Latest news with #EPFO
Time of India
6 hours ago
- Business
- Time of India
2 Navi Mum residents lose 2.5cr in investment scam
Navi Mumbai: Two women residents of Navi Mumbai became victims of cyber fraud and were collectively cheated of Rs 2.50 crore, reports George Mendonca. In the first case, a 43-year-old businesswoman from CBD-Belapur was duped of Rs 2.29 crore by a six-member gang of cyber fraudsters in the investment scam. The fraudsters assured her of high returns by convincing her to invest in 5% upper circuit stock purchase, investment in block details, and IPO. The complainant was made to download a mobile app 'Impv pro' where she registered an account. Thereafter, she was provided with several bank accounts for transferring her investment amount. The mobile app virtually displayed her profit but she could not withdraw it. In yet another cyber crime in Panvel city, a 73-year-old man was duped of Rs 31.8 lakh by a three-member gang of cyber fraudsters who posed as employees of the EPFO office in New Delhi and assured him of high returns in 7-8 months after he invested in the govt scheme 'Payment of Dividend and Deposit Confirmation'. The victim lodged a complaint on the cyber portal, after which an FIR of cheating was registered. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai
Hans India
a day ago
- Business
- Hans India
EPFO enhances auto-settlement limit for advance claims to Rs 5 lakh
Hyderabad: Ina major service upgrade for salaried employees across the country, the Employees' Provident Fund Organisation (EPFO) has raised the auto-settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh, aiming to provide quicker access to funds during times of urgent financial need. The announcement was made in response to a question in the Lok Sabha, with Minister of State for Labour and Employment Sushri Shobha Karandlaje confirming that the new limit is intended to accelerate claim settlements under the Employees' Provident Fund Scheme. The move is designed to improve digital service efficiency and reduce processing time, especially during medical emergencies, job loss, or unforeseen personal crises. Officials emphasized that the increase is part of EPFO's ongoing efforts to streamline member services under its digital transformation initiatives. According to the current protocol, advance claims of up to Rs 5 lakh will be automatically processed for eligible members, reducing delays and minimizing paperwork. In a written reply to an Unstarred Question raised by MPs D.K. Aruna, Chamala Kiran Kumar Reddy, and Eatala Rajender, the Minister clarified that no violations or procedural complaints have been reported so far. This indicates a smooth implementation of the enhanced system across beneficiary states including Andhra Pradesh, Telangana, Bihar, and Kerala. The Ministry reaffirmed its commitment to resolving grievances and improving ease of access for EPFO members. With over 27 crore subscribers nationwide, this update is expected to positively impact lakhs of beneficiaries by offering financial flexibility and reducing reliance on manual approvals.
Hans India
a day ago
- Business
- Hans India
EPFO records addition of 20.06L members in May
New Delhi: The Employees' Provident Fund Organisation (EPFO) recorded a net addition of 20.06 lakh members in May this year, marking the highest ever increase since payroll data tracking began in April 2018, according to an official statement issued on Monday. This figure depicts an increase of 4.79 per cent in net payroll additions during May 2025 as compared to the previous month of April. Further, the year-on-year analysis reveals a growth of 2.84 per cent in net payroll additions compared to May 2024, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO's effective outreach initiatives. Union Minister of Labour & Employment, Mansukh Mandaviya, said, 'The EPFO has recorded an all-time high net member addition in May 2025, a testament to the growing strength of India's formal employment historic achievement is the direct result of Prime Minister Narendra Modi's visionary leadership and the government's unwavering commitment to pro-youth, pro-worker reforms.' 'Under the Prime Minister's guidance, our focus on ease of doing business and economic empowerment is yielding tangible outcomes, and we remain dedicated to building a robust and inclusive labour ecosystem for a Viksit Bharat," he added.
Time of India
a day ago
- Business
- Time of India
20L formal job additions reported in May; surge spans gender, sectors & regions: EPFO
EPFO India's organised sector witnessed its strongest monthly expansion to date in May, with Employees' Provident Fund Organisation (EPFO) reporting net payroll additions of over 20 lakh, the highest since formal tracking began in April 2018, provisional data from labour ministry showed on Monday. The surge spans gender, sectors and regions, underscoring steady formalisation of the workforce. Union labour and employment minister Mansukh Mandaviya described the milestone as "a testament to the growing strength of India's formal employment landscape". He credited it to "the direct result of PM Narendra Modi's visionary leadership and govt's unwavering commitment to pro-youth, pro-worker reforms", adding that "ease of doing business and economic empowerment is yielding tangible outcomes for a Viksit Bharat". Women's participation in the formal workforce also saw strides, with net female payroll additions reaching 4,25,000, marking a 7.5% increase over April and a 15% year-on-year rise. First-time formal job entrants numbered 9,42,000, up from 8,49,000 in April, driven largely by youth - workers aged 18-25 - who accounted for 8,73,000 net additions amid a 15.1% month-on-month rise. Job-switchers who transferred their EPFO accounts without withdrawing funds totalled 16 lakh in May, rising 2.1% from April and 14.3% from last year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like We Have No Words For Dog The Bounty Hunter's Transformation Cash Roadster Undo The ministry noted that such behaviour "safeguards long-term financial well being and extends their social security protection". Sector-wise, manpower suppliers led with around 4,63,000 hires, followed by expert services at 1,38,000. Industries spanning textiles, garments, security, contracting, engineering, cleaning and finance contributed significantly, collectively supporting the surge. Regionally, Maharashtra led the pack by contributing 20.3% of net additions, with Karnataka, Tamil Nadu, Gujarat, Haryana, Delhi, Uttar Pradesh and Telangana each delivering over 5%. Together, the top five states and UTs accounted for nearly 60% of national payroll growth. May's historic payroll figures reflect more than seasonal hiring - it signals an evolving economic structure where formal employment, especially among youth and women, is gaining traction. The sharp rise in first-time entrants and account portability suggests enhanced job confidence and workforce fluidity. Still, sustaining this momentum hinges on ensuring the longevity and quality of these emerging formal jobs, requiring stronger skill development and social protection frameworks to translate job numbers into secure, resilient livelihoods across the economy. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
a day ago
- Business
- The Hindu
EPFO disposed of over 98.5% applications for pension on higher wages: government
The retirement fund body Employees' Provident Fund Organisation (EPFO) has processed and disposed of 98.5% of the 15,24,150 applications for pension on higher wages (PoHW) as of July 16, Parliament was informed on Monday (July 21, 2025). According to a written reply in the Lok Sabha by Minister of State for Labour & Employment Shobha Karandlaje, 4,00,573 demand letters were issued to applicants eligible for PoHW and 11,01,582 were rejected, while 21,995 are pending. 'EPFO has processed and disposed of applications for pension on higher wages as per the directions of the Supreme Court in its judgement dated November 4, 2022. As on July 16, 2025, more than 98.5 per cent applications have been disposed of by EPFO,' the Minister said in her written reply on Monday. The cases of PoHW are being processed on the basis of the decision of the Supreme Court on November 4, 2022. Earlier in November 2022, the court had upheld the Employees' Pension (Amendment) Scheme 2014. The Employees' Pension Scheme amendment of August 22, 2014, had raised the pensionable salary cap to ₹15,000 a month from ₹6,500 a month, and allowed members, along with their employers, to contribute 8.33% on their actual salaries (if it exceeded the cap) towards the EPS. It had given all EPS members, as on September 1, 2014, six months to opt for the amended scheme. Later, the EPFO had also extended the deadline for members as well as employers to submit documents many times.
