The Employees’ Provident Fund Organization (EPFO) on 15th June 2021 announced an extension of 3 months to the time limit for the mandatory seeding (or linking) of Aadhar with the EPF’s Universal Account Number (UAN), until 1st September 2021. Prior to this extension, the EPFO had mandated the employers to link the Aadhar number with
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The Ministry of Labour & Employment had announced in March 2020 that individuals could claim non-refundable advances from their Provident Fund (PF) account not exceeding the basic wages and dearness allowance for three months or up to 75% of the amount standing to their credit in the Fund, whichever is lesser, for Covid related needs.
Under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPF Act), the membership of an eligible employee is compulsorily from the first day of his appointment. There is no distinction whether an employee is regular, temporary, casual, getting wages directly or indirectly from the employer for the purpose of making EPF Act applicable. This
In view of the growing impact of Novel Coronavirus on the economy, an important measure is taken by the Government to minimise financial burden on the employers. The Ministry of Labour and Employment vide notification No. S.O. 1513(E) dated 18.05.2020 inserted a clause enabling reduction in statutory rate of EPF contribution from 12% to 10%