EPF ACCOUNT - Rightsofemployees.com

PF Claim Settlements Rule: Now you can withdraw 5 lakh rupees from EPF account! Claim settlement rules are going to change

Jyoti — Wed, 02 Apr 2025 06:03:18 +0000

EPFO : The Employees’ Provident Fund Organization (EPFO) has announced a big relief for its 7.5 crore members. Now up to Rs 5 lakh can be withdrawn at a time under auto settlement.

Earlier this limit was Rs 1 lakh, which has now been increased. With this, EPFO members will be able to easily withdraw money for needs like medical emergency, education, marriage and buying a house.

EPFO members can now withdraw Rs 5 lakh

Labor and Employment Ministry Secretary Sumita Davra approved this recommendation in the 113th meeting of the Central Board of Trustees (CBT) held in Srinagar on March 28. Now when it gets its final approval from the CBT, EPFO members will be able to withdraw up to Rs 5 lakh for education, marriage, house and treatment.

What is automated claim process?

EPFO started an automated claim system for illness expenses in April 2020. In May 2024, its limit was increased from Rs 50,000 to Rs 1 lakh. Now this facility has also been implemented for education, marriage and buying a house.

The specialty of this process is that 95% of the claims are settled in just 3 days. As of March 6, 2025, EPFO has done 2.16 crore auto-claim settlements, which is many times more than the 89.52 lakh claims in 2023-24. This has also reduced the claim rejection rate from 50% to 30%.

The process of withdrawing money from PF will now be easier

EPFO has started auto-claim solution through IT system without any human intervention. Earlier there were 27 types of verification processes, which have been reduced to 18 and there is a plan to reduce it further.

Now, claims with KYC, eligibility and bank validation from the centralized IT member database can be automatically settled in 3-4 days. Cases where verification cannot be done through the system will be investigated separately.

Now you can withdraw PF through UPI and ATM also

EPFO is now preparing to bring Unified Payments Interface (UPI) and ATM facility to make the method of withdrawing PF easier. The Ministry of Labor and Employment has approved the recommendation of NPCI, which plans to link PF withdrawal with UPI and ATM by May-June 2025.

PF claim New System: EPFO to roll out UPI based PF claim withdrawals within three Months – Key Details Inside

Jyoti — Fri, 21 Feb 2025 11:29:04 +0000

The Employees’ Provident Fund Organization (EPFO) is working on a new withdrawal option. Soon employees will be able to withdraw the money deposited in their PF account through UPI. The report says that the system of withdrawal from EPF account through UPI will be rolled out in just 3 months.

However, the report also claims that EPFO has already prepared a plan and is in discussion with National Payments Corporation of India (NPCI) to launch this facility on UPI platform in the next 2-3 months. EPFO’s association with UPI will not only improve operations but will also solve the problem of fund transfer for more than 7 crore members of EPFO.

What will be the benefit after connecting to UPI?

In other words, by linking EPF to UPI, the government’s target is to simplify financial transactions, so that there is no problem in the claim process. Financial Express report says that once registered, customers can easily receive the claim amount through digital wallet. This will reduce the processing time and provide a better experience to the users.

The Ministry of Labor is upgrading the digital system of EPFO in collaboration with the Reserve Bank of India (RBI) and commercial banks. This step will simplify the withdrawal process, reduce delays, reduce paperwork and increase transparency.

So many claims settled so far

It is worth noting that in the last six-seven months, EPFO has implemented several reforms to improve pension service, upgrade its information technology (IT) system and provident fund (PF) claims. In FY 2025, EPFO settled claims of more than 50 million subscribers, the highest settlement ever, and released funds of more than Rs 2.05 lakh crore.

Working on withdrawal from ATMs too

In FY 2024, EPFO settled 44.5 million claims, amounting to Rs 1.82 lakh crore. Apart from this, auto claim settlement within three days increased to 18.7 million in FY 2025, from 8.95 million in FY 2024. Let us tell you that some time ago it was also reported that EPFO is working on PF amount withdrawal from ATM. This can be rolled out from the new financial year.

EPFO Gives Great News to EPF Members! Transferring Provident Fund account has become easy, know the details

Jyoti — Fri, 17 Jan 2025 05:33:08 +0000

EPF Account Transfer on Jobs Change: If UAN is linked to Aadhaar and personal details of all members match exactly, then provident fund can now be transferred even without employer verification.

Provident Fund Transfer On Job Change: There is relief news for the members of the Employee Provident Fund Organization. EPFO has made it very simple to transfer the Provident Fund on changing the job. Now the rule of transferring the Provident Fund to the members through the old or new employer on changing the job has been abolished.

Provident Fund Transfer Rules Made Easy

The Employee Provident Fund Organization has issued a circular on 15 January 2025 in which the process of transfer of Provident Fund account on changing the job has been simplified. In these cases, the rule of claiming online Provident Fund account transfer through the existing or old or new employer has been abolished.

The cases in which relief has been given are as follows –

In such a case, where the Universal Account Number has been allotted on or after 1 October 2017 and it is linked with Aadhaar, relief has been given in such cases if the Provident Fund account has to be transferred between member IDs of the same Universal Account Number.
In such cases, if the transfer has to be done between member IDs linked with different Universal Account Numbers and in such cases, the Universal Account Number has been allotted on or after 1 October 2017 and it is linked with Aadhaar, relief has been given in such cases.
In case of transfer between member IDs linked with the same Universal Account Number, where the Universal Account Number was allotted before 1 October 2017 and it is linked with Aadhaar, and the name, date of birth and gender in the member ID are the same.
In case of transfer between member IDs linked to different Universal Account Numbers where at least one UAN was allotted before October 1, 2017, is linked to the same Aadhaar, and the name, date of birth and gender in the member ID are the same.

