Sunday, July 14, 2024
HomeBusinessBig Relief To THESE EPF Members: Exempt From Joint Declaration Form Submission

Big Relief To THESE EPF Members: Exempt From Joint Declaration Form Submission


New Delhi: If you are a contributor to the EPF, this may be good news for you. The Employee Provident Fund Organisation issued the latest circular on January 30, 2024, regarding the submission of joint declarations, an essential document for every EPF member. Some EPF account holders will not have to submit a joint declaration form, according to the Employees’ Provident Fund Organization (EPFO).

Signature Of Employer And Employee

In the joint declaration form, the signatures of the employer and employee are required. Correction of erroneous information in the employee’s PF account requires submission to the Regional PF Commissioner. (Also Read: Bank Employees To Receive 17% Annual Wage Hike; IBA, Unions Sign Joint Note)

What EPFO Said In Latest Circular?

The EPFO published a circular in January of this year stating that in order for employers and employees to jointly contribute to the EPF account on a basic pay that exceeds the present statutory wage ceiling of Rs 15,000 per month, they must submit this form. (Also Read: Good News For Job Seekers! Elon Musk’s Firm X Has Over 1 Million Openings)

Who Are Exempted From Submitting Form?

According to a recent letter from EPFO, EPF members who resigned from their jobs or passed away before a certain date are exempt from submitting the joint declaration forms.

The EPFO has said that employees who have paid over the statutory limit but have ceased employment or passed away “till October 31, 2023” are eligible for relief from submitting the joint application form. 

The EPFO stated that: “All such cases where the employees had already contributed on pay more than the statutory limit and the employer had also paid administrative charges on such contribution made on pay more than the statutory limit but had left the employment or died till 31/10/2023, it is deemed that such cases had been allowed for contributing on pay more than the statutory limit so as to avoid hassles for the concerned stakeholders.”

In addition, employees of EPF members who currently make monthly contributions exceeding the statutory wage limit of Rs 15,000 and whose employers are covering the administrative costs associated with these higher payments are exempt from filing the joint declaration form right away.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments