EPFO credits 8.8% interest in 17 crore member accounts for FY16

"While reviewing the progress for the month of May, Central provident Fund Commissioner (CPFC) V P Joy noted that EPFO updated more than 17 crore member accounts, crediting interest rate of 8.8 per cent for the year 2015-16," it said in a statement. Also, during the month, the Employees Provident Fund Organisation (EPFO) redressed 21,944 grievances leaving 3,560 pending at the end of the month, it added.

Out of the pending grievances, 78 per cent of grievances are pending disposal for less than 7 days. Earlier during the month on the occasion of International Labour Day, EPFO launched its 'e-Samiksha' portal, a web based monitoring tool for performance review of the organisation. During May, the insurance benefits under the Employees' Deposit Linked Insurance Scheme, 1976 was increased to a maximum of Rs 6 lakh from existing Rs 3.60 lakh. Besides, the threshold limit of Provident Fund withdrawal was also raised from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS). This provision is effective from June 1, 2016, it added.

To promote the setting up of new Micro, Small and Medium Enterprises (MSME), an inspection scheme for the nine Central Labour Acts including the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 has been initiated by the government. It facilitates self-certified returns, provided the MSMEs are not more than 3 years old. The inspection scheme further provides that only a miniscule percentage (roughly 5 per cent of the MSME units) shall be verified through a random risk based inspection system for compliance monitoring, it said. 

For the purpose of EPF & MP Act, 1952, self-declaration has to be furnished by MSMEs during the first year at the time of registration on Online Registration of Establishments (OLRE) portal.

For this the necessary fields are being added in OLRE Registration Portal through Form 5A to help identify them.