Personal details must be correct everywhere

The circular of Employee Provident Fund Organization means that in the above cases, employees can now directly claim for provident fund transfer. That is, if UAN is linked to Aadhaar and the subscribers’ personal details given everywhere match exactly, then now provident fund can be transferred even without the verification of the employer.

EPFO Rules Change: Major changes in PF in the new year, know what is special for employed people

Jyoti — Sat, 04 Jan 2025 12:27:54 +0000

EPFO Rules Change: With the arrival of the new year 2025, many important changes are expected in the Employees Provident Fund (EPF) system. The purpose of these changes is especially to provide facilities to the salaried class. If you are also employed and have an EPF account, then these changes can be important for you. Let us know what changes are going to happen in the new year and what effect it will have on you.

PF money will be withdrawn from ATM

Recently there were reports that EPFO will soon issue an ATM card , which will allow people to withdraw money from their EPF account anytime. If this change is implemented, the process of withdrawing money from PF will become even easier and faster, giving you 24×7 access to your deposited capital.

The contribution limit in EPFO will increase

Currently, contribution to EPF is made only on basic salary up to ₹15,000 but the government is now planning to allow contribution to EPF on the basis of the entire salary. This means that if an employee’s basic salary is ₹1 lakh, then he will now be able to deposit ₹24,000 (employee and employer combined) in EPF every month. This will help in saving more money for the future.

Equity investment limit will also increase

EPFO invests the money deposited in your EPF account in various investment schemes so that it earns interest and the money grows. One way is to invest in Exchange Traded Funds (ETFs). EPFO is working on the idea of reinvesting the profit from ETFs in shares and other investment options so that more interest can be earned on EPF.

Facility for pension can be availed from any bank branch

In September 2024, the Central Government approved the Centralized Pension Payment System (CPPS). After this, about 78 lakh EPF pensioners will get the facility that they will be able to withdraw their pension from any bank branch and not from any particular bank branch. This will give more flexibility to the pensioners and they will be able to get their pension from any part of the country.

Last date for application for higher pension

EPFO has also announced that all companies should upload the salary details of their employees on the EPFO portal by 31 January 2025. Apart from this, if EPFO has asked for any other information, then it has to be made available by 15 January 2025. This step is for those employees who have applied for higher pension so that their application can be processed as soon as possible.

These changes are aimed at making the EPF system more convenient, transparent and beneficial. These steps will help you grow your EPF account and prove to be helpful in strengthening your financial position in the future.

The post EPFO Rules Change: Major changes in PF in the new year, know what is special for employed people first appeared on Rightsofemployees.com.

PF Fund Transfer: Why is it necessary to transfer PF balance when changing jobs? Know here you can transfer PF online

Jyoti — Mon, 09 Dec 2024 11:29:59 +0000

EPFO PF Fund Transfer : After changing jobs, transferring Employee Provident Fund (EPF) balance from old company to new company is one of the most important tasks. If you do not transfer PF balance for a long time, then your EPF account becomes dormant.

That is, it is not active and after a few years, interest on it also stops. To avoid all these problems and earn interest on PF, it is important to transfer your EPF balance as soon as you change jobs.

Can PF transfer be done without updating the ‘Date of Exit’ in the EPF account?

According to the Employee Provident Fund Organization (EPFO), to transfer EPF balance, it is mandatory to have updated date of exit from the old employer. Without this, PF cannot be transferred.

EPFO rules

For online transfer, it is very important to update the date of exit on your account. This can be updated only after two months of leaving the job. This date can be of the same month when the old company would have made the last contribution. This date of exit is updated by your previous company or employer on the EPFO site. This process is only possible when your Universal Account Number (UAN) is verified with your Aadhaar and mobile number linked to Aadhaar.

Employees can update their Date of Exit themselves on EPFO website

The good thing here is that if your old employer or company does not update the ‘Date of Exit’, then the employee can update it himself by visiting the online portal.

How to update ‘Date of Exit’ for EPF?

Step 1: Visit the EPFO unified portal and log in with UAN and password.

Step 2: Click on the Manage tab and select the Mark Exit option.

Step 3: Select the old PF account number from the dropdown.

Step 4 : Enter the date and reason for exit. Enter the OTP sent to the mobile number linked to Aadhaar and submit the request. Please note here that once the ‘Date of Exit’ is updated, it cannot be changed.

How to check whether EPF has been transferred or not?

According to EPFO, you can check your PF balance by looking at the passbook. For this, first go to the EPFO portal.

Log in to the EPFO portal.
Go to the View menu and select the Passbook option.
Log in with your UAN and password.
View passbook of all MIDs (Member ID).
If the balance has been transferred, it will be shown as a credit entry in the PF account of the new company. If the balance has not been transferred, the balance will be shown in the PF account of the old company. In such a case, file an online transfer claim.

Why is EPF balance transfer necessary?

Your balance will be added together with the contributions of all the companies. This will increase the base amount of your PF. There will be no problem in getting the interest. Also, with the increase in the base amount, the interest received on PF will increase. There will be no problem in the future.

The post PF Fund Transfer: Why is it necessary to transfer PF balance when changing jobs? Know here you can transfer PF online first appeared on Rightsofemployees.com.

Employee Pension Fund: What are the pension rules for family members after the death of the employee?

Jyoti — Wed, 23 Oct 2024 10:32:48 +0000

Some money from the salary of people doing private jobs is deposited in EPF every month. The employer also contributes almost the same amount to the employee’s EPF account. This is 12 percent of the basic salary (plus DA).

A large part of the fund created in this way is given to the employee in lump sum when he retires. Out of the employer’s 12 percent contribution, 8.33 percent goes to the Employee’s Pension Fund (EPS). The employee gets pension every month after retirement from the money deposited in this pension fund.

How is pension calculated?

For this calculation, the basic salary limit is fixed at Rs 15,000. This means that Rs 1,250 is deposited in the employee’s pension fund every month. Employees who selected the option of higher pension on actual basic salary last year, more money goes to the pension fund every month. An employee is entitled to pension if he is a member of EPS for at least 10 years. The formula for pension is as follows. Pension = (Pensionable Salary (Average of last 60 months’ salary) X Pensionable Service) / 70.

How much pension is received after the death of the employee?

After retirement, the employee gets pension as per the prescribed formula. Under the Employees Pension Scheme, 1995, not only the employee but also his wife/husband and children are entitled to pension when the employee dies before or after retirement. From the retirement of the employee till his death, pension is received as per the formula mentioned above. However, the payment of pension does not stop completely after his death. If the wife/husband or children are less than 25 years of age, they will be entitled to pension.

What is the minimum pension?

The family will get pension if the EPS member has contributed to EPS even once before his death. If the employee dies during the job, then the wife will get a minimum pension of Rs 1,000 every month. The employee’s wife gets pension as long as she is alive. If she gets married again, then the children pension will be converted into orphan pension. Then the pension amount will increase.

What will happen if the employee is unmarried?

If the employee is single, the widow pension i.e. the pension received by the wife is paid to the dependent parents. As a pensioner, you cannot nominate any person for this. If the EPS member is not unmarried or divorced, then the pension money will be given to the wife and children under the EPS rules. The wife gets 50 percent of the pension received by the employee. The children get 25 percent of the widow pension. This pension is available till the children turn 25 years old.

New EPF withdrawal rules 2024 – All you need to know

Jyoti — Tue, 15 Oct 2024 10:29:58 +0000

EPFO allows withdrawal of 75% of the funds after one month of unemployment and transfer of the remaining 25% to a new EPF account after joining a new job.

If you are doing a job, then obviously you also have an EPF account. In the EPF account, 12 percent of your basic salary is deposited in the EPF. To provide employees easy access to this savings fund in case of any financial emergency, EPFO has amended the PF withdrawal rules. You know that interest is earned on the money deposited in the PF fund and the deposited amount can be withdrawn after retirement.

But employees or subscribers can also make premature withdrawal which is equal to three months of their basic salary and dearness allowance or 75 percent of the total balance in their PF or EPF account, whichever is less. In such a situation, if you understand the latest rules for withdrawing money, it will be easy for you.

The employer and employee contribute to the EPF account. However, the money in the EPF account cannot be withdrawn arbitrarily.
The money deposited in the EPF account can be withdrawn only after retirement. Partial withdrawal can be applied for online and is applicable under emergencies like treatment, higher education, purchase or construction of a residential house.
EPFO allows withdrawal of 90 per cent of EPF funds 1 year before retirement, provided the person is not less than 54 years of age.
In case of unemployment before retirement due to retrenchment, EPF funds can be withdrawn.
EPFO allows withdrawal of 75% of the funds after one month of unemployment and transfer of the remaining 25% to a new EPF account after joining a new job.
If an employee contributes to the EPF account for five consecutive years, tax exemption is given on withdrawal of EPF funds.
TDS will be deducted on premature withdrawal of EPF funds, but if the entire amount is less than Rs 50,000, then TDS will not be deducted.
For premature withdrawal, if PAN is submitted, the TDS deduction will be 10% and if PAN is not submitted, it will be 30% plus tax.
EPF status can be checked online and if UAN and Aadhaar are linked and the employer has approved it, then it can also be done directly through EPFO. According to bankbazaar, the EPF subscriber has to declare unemployment to withdraw the EPF amount. As per the old rule, 100% EPF withdrawal is allowed after 2 months of unemployment.

EPFO’s new rule: Automatic EPF account transfer from old job to new job, know what is automatic EPF account transfer facility

Jyoti — Wed, 09 Oct 2024 16:32:58 +0000

Automatic EPF account Transfer Facility: EPFO’s Automatic EPF Account Transfer Facility has made the process of switching jobs easier for employees.

While a new role and new salary tempt you when you change jobs, transferring PF money seems to be a big hassle. But now this is no longer a hassle, the Employees’ Provident Fund Organisation (EPFO) has made a big change and introduced the facility of Automatic Fund Transfer for PF account holders. Therefore, now account holders will not need to manually request for PF transfer when changing jobs.

EPFO has made this process very easy through its Automatic EPF Account Transfer Facility. This feature ensures that your EPF balance moves easily from one employer to another without filling any form or doing any paperwork. This process has now become very efficient, you are updated about the transfer status through regular SMS or email notifications.

What is EPF Automatic Transfer Facility?

The EPF Automatic Transfer Facility allows you to seamlessly transfer your EPF balance from your old employer to the new employer when you change jobs. Earlier, employees had to manually apply for the transfer of their EPF funds, but with this facility, now the transfer starts automatically when you link your Universal Account Number (UAN) to your new employer.

Also Read- Jeevan Pramaan Patra: How can pensioners submit digital life certificate through doorstep banking service

This ensures that your EPF account remains consistent throughout your career, making it easier for you to manage retirement savings.

