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Learn about the latest EPFO rules on submission of digital joint requests to increase your EPF contribution. Find out how to submit a joint request and permission under the EPF Scheme, 1952.
The Employees Provident Fund Organisation (EPFO) subscribers who wish to contribute more than the statutory limit must submit a joint request and permission under EPF Scheme, 1952, Paragraph 26(6).
India's formal job market faced a decline in November, attributed to festive celebrations. Preliminary data reveals a 5% drop in new subscribers to the Employees' Provident Fund (EPF) and a 10.5% decline in the Employees' State Insurance Corporation (ESIC), marking the lowest figures in nearly two years. In contrast, the National Pension Scheme (NPS) experienced a 52% rise in new subscriptions, largely driven by state governments. Overall, formal job additions have dwindled for the fourth consecutive month, highlighting economic challenges.
The Centre has accepted the recommendation to increase the interest rate of deposits in the Provident Fund to 8.15% for the current financial year. EPFO will begin crediting the interest to subscribers' accounts
The EPFO has announced the interest rate for EPF accounts for the financial year ended on March 31, 2023. The interest rate for FY 2022-23 has been hiked by 0.05%