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Latest Amendments dated: 21st Feb 2018 under EPF

Category: EPFO

Tags: Female Employees Share, PF Interest, Administration charges 0.50%, Umang, PF UAN, AADHAR KYC, PF latest Update, CBT meeting, 220th CBT meeting

The 220th meeting of Central Board of Trustees (CBT) held in Newdelhi on 21/02/2018 under the chairmanship of Hon.Labour Minister Shri Santosh Gangwarji under which following decisions been taken;

 

  • The EPFO also decided to reduce the administrative charges to 0.50 from existing 0.65 per cent of PF wages of an employee from April 1st 2018 (Notification awaited),

By this decision, Employer share will be reduced to 13% from existing 13.15%, further as announcement made by Hon.Finance Minister in his Budget/2018 speech: 12% of Employer share will be paying by the GOI under the PMRPY scheme for next 03 years in respect of new employees who is having No previous PF membership and Gross salary to be less than 15000/- Accordingly, Employer share for new employees will become 1% only.

 

  • Launching of online nomination filing by members,

After availing this new facility, now PF member can update or change his nominee details from employee portal, No need to update through nomination form no.2

 

  • linking of UAN with AADHAAR through UMANG App and online linking of UAN with AADHAAR in EKYC PORTAL using Bio Metric Credentials for the benefits of it users.

After availing this new facility, Now PF members can link their UAN with the Aadhaar card number via the UMANG app.

 

  • The interest rate of employee provident fund to 8.55 per cent in 2017-18 as compared to 8.65 per cent in the last fiscal (2016-17).EPFO has liquidated portion of its investments in the exchange traded funds (ETFs) to bridge the gap to provide 8.55 per cent interest this fiscal, according to a report by news agency Press Trust of India (PTI). it is higher than 7.6 per cent provided to General Provident Fund and Public Provident Fund subscribers.