How does the Automatic Transfer Facility work?

The process of automatic EPF account transfer is quite simple. Let’s know how it works (How Does the Automatic Transfer Facility Work?).

Universal Account Number (UAN): Every EPF member has a unique UAN. That is, no matter how many jobs you change, your UAN remains the same.

New Employer Registration: When you join a new company, your employer registers your UAN under his establishment on the EPFO portal. This step links your new employment details to your existing UAN.

Automatic transfer triggered: Once your new employer registers your UAN, the EPFO system automatically starts transferring your EPF balance from your previous employer to the current employer.

Intimation via SMS or Email: Once the transfer request is initiated, the EPFO sends a notification to your registered mobile number and the email linked to your UAN, informing you about the status of the transfer.

Successful Transfer: The EPF balance from your old employer is credited to your new EPF account within a few days. Terms and Conditions for Automatic EPF Transfer
For the automatic EPF transfer facility to work, the following conditions need to be met:

Active UAN: Your UAN should be active and linked to your old and new employers.

Aadhaar Verification: Your UAN should be verified with Aadhaar. This ensures that your identity is valid across all employers and helps in smooth transfer of funds.

Mobile Number and Email: The mobile number and email must be linked to your UAN to receive notifications and updates from the EPFO.

Previous EPF Account: Your UAN in your old EPF account must be correctly mapped and updated with the required KYC details.

If any of these conditions are not met, you may need to manually raise a transfer request through the EPFO portal.

What to do if automatic transfer does not work?

In some cases, automatic transfer cannot be initiated due to discrepancies in UAN linking, KYC details or other factors. If automatic transfer does not work, here is what you can do:

Update your UAN details: Make sure your UAN is correctly linked with your Aadhaar, PAN and bank details on the EPFO portal as incomplete KYC may delay the transfer.

Manual transfer request: If automatic transfer fails, you can log in to the EPFO member portal and apply for EPF transfer manually under the ‘One Member One EPF Account’ service.

Contact EPFO: If the problem persists, you can contact the EPFO help desk or visit the nearest EPFO office for assistance.

To check the status of your EPF transfer, follow the steps given below:

Visit the EPFO portal: Log in to the EPFO member portal using your UAN and password.

Go to ‘Track Claim Status’: Go to the ‘Track Claim Status’ option on the portal to check the status of your EPF transfer request.

Check SMS/Email: Keep an eye on your registered mobile number or email for notifications from the EPFO regarding the status of the transfer.

EPFO Claim: Your EPF claim will not be rejected, you just have to keep these things in mind

Jyoti — Thu, 26 Sep 2024 08:28:27 +0000

EPFO allows employees to withdraw a part of the money deposited in their EPF account in certain situations. Usually, the money is transferred to the employee’s bank account within 10 days of applying. In some cases, EPFO rejects the claim

People doing private jobs can use the money deposited in their Employees Provident Fund (EPF) in certain situations. EPF is managed by the Employees Provident Fund Organization (EPFO). It allows subscribers (employees) to withdraw the money deposited in EPF in certain situations. Usually, the money reaches the employee’s bank account within 10 days of applying. In some cases, the application gets rejected. Recently, EPFO has released a video on YouTube explaining the reason for the rejection of the application.

The subscriber gets a big shock when the application is rejected. The reason for this is that the subscriber decides to withdraw money from EPF only when it is very necessary. If the employees take care of the reasons given by EPFO before applying , then the chances of the application being rejected will be reduced significantly. EPFO has given the following reasons.

Incomplete and incorrect KYC

It is important that the subscriber’s KYC is correct. He must keep in mind that his Universal Account Number (UAN) must be linked to his Aadhaar. Also, your mobile number and address should be updated.

Incorrect personal information

Details like subscriber’s name, date of birth, month and year, father’s name etc. should be correct. It is necessary to match these details given in the application with EPFO records.

Incorrect bank account information

The subscriber should double check the details related to his bank account given in the application. Especially the account number, IFSC code and branch details must be correct.

Incomplete documents

The subscriber is required to attach the required documents along with the application form. These include documents related to identity proof, address proof etc. You should check all the documents before submitting the application.

Many times employers do not help employees in withdrawing money from EPF. Due to this, employees have to face problems. If help is not being received from the employer, then the employee can complain on the grievance portal of EPFO. If the employee wants, he can also complain in this matter to the Labor Commissioner’s office. In such cases, the Labor Department talks to the employer. Experts say that by keeping these things in mind, there will be no problem in withdrawing money from EPF.

EPF New Rules: EPFO issued SOP for freezing and de-freezing UAN, know the details

Pravesh Maurya — Sat, 06 Jul 2024 04:09:53 +0000

New Delhi. The Employees Provident Fund Organization (EPFO) has issued a Standard Operating Procedure (SOP) for freezing or de-freezing accounts.

The EPFO has set the time limit for freezing an individual or establishment’s account for verification to 30 days, while this time limit can be extended by 14 days.

Let us know the latest SOP of EPFO regarding freezing and defrizing of Universal Account Number (UAN) of EPF subscribers, which has been issued on July 4, 2024.

What does freezing of EPF account mean?

Freezing means deactivation of several activities under different categories
1. Login to Unified Portal (Member/Employer)
2. Creation of new UAN or linking of MID to existing UAN
3. Any addition or change in member profile and KYC/employer DSC
4. Any deposit through Appendix-E, VDR Special, VDR Transfer-in etc. in any MID
5. Any settlement of claim/fund transfer or withdrawal
6. Registration of new establishment on the basis of same PAN/GSTN etc. including use of Aadhaar/PAN/DSC of employer/authorized signatory.

