Latest news with #Employees'ProvidentFund
New Straits Times
2 days ago
- Business
- New Straits Times
EPF sees growing member base but warns of global headwinds
KUALA LUMPUR: Global economic outlook remains uncertain due to ongoing geopolitical tensions and the heightened risk of both tariff and non-tariff barriers between major economies, particularly the United States and China, the Employees' Provident Fund (EPF) said. While some central banks have started to loosen monetary policy, the fund highlighted that concerns over political instability, fiscal imbalances, and regional conflicts continue to weigh on market sentiment and erode investor confidence. The International Monetary Fund has revised its global growth projection for 2025 downward to 2.8 per cent, a 0.5 percentage point drop from its January estimate. In line with this, Malaysia's gross domestic product (GDP) growth forecast for 2025 is also expected to fall slightly below the earlier estimate of 4.5 per cent to 5.5 per cent, reflecting a wider trend of downward revisions across the region. EPF chief executive officer Ahmad Zulqarnain Onn said the downward adjustments to global and regional growth projections, including Malaysia's, highlight increasing external risks amid evolving global trade dynamics. He said in the face of a more uncertain and challenging market landscape, the EPF continues to uphold a dynamic and broadly diversified portfolio to protect asset value and mitigate potential risks. "We continue to actively explore investment opportunities across both domestic and international markets to strengthen our portfolio and support long-term, sustainable returns for our members," he added. Meanwhile, EPF said it added 140,111 new members in the first quarter of 2025 (1Q25), bringing its total membership to 16.3 million. "Of these, 8.88 million are active members, representing 51.3 per cent of the 17.31 million labour force. "The EPF's active-to-inactive member ratio remained stable at 54:46 in 1Q25," it said. The fund said 19,600 new employers registered in 1Q25, bringing the total number of active employers with the EPF to 616,558. Total contributions rose by 15.1 per cent, reaching RM33.54 billion compared to RM29.13 billion in the same period last year. "Meanwhile, total voluntary contributions increased by 62 per cent to RM7.02 billion, from RM4.33 billion a year earlier. "The number of formal sector members contributing above the statutory rate was 10,990 in 1Q25, compared to 6,771 in the same period last year," EPF said.
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Business Standard
3 days ago
- Business
- Business Standard
Deadline for EPFO's ELI scheme extended: Here's what you need to know
In a relief for many Employees' Provident Fund (EPF) subscribers, the Employees' Provident Fund Organisation (EPFO) has once again extended the last date to activate Universal Account Numbers (UAN) under the Employees' Enrolment Campaign-linked (ELI) scheme. The new deadline to activate your UAN and become eligible for the scheme's benefits is June 30 now. This extension offers more time to thousands of unorganised and contractual workers whose UANs were either inactive or never activated. What is the Employees' Life Insurance scheme? The Employees' Life Insurance (ELI) scheme, formally known as the Employees' Deposit Linked Insurance (EDLI) scheme, offers life insurance benefits to EPF members. In case of the death of the insured employee during service, the nominee is entitled to claim a lump sum amount, with maximum benefits up to Rs 7 lakh.
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Business Standard
3 days ago
- Business
- Business Standard
Allow gig workers the option to choose between EPF and NPS schemes
If millions of gig workers are forced into EPF without the option of NPS, complaints about the system's inefficiencies will intensify as its shortcomings inevitably emerge Harsh Roongta Listen to This Article It is 2028. Ambar, a Mumbai-based gig worker, juggles jobs across three service apps. Since 2026, when the government mandated Employees' Provident Fund (EPF) contributions for gig workers, a monthly 'EPF' deduction has appeared in his earning statements across all three platforms. Now diagnosed with cancer, Ambar tries to withdraw from his EPF corpus — a purpose for which withdrawal is allowed under EPF rules — only to be denied. The reason? Multiple employers have contributed to his account. The Employees' Provident Fund Organisation's (EPFO's) rigid systems flag this as a discrepancy, freezing access. Marketed initially as a benefit, the
Economic Times
25-05-2025
- Business
- Economic Times
Finance Ministry OKs 8.25% EPF interest rate
The government has approved an 8.25% interest rate on Employees' Provident Fund (EPF) deposits for FY 2024-25, benefiting over 70 million subscribers. The labour ministry has instructed EPFO to credit the interest, unchanged from FY24, after finance ministry approval. EPF offers high, stable returns and tax benefits, making it an attractive investment for salaried individuals. Tired of too many ads? Remove Ads The government has ratified an interest rate of 8.25% on Employees' Provident Fund (EPF) deposits for the financial year 2024-25, benefitting over 70 million labour ministry has directed the Employees' Provident Fund Organisation EPFO ) to begin crediting the interest — unchanged from FY24 — to subscribers' accounts, following approval from the finance ministry EPF offers relatively high and stable returns compared to other fixed-income instruments , ensuring steady growth of savings for its subscribers. Besides, the interest earned on EPF deposits is tax-free up to a specified limit, making it a highly attractive investment option for salaried individuals . The central board of trustees of EPFO had proposed retaining the 8.25% rate for FY25 at its 237th meeting in February. The labour ministry then sent it to the finance ministry for final EPFO had given an interest of 8.25% for FY24 on an income of Rs 1.07 lakh, which was the highest yet, on a total principal amount of about Rs 13 lakh crore.
Time of India
25-05-2025
- Business
- Time of India
Finance Ministry OKs 8.25% EPF interest rate
The government has ratified an interest rate of 8.25% on Employees' Provident Fund (EPF) deposits for the financial year 2024-25, benefitting over 70 million subscribers. The labour ministry has directed the Employees' Provident Fund Organisation ( EPFO ) to begin crediting the interest — unchanged from FY24 — to subscribers' accounts, following approval from the finance ministry . EPF offers relatively high and stable returns compared to other fixed-income instruments , ensuring steady growth of savings for its subscribers. Besides, the interest earned on EPF deposits is tax-free up to a specified limit, making it a highly attractive investment option for salaried individuals . The central board of trustees of EPFO had proposed retaining the 8.25% rate for FY25 at its 237th meeting in February. The labour ministry then sent it to the finance ministry for final approval. The EPFO had given an interest of 8.25% for FY24 on an income of Rs 1.07 lakh, which was the highest yet, on a total principal amount of about Rs 13 lakh crore. Live Events
