EPFO: The Employees’ Provident Fund Organisation (EPFO) has announced a significant relief measure for certain Employees’ Provident Fund (EPF) account holders concerning the submission of joint declaration forms. The circular issued by the EPFO on January 30, 2024, outlines the specifics of this relief initiative.
EPFO Issues Relief from Joint Declaration Form for Certain EPF Account Holders
The requirement for employers and employees to jointly submit a declaration form arises when contributing to EPF accounts with a basic salary exceeding the current statutory wage ceiling of Rs 15,000 per month. However, the recent circular exempts certain EPF account holders from this requirement, offering them respite from the cumbersome process.
Notably, the relief from submitting the joint declaration form does not extend to individuals who have applied for a higher pension under the Employees’ Pension Scheme (EPS). For these applicants, the submission of the form remains mandatory.
The relief provided by the EPFO applies to specific categories of EPF members
The relief provided by the EPFO applies to specific categories of EPF members, as outlined in the circular. Firstly, it encompasses individuals who have either left employment or passed away before a specified date, which the circular identifies as October 31, 2023. Members falling under this category are exempted from the obligation to submit the joint declaration form.
The circular further clarifies that for cases where employees have contributed amounts exceeding the statutory limit and employers have paid administrative charges on such contributions, but the employee has either left employment or deceased by October 31, 2023, it is deemed that they have been allowed to contribute beyond the statutory limit. This provision aims to alleviate any complications for stakeholders involved in such cases.
In essence, the EPFO’s latest circular introduces a welcome relief measure for eligible EPF account holders, streamlining procedures and reducing administrative burdens for both employers and employees.
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