Also Read: How to apply online for Learner DL, know the step by step process today

De-freezing

De-freezing means that the work which has been stopped has to be restored and found correct after verification within a stipulated time frame.

EPFO said that the categories represent classification of individuals or groups of MIDs/UANs/establishments which require proper verification to ensure security of money to the rightful members.

Category A: MIDs/UANs/Establishments which are identified and notified by the Head Office from time to time.

Category B: MIDs/UANs/Establishments where any fraudulent withdrawal is attempted including alteration of member profile and KYC details in the form of fund transfer or claim to someone other than the actual member.

Category C: MIDs/UANs/where deposits have been made through Appendix-E, VDR Special, Special 10D, VDR Transfer-in etc. without the approval of the competent authority and/or without following the instructions issued in this regard.

The post EPF New Rules: EPFO issued SOP for freezing and de-freezing UAN, know the details first appeared on Rightsofemployees.com.

Good News for 6.5 crore people…Will get Rs 1 lakh in just 3 days, EPFO changed the rules, know details

Pravesh Maurya — Fri, 17 May 2024 08:15:15 +0000

EPFO allows its subscribers to withdraw money from the fund for some types of emergencies. This includes treatment of emergency diseases, education, marriage and buying a house.

Employees’ Provident Fund Organization (EPFO) has made the process of withdrawing money from PF easier. EPFO has started Auto Mode Settlement. More than 6 crore PF members will benefit from this. This is a facility which provides funds to PF members in emergency. Under this, money will be sent to your bank account within 3 days.

Under auto-mode settlement, employees can withdraw advance money from their EPF at the time of emergency. EPFO allows its subscribers to withdraw money from the fund for some types of emergencies. This includes treatment of emergency diseases, education, marriage and buying a house. For any one of these emergencies, you can withdraw advance funds from your PF account.

Claim settlement will be done through auto mode system.

In case of emergency, auto mode for claim settlement of this fund was started in April 2020 itself, but at that time money could be withdrawn only during the time of illness. Now its scope has been expanded. You can withdraw money from EPF for illness, education, marriage and even buying a house. Along with this, now subscribers can also withdraw advance funds for the marriage of sister or brother.

Up to how much money can be withdrawn?

The limit of advance fund from EPF account has been increased. Earlier this limit was Rs 50,000, which has now been increased to Rs 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. There is no need for approval from anyone. The money comes to your account within three days. However, you will be required to submit some documents. This includes KYC, eligibility of claim request, bank account details.

What is the process to withdraw advance amount?

First of all you have to log in to the EPFO portal. For this UAN and password are necessary.
After logging in, you have to go to online services and then select the claim section.
Then you will have to verify the bank account. Advance money will come into this bank account.
Now you have to upload a copy of your bank account check or passbook.
Then you will have to tell the reason due to which you want to withdraw money.
Now you will have to follow some further processes and apply. The money will come to your account within three to four days.

HAL Recruitment 2024 : Recruitment for 200 posts in Hindustan Aeronautics Limited, selection will be done through direct interview.

The post Good News for 6.5 crore people…Will get Rs 1 lakh in just 3 days, EPFO changed the rules, know details first appeared on Rightsofemployees.com.

EPF Interest rate : How much interest will be given on the money deposited in PF account? Find out like this

Pravesh Maurya — Fri, 17 May 2024 04:27:03 +0000

EPF Interest rate: According to EPFO, interest will be credited in all provident fund accounts by July-August. But, if you want to know how much interest will come in your account, then the method is quite easy.

EPF Interest rate: 8.25% interest is being given on the money deposited in the Employees Provident Fund (EPF) account. This was decided by the Central Board of Trustees (CBT) of the Employees Provident Fund Organization (EPFO). Approval has also been received from the government. Now just waiting for it to be credited to the Provident fund account. This interest rate will be for 2023-24. This will benefit more than 7 crore employees of the country.

How much interest will you get?

If you have Rs 1 lakh deposited in your EPF account after getting interest at the new rate, then you will get interest of Rs 8,250 on it in a year. If you deposit Rs 3 lakh then you will get interest of Rs 24500. At the same time, in case of Rs 5 lakh, interest of Rs 41250 will come. According to EPFO, interest will be credited in all provident fund accounts by July-August. But, if you want to know how much interest will come in your account, then the method is quite easy. You can know with a small formula.

Benefit of higher interest on EPF

The Board CBT of the Employees Provident Fund Organization (EPFO) had fixed 8.25% interest on EPF Account in February 2024 for the financial year 2023-24. After this it was approved by the Finance Ministry. The interest on Provident Fund was increased as compared to earlier. The interest on EPF account for the financial year 2022-23 was 8.15 percent.

How is EPF deducted from your salary?

If we look at the EPFO Act, 12% of the basic pay and DA of any employee is deposited in the PF account. The company also deposits 12% contribution in the employee’s PF account. Of the company’s contribution, 3.67 percent is credited to the EPF account. At the same time, 8.33 percent money is deposited in the Pension Scheme.

Understand how much benefit there is from higher interest?

Now let’s talk about the calculation of EPF interest. Understand this with an example. Suppose you have a total of Rs 10 lakh in your account, then in the last financial year you used to get Rs 81,500 at the rate of 8.15% interest. At the same time, due to increase in EPF interest rate to 8.25%, interest of Rs 82,500 will be available on this Rs 10 lakh. By increasing interest by 0.10%, you will get the benefit of interest of Rs 1000. If you have deposited Rs 5 lakh then you will get interest of Rs 41,250 this year.

