Payroll and Compliance - The Monthly Chronicle
The EPF Form 2 is for the purpose of declaration and nomination under the Employees’ Provident Funds and Employees’ Family Pension schemes. In the form’s tabular column, one needs to fill in details of the nominee(s), such as name, address, relationship with member, age, amount to be paid to each nominee, and guardian details (in case the nominee is a minor). The form has to be signed or a thumb impression has to be made at the end of the section, and the form submitted to EPFO department.
In a new initiative, the EPFO has come out with e-nomination to replace the physical Form 2. Members can nominate through the Member portal. This new electronic process will replace all previous physical nominations.
Note: The e-nomination option is available only for subscribers whose Aadhaar details are linked into the EPFO portal. Also, similar to physical nominations, e-nominations can also be modified.
Process to generate Digital Form 2 for EPF & EPS nomination
There were various propositions made in the Union Budget to benefit newly employed personnel in companies, such as the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Plan Scheme, reducing women’s contribution rate towards PF, and government paying off the employee’s share for every newly employed personnel.
To read details of proposed changes please refer to last month’s newsletter.
|Up to March 2018||
(For every new employed person for next three years)
|Employee share||1200 (12%)||1200 (12%)||800 (8%)|
|Employer share||482 (4.82%)||115 (1.15%)||115 (1.15%)|
|Government share (PMRPY)||833 (8.33%)||1200 (12%)||1200 (12%)|
Currently, any PF or/and EPS claim can be claimed through online or offline mode, based on the seeding of KYC details into the PF portal.
Recently, the EPFO department has provided official notification stating: For any claim settlement above Rs. 10.00 lakh for PF claims and Rs. 5.00 lakh for EPS withdrawal claims, the claim form must be accepted through online mode only.
The bank account of such PF members should have been seeded and verified in the system before settling such claims. Accordingly, all claims exceeding the above limits will not be accepted in the physical form.
|Due date||Nature of transaction||Existing rules||Mode|
|10th March 18||Andhra Pradesh & Madhya Pradesh||State-wise regulations||By Challan|
|15th March 18||Gujarat||Gujarat PT regulations||By Challan|
|20th March 18||Karnataka||Karnataka PT regulations||By Challan & Online|
|21st March 18||West Bengal||West Bengal PT regulations||By Challan|
|31th March 18||Assam & Orissa||State-wise regulations||By Challan|
|31th March 18||Maharashtra||Maharashtra PT regulations||Online|
|15th March 18||Remittance of Contribution||EPF & MP Act, 1952||Online|
|15th March 18||Remittance of Contribution (Main code and Sub codes)||ESIC Act, 1948||Online|
|7th March 18||TDS Payment||Income Tax Act, 1961||Online|
|Labour Welfare Fund Remittances|
|5th March 18||Kerala (Labour Welfare Fund Act)||Kerala State Labour Welfare Fund||Offline|
Sources: Government Notifications, Circulars, Press releases.
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