Asian Markets Plunge After Trump’s Tariff Announcement – Indian Stock Futures Also in Red

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Asian stock markets witnessed a sharp decline on Thursday following the announcement of new tariffs by US President Donald Trump. The decision to impose reciprocal tariffs on multiple countries, including India, has sent shockwaves through global financial markets. Major Indices Take a Hit Japan’s Nikkei 225 fell 2.69% Hong Kong’s Hang Seng Index declined 1.80% South Korea’s KOSPI Index dropped 1.3% US stock market futures also tumbled, with Dow Jones Futures down by 1.78% India’s Stock Market Feels the Heat Gift Nifty Futures fell by 1.11%, indicating a weak opening for the Indian markets Market experts predict economic and financial strain due to the tariffs Banking and market expert Ajay Bagga warned that falling exports and declining margins could hurt India’s economy Safe-Haven Investments Surge With market uncertainty rising, investors are shifting towards: Gold Japanese Yen Swiss Franc Japanese Government Bonds Trump’s Tariff Impact o...
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EPFO Empanels 15 Additional Banks for Contribution Collection, Taking Total to 32

 

The Employees' Provident Fund Organisation (EPFO) has expanded its banking partnerships by adding 15 more public and private sector banks. This development aims to enhance direct payment access for employers and streamline provident fund contribution collections, increasing efficiency and reach.

Expansion of EPFO’s Banking Network

  • EPFO has now partnered with a total of 32 banks to facilitate seamless contribution payments from employers.

  • The inclusion of these 15 additional banks is expected to enable direct payment of nearly ₹12,000 crore annually.

  • Employers maintaining accounts with these banks will now have easier and more direct access to deposit monthly contributions.

EPFO's Growing Role in Social Security

  • EPFO plays a crucial role in ensuring financial security for millions of employees in India.

  • It currently serves 8 crore active members and 78 lakh pensioners.

  • The expansion aligns with India's vision of "Naya Bharat", as stated by Dr. Mansukh Mandaviya, Union Minister for Labour & Employment, Youth Affairs & Sports.

Technological Advancements in EPFO

  • The organisation has introduced EPFO 2.01, a robust IT system that has significantly improved claim settlements.

  • In FY 2024-25, EPFO processed over 6 crore claims, marking a 35% increase from the 4.45 crore claims settled in FY 2023-24.

  • Customer satisfaction has improved, and EPFO is now working towards EPFO 3.0, aiming to enhance accessibility and efficiency similar to banks.

Centralized Pension Payment System

  • A major milestone was also achieved with the introduction of the Centralized Pension Payment System.

  • This system aims to ensure timely and uniform pension payments across the country.

What is EPFO?

The Employees' Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, responsible for managing retirement benefits, provident fund, and pension schemes for employees in India.

EPFO’s Role in Employment Calculation

  • Measures workforce participation: The number of active EPFO members serves as a key employment indicator in the formal sector.

  • Tracks job creation trends: Growth in new EPFO enrollments provides insights into new employment opportunities.

  • Supports retirement planning: By ensuring timely contributions and withdrawals, EPFO strengthens financial security for workers post-retirement.

This latest expansion of banking partnerships reflects EPFO’s commitment to innovation, accessibility, and better service delivery for millions of Indian workers.

Location: Pune, Maharashtra, India

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