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Is Your Employer not Paying Monthly PF (Provident Funds) Contribution on Time? Check What EPFO Rule Says
The Employees Provident Fund Organisation (EPFO) is a statuary body which assists Central Board in administering compulsory contributory Provident Fund Scheme, Pension Scheme and Insurance Scheme for the workforce engaged in the organised sector in India.
Highlights
- Default on payment of contributions by employers can make liable to pay Damages & Interest.
- However, it is noted that these damages are restricted up to 100% of the amount in arrear.
- But a simple interest of 12% per annum is payable on amount due for the entire period of delay.
New Delhi: Employees’ Provident Funds Organisation has reiterated that employers defaulting on contributions are liable to pay Damages & Interest on the amount due under 14B and 7Q of EPFO Act. These damages and interest are payable to EPFO. Employers should ensure timely payment of EPF dues to avoid damages and interest.
However, it is noted that these damages are restricted up to 100% of the amount in arrear. But a simple interest of 12% per annum is payable on amount due for the entire period of delay.
Period of Default | Rate of Changes (Per Annum) |
Less than 2 Months | 5% |
2-4 Months | 10% |
4-6 Months | 15% |
More than 6 Months | 25% |
The Employees Provident Fund Organisation (EPFO) is a statuary body which assists Central Board in administering compulsory contributory Provident Fund Scheme, Pension Scheme and Insurance Scheme for the workforce engaged in the organised sector in India.
EPFO allows submission of life certificate anytime for EPS'95 subscribers
Employees’ prodvident fund organisation (EPFO) has announced to allow EPS’95 pensioners to submit their life certificate anytime that will be valid for one-year from the effective date of submission. It will ensure ease of living for pensioners.
The subscribers can submit the life certificate at these locations:
Nearest EPFO office
Indian post office
UMANG App
Common community centre
Pension disbursing bank
A pensioner can go at these above-mentioned locations to sumbit their life certificate without any hassle.
The documents that you need to sumbit during the submission can be these:
PPO Number
Aadhaar Number
Mobile no, linked with Aadhaar
Description of Bank accoun