New Delhi: If you’re a contributor to the EPF, this can be excellent news for you. The Worker Provident Fund Organisation issued the newest round on January 30, 2024, concerning the submission of joint declarations, a vital doc for each EPF member. Some EPF account holders is not going to must submit a joint declaration type, in accordance with the Staff’ Provident Fund Group (EPFO).
Signature Of Employer And Worker
Within the joint declaration type, the signatures of the employer and worker are required. Correction of faulty data within the worker’s PF account requires submission to the Regional PF Commissioner. (Additionally Learn: Financial institution Staff To Obtain 17% Annual Wage Hike; IBA, Unions Signal Joint Notice)
What EPFO Stated In Newest Round?
The EPFO revealed a round in January of this yr stating that to ensure that employers and staff to collectively contribute to the EPF account on a primary pay that exceeds the current statutory wage ceiling of Rs 15,000 monthly, they need to submit this type. (Additionally Learn: Good Information For Job Seekers! Elon Musk’s Agency X Has Over 1 Million Openings)
Who Are Exempted From Submitting Type?
In line with a current letter from EPFO, EPF members who resigned from their jobs or handed away earlier than a sure date are exempt from submitting the joint declaration varieties.
The EPFO has mentioned that staff who’ve paid over the statutory restrict however have ceased employment or handed away “until October 31, 2023” are eligible for aid from submitting the joint software type.
The EPFO acknowledged that: “All such instances the place the staff had already contributed on pay greater than the statutory restrict and the employer had additionally paid administrative fees on such contribution made on pay greater than the statutory restrict however had left the employment or died until 31/10/2023, it’s deemed that such instances had been allowed for contributing on pay greater than the statutory restrict in order to keep away from hassles for the involved stakeholders.”
As well as, staff of EPF members who presently make month-to-month contributions exceeding the statutory wage restrict of Rs 15,000 and whose employers are overlaying the executive prices related to these larger funds are exempt from submitting the joint declaration type immediately.
