As reported by the ET, one of the two main social security organization under the Government of India’s Ministry of Labour and Employment, The Employees’ Provident Fund Organisation (EPFO) has specified that the EPF account holders will be exempted from submitting a joint declaration form, a vital document requiring both employee and employer signatures.
In general, The Joint Declaration Form for the Employees’ Provident Fund Organisation (EPFO) is a document used to rectify or update details in an employee’s EPF (Employees’ Provident Fund) account. It typically requires the signatures of both the employee and the employer.
The form is necessary for various purposes such as correcting errors in personal information, updating nominee details, linking Aadhaar numbers, or rectifying discrepancies in the EPF account.
The rectifying of inaccurate details in the PF account necessitates submitting the form to the Regional PF Commissioner. This move aims to streamline the process for certain members and enhance overall efficiency in managing EPF accounts.
The EPFO has said: “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 to avoid hassles for the concerned stakeholders”, the EPFO added.
The EPFO will provide immediate relief to two categories of existing employees:
- Employees who enlisted in the EPF scheme with a monthly basic salary of less than Rs 15,000 and persisted in contributing to the EPF account despite their basic salary surpassing Rs 15,000 per month eventually.
- The second group comprises employees who initially joined with a basic salary below the statutory wage limit and changed jobs over time but neglected to submit the necessary forms.
The above views were shared by Radhika Viswanathan, serving as the Executive Director at Deloitte Haskins & Sells LLP with the Economic Times.
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