How to check your EPF balance and interest received or not?

EPF balance can be checked sitting at home. Many options are given in this. You can find out through Umang App, EPFO portal or SMS from mobile phone.

Go to EPFO portal (www.epfindia.gov.in).
Click on E-PassBook option.
Log in on the new page by entering UAN, password and captcha code.
After logging in, select the Member ID option for Passbook.
Passbook will be available in PDF format, which can be downloaded.
You can access the passbook directly at https://passbook.epfindia.gov.in/.

Started with 3% interest in 1952

In 1952, the interest rate on EPF was only 3%. However, later it was increased. In 1972 it reached 6% and in 1984 it reached above 10% for the first time. The best time for PF holders was from 1989 to 1999. During this period, 12% interest was available on PF. After this the interest rate started falling. After 1999 the interest rate never came close to 10%. Since 2001 it has remained below 9.50%. For the last seven years it has been 8.5% or less.

The post EPF Interest rate : How much interest will be given on the money deposited in PF account? Find out like this first appeared on Rightsofemployees.com.

EPF Account Merge : Have multiple EPF accounts due to change of job? Know the easy way to merge all

Pravesh Maurya — Wed, 15 May 2024 04:15:40 +0000

EPF Account Merge Process: If you are also a salaried class then you will also have Universal Account Number (UAN). Yes, this is a special 12 digit number given by the Employees Provident Fund Organization (EPFO). With the help of UAN, PF members can easily manage their account. Only one UAN is issued to each member. He can use this UAN throughout his job.

EPF Account Merge Process: If an employee changes job then he has to tell his old UAN to the new employer. Additionally, a request should also be made to transfer the amount deposited from the previous account to the new account. This request can be made using the ‘One member -One EPF account (transfer request)’ facility in the online services tab. With this, the balance of all previous accounts can also be transferred to the new account.

When you submit the form to transfer money, it first goes to the employer you have selected for approval. Then this form is sent to the concerned office of EPFO. While submitting the form, you will have to indicate which UAN/Member ID you want to transfer. You will also have to tell whether the old or new employer will attest to the transfer request.

After this the process of Aadhaar verification will have to be completed. Only after all these steps, the form reaches the EPFO office, from where it is approved and the further process starts. It usually takes about 20 days to transfer money from your PF account to another account. Many times people also have a question that what happens to such PF accounts which were opened before the implementation of UAN?

If a PF account was opened before the implementation of UAN and UAN was not created at that time. In such a case, to get the UAN made for that account, the person will have to take the help of his previous employer. The employer can create UAN for such employees through its PF login portal.

Once the UAN is generated for the old PF account, you can transfer or merge the amount deposited in both the accounts by following the process mentioned above. The thing to note here is that to do this, your UAN should be active and linked with Aadhaar. Apart from this, it is also necessary to complete your KYC.

Bank FD Rate Change : Interest on FD is up to 9.1%, these 4 banks have changed their rates this month, check

The post EPF Account Merge : Have multiple EPF accounts due to change of job? Know the easy way to merge all first appeared on Rightsofemployees.com.

Provident Fund: For what purpose can you withdraw PF money, know what is the whole process?

Pravesh Maurya — Mon, 04 Mar 2024 07:39:34 +0000

EPF account is for retirement and it can be withdrawn only after retirement. But sometimes we have to withdraw money from EPF account in emergency. But there are some terms and conditions to withdraw money from it. Let us know when and how much money you can withdraw from EPF account.

Employees Provident Fund Organization (EPFO) is a scheme to improve the economic future of private sector employees. In this retirement plan, both the company and the employee contribute equal amount to the PF (Provident Fund). At the same time, it gives annual interest on the deposited amount.

Since this amount is for retirement, it can be withdrawn only after retirement. But, sometimes PF money is needed in emergencies. There are some rules for withdrawing money from PF, only by following which you can withdraw money from your account. Let us know about those rules in detail.

When can you withdraw PF money?

Employees Provident Fund Organization allows withdrawal of money from PF account before retirement only under certain circumstances. Such as medical emergency, marriage or buying land. If someone loses his job, he can withdraw the entire PF amount after two months.

There is a rule to withdraw money from PF even for the marriage of a particular family member or for the education of children. However, for this you must have been working for at least seven years. After this you can withdraw up to 50 percent of your contribution.

How many times can I withdraw money?

You can withdraw money from PF account many times before retirement. But, every time you will have to give the reason. Money cannot be withdrawn more than three times for marriage. The same is the condition for studies after 10th.

Money can be withdrawn only once to buy a house or land. However, there is no such restriction in medical emergency. For this, you can withdraw money any number of times before retirement.

How much tax is charged on withdrawal of funds?

If you withdraw EPF before 5 years of continuous service, TDS will be deducted at the rate of 10 percent. If you do not provide PAN card while withdrawing the amount, then the TDS rate will be 30 percent. But, no tax has to be paid after 5 years of continuous service. Even if an employee transfers his EPF amount to the National Pension Scheme, no tax is levied.

How to withdraw PF money online?

To withdraw money from EPF online, your UAN should be active and linked to KYC (Aadhaar, PAN and bank account). Then you have to follow the steps given below.

