EPFO Introduces Digital Process For Contributions Beyond Statutory Limit - Details

epfo introduces digital process for contributions beyond statutory limit - details

epfo introduces digital process for contributions beyond statutory limit – details

The Employees’ Provident Fund Organisation (EPFO) has introduced a streamlined process for subscribers wishing to contribute beyond the statutory limit. The subscribers seeking to make additional contributions are required to submit a joint request and obtain permission under the EPF Scheme, 1952, specifically under Paragraph 26(6).

The Central Board of Trustees (CBT) has authoriSed a standardised format to facilitate Joint Requests under Paragraph 26(6) during its 234th Meeting held on October 31, 2023. Going forward, all new cases will be digitally filed and processed using this standardized format, aiming to enhance efficiency and reduce paper usage.

Related News |

epfo introduces digital process for contributions beyond statutory limit - details

How To Login To EPFO Members Portal

According to the EPFO circular dated January 30, 2024, individuals falling under specific criteria are eligible to use this format. Specifically, cases where an employer has paid administrative charges on an employee’s contribution beyond the statutory limit, and the employee has already made such contributions but has either left their position or passed away before October 31, 2023, are considered eligible. This provision aims to prevent difficulties for all parties involved.

Existing members who are already contributing beyond the statutory limit, with their employers paying administrative charges on these contributions, are not immediately required to file Joint Requests using the newly authorized format. It’s important to note that this exemption applies exclusively to cases falling under Para 26(6) of the EPF Scheme, 1952.

Related News |

epfo introduces digital process for contributions beyond statutory limit - details

What Are Electoral Bonds And Why It Was Scrapped By SC | Explained In 10 Points

Understanding the Joint Request under Para 26(6) of the EPF Scheme, 1952, is crucial. This provision addresses contributions on wages exceeding the statutory limit. According to Para 26(6), both the employee and the employer must jointly submit an option, and EPFO’s acceptance of this joint request is a prerequisite.

Furthermore, in accordance with a Supreme Court order dated November 4, 2022, employees are entitled to a higher Employees’ Pension Scheme (EPS) pension under certain conditions. This includes individuals who retired before September 1, 2014, making higher contributions to their EPF account, and those who were members of EPS or EPF on September 1, 2014, and continued their membership thereafter.

News Related

OTHER NEWS

Guru Nanak Jayanti: Rishi Sunak Highlights Punjabi Heritage In Message, Trudeau Extends Greetings

In a greeting from 10 Downing Street on the occasion of Guru Nanak Jayanti, British Prime Minister Rishi Sunak mentioned his Punjabi Indian origin, news agency PTI reported. The 43-year-old ... Read more »

What US easing sanctions on Venezuela, home to world’s largest oil reserves, could mean for India

This report is the second of a three-part series on recent Indian engagement in the Latin American and Caribbean (LAC) region. New Delhi: The US’ decision last month to ease ... Read more »

Rajshri Deshpande dedicates OTT award to innocent lives lost in Gaza, Palestine

Rajshri Deshpande dedicates OTT award to innocent lives lost in Gaza, Palestine Actor and social worker Rajshri Deshpande won the Best Actor, Series (Female) award for Netflix’s ‘Trial By Fire’. ... Read more »

‘Ramchandra Keh Gaye…’: From Jan 1, RSS to Spread Word of God, Ayodhya Inauguration Among 10 Crore People

‘Ramchandra Keh Gaye…’: From Jan 1, RSS to Spread Word of God, Ayodhya Inauguration Among 10 Crore People In its effort to take the Ram Janmabhoomi message to households across ... Read more »

Ace designer Rohit Bal critical, on ventilator: report

Ace designer Rohit Bal critical, on ventilator: report Celebrated fashion designer Rohit Bal is in critical condition and is on ventilator support, HT City reported, quoting sources. He has been ... Read more »

Bengaluru: Traffic Advisory Issued, Parking Restrictions In Place As Samyukta Horata Samiti Holds Protest | Details

Bengaluru: Traffic Advisory Issued, Parking Restrictions In Place As Samyukta Horata Samiti Holds Protest | Details The Bengaluru Traffic Police has issued a traffic advisory for November 27 and 28 ... Read more »

Vistara Flights Diverted Due To Air Congestion At Delhi Airport | DETAILS

vistara flights diverted due to air congestion at delhi airport | details Delhi: Two Vistara flight has been diverted to Lucknow and Jaipur due to bad weather and air congestion ... Read more »
Top List in the World