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EPFO introduces an online mechanism to credit EPF & EPS accounts of its subscribers

EPFO introduces an online mechanism to credit EPF & EPS accounts of its subscribers

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  12 April 2020 8:39 AM GMT

NEW DELHI: Employees Provident Fund Organization (EPFO), a statutory body under Union Ministry of Labour and Employment, has put in place an electronic mechanism for crediting EPF and EPS accounts of its subscribers as per the package announced by the Union Government under ‘PM Gareeb Kakyan Yojna’ on March 26, 2020 for helping the poor to fight corona pandemic.

Accordingly, the relief announced by the government can be claimed by eligible organisations/establishments by filing Electronic Challan-cum-return (ECR). The due amount on behalf of Employers and Employees reflected in the ECR on account of EPF and EPS (24% wages) will be credited by the Central Government for three months in UANs of contributory EPF members, earning monthly wage of less than Rs15,000 and who are already employed in EPF covered establishments/factories employing up to one hundred employees with 90% or more of such employees earning monthly wage of less than Rs15,000. Around 79 lakh subscribers and approximately 3.8 lakh establishments are expected to benefit benefit from the package. This is estimated to have a subsidy outgo of Rs 4,800 crore in a period of three months. It may be recalled that Central Government had launched the ‘Pradhan Mantri Garib Kalyan Yojana’ (PMGKY) on March 26, 2020 to help the poor fight the battle against coronavirus pandemic. The PMGKY package is aimed at preventing disruption in the employment of low wage earning EPF members and extending support to the eligible EPF covered establishments.

To implement the above package, the Ministry of Labour and Employment had subsequently notified the Scheme specifying the objective, eligibility criteria, validity period, process and manner to avail the relief. The Electronic Challan-cum-Return (ECR) filing will enable the establishments to avail the relief in respect of their eligible employees. (PIB)

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