Details about Employees Contributions to EPF: Lok Sabha Q&A

-


GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
LOK SABHA

UNSTARRED QUESTION NO: 43

ANSWERED ON: 25.04.2016
Employees Contributions to EPF
A. ARUNMOZHITHEVAN
Will the Minister of
LABOUR AND EMPLOYMENT be pleased to state:-



(a) whether the retirement savings managed and overseen by the Employees Provident Fund Organisation (EPFO) has crossed Rs. 10 lakh crore mark, making it the eleventh largest pension fund in the world;

(b)if so, the details thereof;

(c)whether the EPF offers are expected to receive Rs. 1,15,000 crore of fresh accruals from employees contributions during the year 2015-16 and if so, the details thereof;

(d)whether the said contribution is likely to be 15 per cent higher than it had been originally estimated; and

(e)if so, the details thereof?

ANSWER
MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI BANDARU DATTATREYA)

(a) & (b): As per the Audited Consolidated Annual Accounts of Employees’ Provident Fund Organization (EPFO) for the year 2014-15, the closing balance of Funds managed by EPFO is Rs. 6,34,174.33 crore.

Regarding EPFO being the eleventh largest pension fund in the world, no such information is available with EPFO.

(c): No, Madam. The fresh accruals in 2015-16 in the three Schemes framed under the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP) Act, 1952 as per the revised estimates is Rs. 1,01,538.54 crore.

(d) & (e): The revised estimates for the year 2015-16 are projected to be 13.81 per cent higher than the Budget estimates. The details of revised estimates of the three Schemes are as under:

(i) Employees’ Provident Funds (EPF) Scheme, 1952 :- Rs. 71,398.25 crore

(ii) Employees’ Pension Scheme (EPS), 1995:- Rs. 29,000.00 crore

(iii) Employees’ Deposit-Linked Insurance (EDLI) Scheme, 1976:- Rs 1,140.29 crore.




Read more: http://www.staffnews.in/2016/04/details-about-employees-contributions.html#ixzz475in7upZ
Under Creative Commons License: Attribution Share Alike
Follow us: @StaffNews_In on Twitter | cgenews on Facebook

Comments

Post a Comment

Popular posts from this blog

Grant of notional increment on 1st July I 1st January to the employees who retired from Central Govt, service on 30th June / 31st December respectively for the purpose of calculating their pensionary benefits - regarding.

-
Image
  Grant of notional increment on 1st July/1st January to the employees who retired from Central Govt. service on 30th June / 31st December respectively for the purpose of calculating their pensionary benefits – Implementation Order by DoP&T O.M. dated 14.10.2024 No.19/116/2024-Pers.Pol.(Pay)(Pt) Government of India Ministry of Personnel, Public Grievances & Pensions Department of Personnel & Training North Block, New Delhi Dated the 14th October, 2024. OFFICE MEMORANDUM Subject: Grant of notional increment on 1st July/1st January to the employees who retired from Central Govt.service on 30th June / 31st December respectively for the purpose of calculating their pensionary benefits – regarding. The undersigned is directed to say that in terms of Rule 10 of the Central Civil Services (Revise Pay) Rules, 2006, notified by D/o Expenditure vide Notification No.G.S.R.622 (E) dated 29.08.2008, date of annual increment was made uniform viz. 1st July of every year with effe...
Read more