Good news for 79 lakh EPF, EPS account holders; PF regulator to credit money in accounts

Good news for 79 lakh EPF, EPS account holders; PF regulator to credit money in accounts

EPFO Alert: In a bid to credit money under the Pradhan Mantri Gareeb Kalyan Yojana, the Employees Provident Fund Organization (EPFO) 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 on 26th March 2020 for helping the poor to fight Corona pandemic. The Ministry of Labour & Employment informed about the EPFO move in a written press statement today. The move will help poor and needy (whose monthly earning is less than Rs 15,000) to fight Coronavirus lockdown after the credit of money in their EPF, EPS account.

Informing about the EPFO move the Union Ministry of Labour & Employment issued a press statement citing, “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 per cent wages) will be credited by the Central Government for three months in UANs of contributory EPF members, earning monthly wage of less than Rs 15,000, who are already employed in EPF covered establishments/factories employing up to one hundred employees with 90 per cent or more of such employees earning monthly wage of less than Rs 15,000. 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 4800 crore in a period of three months.”

It may be recalled that Central Govt. had launched the Pradhan Mantri Garib Kalyan Yojana (PMGKY) on 26.03.2020 to help poor fight the battle against Corona Virus 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.

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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.

The employer in relation to any eligible establishment, shall disburse wages for the month to all employees of the establishment and file Electronic Challan cum Return (ECR) with required certificate and declaration to avail the benefit under the Scheme.

After ECR is uploaded and eligibility of establishment and employees is validated, then the challan will separately show amount of employees’ and employers’ contributions due as Central Govt. relief in respect of eligible employees and the remaining amount payable by the employer.

After the employer remits the payment due from him for other employees, as reflected in challan, the EPF & EPS contributions will be credited directly in the UANs of the eligible employees of the establishment by the Central Govt.

The details of the Scheme and FAQs containing clarifications on various aspects of the package are available on homepage of EPFO website under the TAB “COVID-19.”

Source:- zeebiz

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