Thursday, 16 May 2013

Good news: Provident Fund interest rate hiked to 8.5% सरकार ने दी खुशखबरी, पीएफ पर ब्याज दर बढ़ाकर किया 8.5 फीसदी

New Delhi: Over five crore PF subscribers would get 8.5 percent interest for their deposits for 2012-13, higher than 8.25 percent disbursed in the previous financial year.

After a board meeting of EPFO's apex decision making body the Central Board of Trustees (CBT), Labour Minister Mallikarjun Kharge told reporters: "The board discussed the rate of interest for 2012-13. After detailed discussion, the board decided to recommend a rate of interest of 8.5 percent for the year."

The minister said that the decision to pay 8.5 percent interest rate was taken unanimously by the board, which also has representation from trade unions and employers.

The trustees also decided that EPFO will give a permanent account number to all members so that it is not changed with change in job or location. The EPFO is ready with an action plan to set up a central database for the purpose.

"Once implemented, it will ensure that the EPFO is able to offer almost real time and seamless service....It will also eliminate much of claims settlement workload", Kharge said.

The CBT, the minister said, has also decided to adopt the pattern of investment of 2008 as issued by the Finance Ministry except that no investments shall be made in equity.

Under, 2008 investment pattern norms, the Employees' Provident Fund Organisation (EPFO) will have greater flexibility to park its surplus funds in long-term debt instruments and certificate of deposits of PSU banks.

"A decision has been taken to pay 8.5 percent interest on PF deposits ... But we have expressed our reservations as we wanted higher interest rate," said D L Sachdev, secretary All India Trade Union Congress (AITUC) after the CBT meeting.

According to the EPFO's estimates, payment of 8.5 percent interest rate on PF deposits for the ongoing fiscal would leave a surplus of Rs 4.13 crore. 

नई दिल्ली : वित्त मंत्रालय ने कर्मचारी भविष्य निधि संगठन के अंशधारकों को 2012-13 के लिए 8.5 प्रतिशत दर से ब्याज के भुगतान को बुधवार को मंजूरी दे दी। 
इससे पिछले वित्त वर्ष में यह दर 8.25 प्रतिशत पर थी। बहरहाल, बढ़ी हुई ब्‍याज दर से ईपीएफओ के पांच करोड़ से अधिक अंशधारकों को लाभ मिलेगा। ईपीएफओ के केंद्रीय भविष्य निधि आयुक्त अनिल स्वरूप ने कहा कि वित्त मंत्रालय ने 2012-13 के लिए 8.5 प्रतिशत ब्याज दर अधिसूचित कर दी है। 
यह तत्काल प्रभाव से लागू होगी। उन्होंने कहा कि इस अधिसूचना से ईपीएफओ 8.5 प्रतिशत की दर से दावों का निपटान कर सकेगा तथा 2012-13 के लिए ब्याज अंशधारकों के खातों में डाल सकेगा। उल्लेखनीय है कि ईपीएफओ के केंद्रीय न्यासी बोर्ड ने 25 फरवरी को 2012-13 के लिए अपने अंशधारकों को 8.5 प्रतिशत ब्याज देने का फैसला किया था। वित्त मंत्रालय इस फैसले को अधिसूचित करता है जिसके बाद ही ब्याज राशि अंशधारकों के खाते में डाली जाती है। 
नियमों के अनुसार ईपीएफओ को वित्तीय वर्ष की शुरुआत से पहले ही भविष्य निधि जमा पर दी जाने वाली ब्याज दर की घोषणा करनी होती है। लेकिन पिछले कुछ वर्षों से ब्याज दर घोषित करने में देरी हो रही है। इस बार तो वित्त वर्ष की समाप्ति के बाद ब्याज दर अधिसूचित की जा रही है।

Source - bhasker

Tuesday, 14 May 2013

Call to increase retirement age of bank employees to 65 - The Hindu

On superannuation, seniors rendering quality service in private institutions’

The retirement age for bank employees should be increased to 65 for better utilisation of the services of seniors, said INTUC national president G. Sanjeeva Reddy.
Many officers were joining private financial institutions after their superannuation and extending quality services. The Public Sector Units were unable to make use of their services fully as they were retiring by 60, he opined.
Speaking after inaugurating the Eighth Biennial Conference of Union Bank Officers’ Congress of Andhra Pradesh here on Sunday, Mr. Reddy said the INTUC was opposed to the disinvestment plans and selling of shares to private companies from PSUs. He promised bankers of a discussion on their problems with the Centre.
Vijayawada MP Lagadapati Rajagopal, who attended the conference, said banks would collapse if NPAs increased, and underlined the need for prompt payment of loans borrowed by bigwigs.
Advice to seniors
Union Bank of India Staff College Principal P.S.N.M. Sarma said the bank recruited 5,500 employees in the last five years. But, the young officers were leaving the organisation as private financial institutions were offering good salary. The senior officers in banks should change the mindset of the fresh recruits and prevail upon them to stay in the organisation and help in the growth of business, said UBI Hyderabad Deputy General Manager M.N. Teppalwar. The officers appealed to the INTUC president to raise voice on behalf of the All India Union Bank Officers’ Congress (AIUBOC) on wage revision in the proposed bipartite talks.
Mr. Sanjeeva Reddy along with the MP and the bank officers released the ‘service rules’ book of the UBI. Later, they felicitated the branch officers of various districts. Bank officers from the neighbouring States also attended the conference.
AIBUOC president Syed Allbaksh, AP unit president M.M. Bhaskara Rao, general secretary V.V. Ramana, DGMs I.C. Amruth Kumar, D.V. Gupta, and K.L. Raju, and retired officers participated

Wednesday, 8 May 2013

Passbook for PF Account Holders

There are no dormant accounts in Employees’ Provident Fund Organisation (EPFO). However, as per provision of para 72(6) of the Employees’ Provident Funds (EPF) Scheme, 1952, a member’s account under certain condition is classified as Inoperative Account. All such Inoperative Accounts have a definite claimant. 

As per Para 73(1) of the EPF Scheme, 1952, a statement of account to each member through his last employer will be sent after the close of each year, showing opening balance, contribution during the year, interest credited, amount debited and closing balance of the year. 

Following initiatives have been taken by the EPFO to provide details to the PF account holders:- 

1) Online access has been given to the EPF members to ‘Know their EPF Balance’ through the website of the EPFO at 

2) Facility of e-passbook has been provided to the EPF Members. It is an online version of the employee’s Provident Fund account. Transactions are recorded and can be tracked easily by the members by registering themselves on the website of EPFO. 

However, in the event of change of employment, a new PF number is issued to the employees as ondate. 

This information was given by Minister of State for Labour & Employment Shri Kodikunnil Suresh in the Rajya Sabha today in reply to a written question. 

SOURCE - PIB (Release ID :95854)