-Log in to the UAN Member Portal with your UAN and password.
-Click on ‘Online Services’ tab from the top menu bar. Select ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
-Your details will appear on the screen. Enter the last 4 digits of your bank account and click on ‘Verify’.
-Click on ‘Yes’ to sign the Undertaking Certificate and proceed.
-Click on ‘Proceed for Online Claim’ option.
-Select ‘PF Advance (Form 31)’ to withdraw your funds online.
-A new section of the form will open. In this you will have to select ‘Purpose for which advance is required’, the required amount and the address of the employee. The work for which employees cannot withdraw money will be mentioned in red colour.
-Tick verification and submit your application
-Depending on the work for which you have filled the form, you may have to submit scanned documents.
-Money will be withdrawn from your EPF account only when your company accepts your withdrawal request.
Then the amount will be deposited in your bank account mentioned in the withdrawal form.

An SMS will be sent to your phone number registered with EPFO. After the claim is processed, the amount will be transferred to your bank account. EPFO has not set any deadline for this, but usually the money is deposited within 15-20 days.

The post Provident Fund: For what purpose can you withdraw PF money, know what is the whole process? first appeared on Rightsofemployees.com.

EPF Account : Linking new bank account to EPF account is very easy, just follow these steps.

Pravesh Maurya — Sat, 02 Mar 2024 09:37:13 +0000

EPF Account: Employees Provident Fund Organization users can easily update their bank details. We are telling you about its process.

The process of updating bank details in EPIF account is very easy. You can do this work in a few minutes.

EPF Account Bank Details Update: It is very important to update your bank account details in the Employees Provident Fund Organization (EPFO) account. Many times the account holders do not deposit bank details in the PF account. In such a situation, there is difficulty in receiving interest money from EPFO.

If you also want to update the bank details in your PF account, then you can do so by following the process mentioned by us.

For this, login to EPFO portal with your user ID and password. Next click on the Manage tab. Go down and click on KYC.

Next you have to select your bank account number, name and IFSC code from the given options. Next click on save option.

After this you will have to get the updated bank details approved by your employer.

The new bank details will be updated on your KYC section immediately after getting the approval from the employer.

The post EPF Account : Linking new bank account to EPF account is very easy, just follow these steps. first appeared on Rightsofemployees.com.

EPFO Nominee Rules: Can one make son and daughter along with wife as PF nominee?

Pravesh Maurya — Fri, 05 Jan 2024 10:02:40 +0000

EPFO Nominee Rules – If the employee has not mentioned the nominee and the employee dies, then his heir has to go to the civil court to obtain succession certificate for release of PF.

Employees’ Provident Fund Organization (EPFO) has now made e-nomination mandatory for EPFO members. Without a nominee, EPF account holders can no longer avail some of the facilities of EPFO. It is also very important to be a nominee of EPF account. If a PF account holder has made a nominee, then the money deposited in his account easily goes to the person to whom the account holder wanted to give it. EPFO provides the facility to make more than one nominee for EPF account. That means an EPF member can nominate his wife as well as his son and daughter.

Nominee in EPF can be made online. E-nomination is very helpful in providing PF benefits to the PF account holder and his family. In case of death of a PF subscriber, online claim and settlement of provident fund, pension, insurance benefits is possible only if e-nomination is done.

The nominee will be a family member only

PF account holder can make nominee only for his family members. Only if a person does not have a family, he can declare another person as a nominee. After making someone else a nominee, if the family’s address is known then the nomination of the non-relative gets cancelled.

Can there be more than one nominee?

PF account holder can also declare more than one nominee. If there is more than one nominee, more nomination details have to be given and it has to be clearly mentioned as to how much amount each nominee will get.

If there is no e-nomination then there will be these problems

EPFO has made e-nomination mandatory. If an account holder does not do e-nomination then he cannot see his PF account balance and passbook. For e-nomination, the account holder’s UAN must be active and the mobile number must be linked to Aadhaar.

The post EPFO Nominee Rules: Can one make son and daughter along with wife as PF nominee? first appeared on Rightsofemployees.com.

Does your employer deposit PF money into your PF account on time? check here

Pravesh Maurya — Thu, 16 Nov 2023 12:07:24 +0000

PF account: If you also contribute to EPFO then it is important for you to check the status of your EPF account. You should check whether the employer i.e.

your company is also contributing the same amount as you are contributing or not. Many times it also happens that the company deposits the money from the employee’s account into the EPF account but the company does not contribute its contribution.

Find out whether the employer is depositing the money or not

If an employer does not deposit the money in the PF account of his employees on time, then he has to pay interest as per the interest rate fixed by EPFO. The employee can also complain about this to EPFO. He can complain only when it is confirmed that the money has been deducted from his salary but has not been deposited in the PF account. You will get this information from your PF account statement. This can be checked online from EPFO member portal or from PF office.

Action may be taken against the employee for default

If the company defaults in depositing money in the employees’ PF account, then it has to pay interest as per Section 14B and Section 7Q. The interest on default of less than 2 months is 5 percent. The interest on default of 2 to 4 months is 10 percent. On default of 4-6 months, interest will be charged at the rate of 15 percent. On default of more than 6 months, interest will have to be paid at 25 percent rate.

You can complain like this

If an employee finds that his employer is not depositing his PF money in his EPF account, then he can complain online through the EPFiGMS portal. To register a complaint on this portal, you will have to provide your details. These include Universal Account Number, Employers Establishment Code and details of your complaint. If you face difficulty in filing complaint online, you can also complain in the regional office of PF.

You can also complain on Umang App

EPFiGMS facilities are also available on UMANG. You can lodge your complaint through Umang mobile app. Once the complaint is registered, the system generates a unique registration number. This information is sent to the subscriber through SMS or email. EPFO is a government organization. It comes under the Ministry of Labor and Employment.

