Latest news with #Employees'ProvidentFundOrganisation
Time of India
a day ago
- Business
- Time of India
Eligibility criteria for life cover under EPFO scheme eased
The labour and employment ministry on Friday notified relaxed criteria for subscribers of the Employees' Deposit Linked Insurance (EDLI) scheme under the Employees' Provident Fund Organisation (EPFO). As per the notification, the beneficiary family will be eligible for a minimum assurance benefit of ₹50,000 in the event of death of an employee even if the employee's average provident fund balance is less than ₹50,000. Further, for the purpose of determining the continuous period of 12 months required for eligibility of minimum assurance benefits payable under the scheme, the gap of up to 60 days between two spells of employment will be ignored and such multiple services will be added, being treated as continuous service, it said. "In the event an employee who is a member of the Fund or of a provident fund exempted under section 17 of the Act, as the case may be, dies in service within six months of the last contribution received while still being on the rolls of the employer, such an employee shall get the assurance benefit as per the Scheme,"it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Smart Indians use these 5 WhatsApp tricks google Learn More Undo
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Business Standard
a day ago
- Business
- Business Standard
Lost your PPO number? Here's how you can find it online, and offline
Pension Payment Order (PPO) number is a critical identifier for retirees drawing pensions under the Employees' Pension Scheme (EPS), managed by the Employees' Provident Fund Organisation (EPFO). This 12-digit number helps track pension disbursement, update records, or lodge complaints. If you've misplaced it or never received the PPO document, there are several ways, both online and offline, to retrieve it. How to find PPO number online? 1. EPFO Pensioners' Portal Visit the EPFO's official Pensioners' Portal. In the 'Know Your PPO No.' section, enter your registered bank account number or EPS member ID. If your details match EPFO's records, your PPO number will appear instantly. 2. UMANG app The government's UMANG (Unified Mobile Application for New-age Governance) app offers a convenient option. After logging in, go to 'EPFO' services, then select 'Pensioner Services' > 'Know your PPO Number'. You can retrieve your PPO number by entering your Aadhaar or bank account details linked to your EPS account. 3. DigiLocker EPFO has also enabled downloading PPO certificates via DigiLocker under the Digital India initiative. Download the DigiLocker app or visit Sign up and link your Aadhaar (ensure your Aadhaar-linked mobile number is active for OTP verification). Search for 'Employees Provident Fund Organisation' under 'Issued Documents' and provide your PPO number and last four digits of your pension-linked bank account. Once verified, your PPO certificate will be fetched directly from EPFO's records. How to get your PPO number offline? If you're not comfortable with online methods, visit the branch of the bank disbursing your pension. Provide your pension-linked savings account number, and they can help retrieve the PPO number from their system. Keep your PPO number safe
The Hindu
6 days ago
- Business
- The Hindu
The changing landscape of employment
Each year, lakhs of students graduate from universities, colleges, Industrial Training Institutes, and skill programmes in India. Yet the system continues to face challenges not only in accommodating them, but also effectively integrating them into meaningful employment. The Employees' Provident Fund Organisation (EPFO) plays a central role in India's social security system by managing retirement savings for workers in the organised sector. With over 7 crore members, it remains one of the world's largest social security organisations. EPFO data serves as a valuable indicator of formal employment trends. The share decline in net new EPFO enrolments post-2019 reflected the pandemic effect on formal employment. However, the March 2025 data shows a steady increase in formal workforce participation. Young professionals, particularly fresh graduates, constitute a significant portion of new enrolments. The 18-25 age group consistently represents a large share with the 18-21 subgroup alone accounting for around 18%- 22% of the total new subscribers in the recent months. The trend signals a push towards formalisation but demands a deeper analysis of job stability, wages and long-term financial security. Youth unemployment According to the India Employment Report 2024, published by the International Labour Organization and the Institute for Human Development, the youth account for 83% of India's unemployed population. Alarmingly, the share of unemployed individuals with secondary or higher education has nearly doubled over two decades. The issue goes beyond unemployment; this is a crisis of unemployability. The Economic Survey 2023-24 states that only about half of India's youth are deemed job-ready after graduation. One in two lacks the digital and professional skills employers' demand, particularly in an economy undergoing rapid technological transformation. Moreover, the looming influence of AI threatens India's tech sector, putting several traditional job roles at the risk of displacement. Without adequate reskilling and upskilling efforts, the gap between graduate output and available opportunities will only widen. Despite economic progress, India's workforce remains predominantly informal. The India Employment Report 2024 notes nearly 90% of employment is informal with the proportion of salaried, regular jobs declining since 2018. While contractual employment has grown, concerns about job security and social welfare remain unresolved. Many young Indians struggle with technical skills. The report states that 75% of young people struggle with basic digital tasks such as sending an email with an attachment. Over 60% cannot perform simple file operations such as copy-pasting and 90% lack fundamental spreadsheet skills such as working with formulas. These statistics are worrying given that the Future of Jobs Report 2025 by the World Economic Forum forecasts major shifts in employment dynamics. The report states that by 2030, an estimated 170 million new jobs will be created representing 14% of total employment. However, 92 million existing jobs (8% of total employment) will be displaced. This