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Functioning of EPFO
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As on 31.03.2012, the total
members of Employees’ Provident Fund are 8.55 crore and pensioners under
Employees’ Pensions Scheme are 41.03 Lakh.
The present composition of Central
Board of Trustees (CBT), Employees’ Provident Fund (EPF) is Annexed. The
composition of the CBT, EPF is as per Section 5A of the Employees’ Provident
Fund & Miscellaneous Provisions Act, 1952.
As per clause (e) of sub-section
(1) of Section 5A of the Employees’ Provident Fund & Miscellaneous
Provisions Act, 1952, ten persons representing employees in the
establishments to which the Scheme applies, appointed by the Central
Government after consultation with such organisations of employees as may be
recognized by the Central Government in this behalf.
The Employees and Employers
contribute 12% and 3.67% of wages respectively, to the Provident Fund. In
addition, the employers and Central Government contribute 8.33% and 1.16% of
wages respectively, to the Pension Fund.
As per audited Balance
Sheet of EPFO for the year 2011-12, total balance amount as on 31.03.2012
under the Employees’ Pension Scheme(EPS), 1995 is Rs.162980.03 Crore.
As per latest figure
(unreconciled), the balance in EPS, 95 as on 31.03.2013 is Rs.183,405.36
Crore, (on face value of securities), details of which are as follows:
The interest accrued thereon
during the last three years and current year is as under:-
Year
Interest amount (Rs. In Crore)
2009-10
9,532.34
2010-11
10,888.49
2011-12
13,315.80
2012-13
14,416.65 (unaudited)
This information was given by
Minister of State for Labour & Employment Shri Kodikunnil Suresh in
the Lok Sabha today in reply to a written question.
******
List of Members
of the CBT (EPF) as on date
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Showing posts with label CBT. Show all posts
Showing posts with label CBT. Show all posts
May 09, 2013
Functioning of EPFO
January 14, 2013
Controversial circular, interest rates kept EPFO busy in 2012
Controversial circular, interest rates kept EPFO busy in 2012
From slashing interest rates on EPF to a
controversial circular that proposed to make it difficult to probe defaulting
employers and recover provident fund dues of workers, it was an unusual year
for the retirement fund body EPFO.
The circular, issued by EPFO head on his last day in service, was red flagged by trade unions as well as internally.
Only after the Labour Ministry's intervention, the Employees' Provident Fund Organisation (EPFO), which manages PF accounts of over 5 crore subscribers, decided to keep in abeyance its implementation.
The EPFO circular has sought to tighten norms for initiation of inquiry against employers in provident fund (PF) cases and clubbing of allowances with basic wages for computing PF contribution.
The circular, issued by EPFO head on his last day in service, was red flagged by trade unions as well as internally.
Only after the Labour Ministry's intervention, the Employees' Provident Fund Organisation (EPFO), which manages PF accounts of over 5 crore subscribers, decided to keep in abeyance its implementation.
The EPFO circular has sought to tighten norms for initiation of inquiry against employers in provident fund (PF) cases and clubbing of allowances with basic wages for computing PF contribution.
December 17, 2012
Government to review EPF circular on salary, allowances
You
can breathe easy with the government reviewing a circular issued by the
Employee Provident Fund Organization (EPFO) that had asked employers to deduct
the subscription from the gross salary, including allowances, a move that would
have reduced the take-home salary of over 5 crore workers.
A
senior labour ministry official said there was a "rethink" on the
circular that was issued on November 30, although a final decision is yet to be
taken.
The
official added that the circular did not actually change the rules and had not
clarified which allowances needed to be included in the calculation of basic
wage. The circular was meant to ensure that employers did not shirk their
responsibility, the official added.
December 12, 2012
Ministry of Labour asks EPFO to explain assessment circular
The labour
ministry on Friday sought an explanation from the Employees’ Provident Fund
Organisation (EPFO) on a controversial circular that will make it difficult for
the agency to initiate proceedings against defaulting employers and recover
provident fund dues of workers.
Labour
minister Mallikarjun Kharge is understood to have asked the EPFO to explain the
urgency in issuing the circular without consulting the ministry. “Neither was
it discussed with the ministry, nor was it put up before the Central Board of
Trustees. It took everyone by surprise,” the official said, adding that the
missive may be withdrawn or modified. Former central PF commissioner RC Mishra
on November 30, his last day in service, issued the circular which has been red
flagged by union leaders and has also been opposed internally.
Kharge has
also raised questions on a clause for lump sum assessments of agencies that
hire migratory workers on short term basis. Referring to the construction
sector, the circular has barred assessments unless individual members are
identified.
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