fund is also utilised for expenditure on maintenance of its infrastructure, bank commission and also to pay the portfolio managers EPFO hires to manage the fund. In 2014-15, the EPFO had earned around Rs 5,000 crore through administrative charges.

Allaying these concerns, an EPFO official said: "The reduction will have no impact on the salaries of the employees and on other expenses at all. The collection of administrative fees is in surplus."

According to EPFO's balance sheet, it collected Rs 5,015 crore through administrative charges from employers, but the actual expenditure stood at Rs 1,766 crore thereby leaving a surplus of Rs 3,249 crore. Despite a cut in the administrative fees, the EPFO was able to collect more funds than in 2013-14, when its contribution stood at Rs 4,176 crore.

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Sunday, 28 June 2015

22:27

Indian Railways, Army among world's biggest employers: Study

Indian Railways, Army among world's biggest employers: Study

NEW DELHI: Two Indian organizations — Army and Railways — are among the world's biggest employers, together employing a whopping 2.7 million people, said a report. 

Though it is often said that Indian Railways is the largest employer in the world, but it seems it is not. The organization is ranked at the eighth place in the list of world's biggest employers. 

Immediately after Indian Railways in the 8th rank with 1.4 million staff is the Indian Armed Forces with 1.3 million people. 

According to a research published by the World Economic Forum, the US department of defense is the world's biggest employer which claims over 3.2 million employees on its roster. 

Second is People's Liberation Army (the Chinese military) with 2.3 million, and in third is the US supermarket giant Walmart with 2.1 million workers, the report said, adding that "... 1,75,000 of Walmart's staff work for UK supermarket chain, Asda". 

McDonald's is the 4th biggest employer with 1.9 million employees, however, as the majority of its restaurants are franchises, this figure falls to 4,20,000 when they are excluded, the report said. 

UK's National Health Service was ranked at the 5th place, with 1.7 million employees, followed by state-run China National Petroleum Corporation with 1.6 million. 

Another Chinese company, the State Grid Corporation of China was ranked 7th with 1.5 million. 

Hon Hai Precision Factory (better known as the electronics manufacturer Foxconn) comes in at 10th place with 1.2 million people.


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