means there will be a new growth of 78 million jobs, or a 7% increase in total employment. While these projections offer optimism, they also highlight the urgency of bridging the skill gap to ensure that India's workforce is adequately prepared for the evolving job landscape. What India must do India stands at a critical crossroads. Without targeted policy interventions and expansive reskilling initiatives, millions of graduates will continue struggling to secure meaningful employment. Investing in education, vocational training, and digital literacy is essential for aligning the workforce with future job demands. Urgent structural reforms are needed. First, there should be stronger collaboration between industry and academia, if necessary, by law. Each higher education institution must ideally have at least one formal partnership with industry partners. Second, educational institutions need to be held accountable for placements and not just educational degrees. We need to create accreditation systems for educational institutions aligned with job placements for the outgoing students. Idea Labs and Tinker Labs should be made mandatory components of every high school and higher education institution. The integration of the humanities, foreign language learning, and soft skills should be made mandatory across all levels of education. Third, India needs to extend its focus beyond national borders. Skilling and training programmes should be designed to meet the needs of ageing societies in many Western nations, where the demand for young professionals is expected to increase. This approach aligns with the Indian government's strategy for enhancing the international mobility of skilled workers. The International Institute of Migration and Development is currently working as the Indian partner in the European Union's Link4Skills project that utilises the migration corridor framework to evaluate the skill demands and labour shortages in various European countries and beyond. Fourth, to drive these transformations, an Indian Education Services, similar in stature to the Indian Administrative Services, should be established; it would attract the best minds into the education sector. Finally, the education system should open its doors to professionals from the industry. This would help bridge the gap between theory and application. S. Irudaya Rajan, Chair, International Institute of Migration and Development, Kerala; S.P. Mishra, Founder, India Career Centre, Hyderabad
New Indian Express
6 days ago
- Business
- New Indian Express
Over 10.5 lakh jobs provided through Rozgar Melas: Union Minister Kishan Reddy
HYDERABAD: Union Coal and Mines Minister G Kishan Reddy announced that approximately 10.50 lakh jobs have been provided so far through the Rozgar Melas conducted across the country. He made the statement while distributing appointment letters to 114 newly recruited candidates at an event held at Rail Kalarang in Secunderabad on Saturday. The event was part of the 16th edition of the Rozgar Mela, which was launched virtually by Prime Minister Narendra Modi. As part of the nationwide initiative, appointment letters were distributed to over 51,000 newly inducted central government employees across 47 locations. In the South Central Railway (SCR) zone, key centres such as Secunderabad, Guntakal, and Guntur participated in the mela. Speaking at the event, Kishan Reddy emphasised that the Rozgar Mela is not a one-time programme but a continuous initiative that reflects the Centre's commitment to generating employment. He urged young people to become job creators, not just job seekers, and highlighted the government's efforts in building the world's third-largest startup ecosystem. Citing data from the Employees' Provident Fund Organisation (EPFO), the minister said over eight crore jobs have been generated since 2017 across sectors. He also highlighted various initiatives aimed at enhancing youth skills and employability, such as the establishment of skill hubs and universities. Kishan Reddy further noted India's global standing in various sectors, including being the second-largest mobile phone manufacturing hub, fourth in renewable energy capacity, and the world's largest producer of railway locomotives. He also outlined flagship government schemes like the Vishwakarma Yojana, Ayushman Bharat, Mudra Yojana, and others aimed at public welfare and national development. Earlier, SCR Additional General Manager Neeraj Agrawal presented the welcome address. He stated that across SCR jurisdiction covering Telangana and Andhra Pradesh, 200 individuals received appointment letters in various departments of Central government, public sector undertakings and others. Later, DRM (Secunderabad) Bhartesh Kumar Jain presented the vote of thanks.
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Business Standard
11-07-2025
- Business
- Business Standard
EPF interest not showing in your account yet? Here's what you can do
The Employees' Provident Fund Organisation (EPFO) has started crediting the FY25 interest rate of 8.25 per cent to subscribers' accounts. Some subscribers may experience delays and are advised to check the status online and take corrective steps. Why does delay happen The interest rate, announced by EPFO's Central Board of Trustees, applies to contributions made in the previous financial year. However, once the rate is notified, the actual transfer involves extensive calculations before showing up in individual accounts. Unlike bank fixed deposits, EPF interest accrues monthly and is credited annually. A delay in updating the passbook doesn't affect your overall returns unless you withdraw funds. Steps to check and resolve delays If your passbook still doesn't reflect the interest credit after a reasonable wait, consider these steps: -Verify KYC details: Ensure your Aadhaar, PAN, and bank account are correctly linked and verified on the EPFO portal. -Check passbook online: Log in to the EPFO member portal or use the UMANG app to check the latest updates. -Raise a grievance: File a complaint via the EPFiGMS (EPF i-Grievance Management System) portal for formal redressal. -Visit the EPFO office: For persistent issues, carry your UAN and identity proofs to the regional EPFO office for assistance. For most subscribers, the interest should reflect in their accounts within days as the EPFO wraps up the crediting cycle. If you're still waiting, monitor your passbook regularly and act only if the delay stretches beyond the usual timeframe.