The post Does your employer deposit PF money into your PF account on time? check here first appeared on Rightsofemployees.com.

EPS 95 Scheme: Which family members get pension benefits after the death of the employee, what do the rules say?

Pravesh Maurya — Sat, 11 Nov 2023 11:04:18 +0000

If you work in the organized sector, then every month some part of your salary must be deposited in EPF. Contribution is made in the EPF account by both the employee and the company. This contribution is 12-12 percent of basic salary +DA. Of the employer’s contribution, 3.67 percent is deposited in EPF and 8.33 percent is deposited in Employees’ Pension Scheme.

If the employee has completed 10 years of service, then he becomes entitled to receive pension under the EPS95 scheme. But if the employee dies while on the job, then the pension benefit is given to his family members. In this situation, widow pension, child pension and orphan pension are given. Know here what the rule of EPS 95 Scheme says.

Who gets how much pension?

Under the EPS-95 scheme, this employee’s pension includes widow pension, child pension and orphan pension. Under widow pension, the widow wife/widower husband of the minimum employee can get up to Rs 1000. In case of death of the pensioner, 50 percent of the pension is paid to the widow.

Child pension is given when the age of the children is below 25 years. In this situation, 25 percent of the widow pension is paid. This facility can be given to two children at a time. If the children are orphans, then in that case the children get 75 percent of the pension till they attain the age of 25 years. If the child is physically disabled, he is given 75 percent pension for his entire life.

For EPS pension, death certificate of the deceased, copy of Aadhar card of the people who are to get the pension amount, account details, canceled check or attested copy of the beneficiary’s bank passbook are required. If the beneficiary is a minor then his age certificate will also have to be given.

You can claim for this amount also

In case of death of the employee while on the job, the nominee or legal heir or family member of the Employee Provident Fund member can also claim the insurance amount. In this situation, the employee’s family is given an insurance benefit ranging from Rs 2.5 lakh to a maximum of Rs 7 lakh under the Employees Deposit Linked Insurance Scheme. This scheme is an insurance scheme run by EPFO, which is run for every employee registered with EPFO. If the EPFO member has been working continuously for 12 months, then after the death of the employee, the nominee will get a benefit of at least Rs 2.5 lakh.

The post EPS 95 Scheme: Which family members get pension benefits after the death of the employee, what do the rules say? first appeared on Rightsofemployees.com.

EPFO issued new circular: Now information can be easily updated in EPF account

Pravesh Maurya — Sat, 02 Sep 2023 07:27:00 +0000

The Employees’ Provident Fund Organization (EPFO) has recently issued a circular that will streamline the process of correcting details of EPF members. In the circular, a new Standard Operating Procedure (SOP) has been issued to correct the details of EPF members like name and date of birth etc.

According to the SOP, details of EPF members can be updated easily and chances of amendments being rejected will be minimal. With the help of the new process, fake cases due to data mismatch can also be avoided. The EPFO circular issued on August 23, 2023, said, ‘It has also been found that in the absence of standard guidelines related to the process, in many cases mistakes are made in the identification of members and this leads to fraud and fraud. cases come to the fore.

In the new SOP, EPF members will need to update 11 profile details. These parameters are: 1. Name 2. Gender 3. Date of birth 4. Father’s name 5. Relation 6. Marital status 7. Date of joining 8. Reason for leaving the job 9. Date of leaving the job 10. Nationality 11 Aadhaar no.

The main reason for rejection of withdrawal request is that the details provided by the member do not match with the details available with the EPFO. The name and date of birth of the claimant should match with the details available in the EPFO records. Since EPFO has now issued a new SOP, the number of rejections of provident fund withdrawal requests will be minimal.

How to apply for change in EPF account details

As per the latest EPFO circular, the EPF account holder has to apply for correction in profile details through the member service portal. The relevant documents will also have to be uploaded on the Member Services Portal. Changes made by EPF members in their accounts will also need to be validated by the employer. According to the EPFO circular, ‘The request made by the EPF account holder will also be reflected in the employer’s login. Also, automatic mail will also be sent on the registered mail id of the employers.

The post EPFO issued new circular: Now information can be easily updated in EPF account first appeared on Rightsofemployees.com.

EPF Account: Will you get tax free interest on your EPF account even after leaving the job? this is the rule

Pravesh Maurya — Tue, 08 Aug 2023 11:05:17 +0000

Many salaried employees have an Employees Provident Fund (EPF) account in which they compulsorily contribute 12% of their basic salary every month. Apart from this, the interest earned on it is tax free up to a certain limit. At the same time, maturity amount is also tax free with certain conditions.

Many people do not understand the nuances of the EPF scheme. For example, for how long can you keep money in EPF account after retirement or after leaving the job? This means there will be no monthly contribution to the account? If there is no monthly contribution, will interest continue to accrue on the EPF account balance?

If yes, when will it be available and what will be the interest rate applicable on such EPF balance? If you continue to work in the same or a different company even after retirement, can you continue to contribute to the EPF and EPS account? Here information is being given about some points of EPF account, which the contributing member should know.

For how long can you keep money in EPF account after leaving the job?

EPF account remains active when a person continues to make monthly contribution from salary. However, if you have quit working or retired, it is important to know for how long you can keep the money in the EPF account. In such a situation, it should be noted that the EPF scheme allows a person to withdraw 100% of his EPF balance and close the account if he does not join another job within two months. Or the EPF account can be closed at the time of retirement.

What if the money is not withdrawn even after three years?

Vaibhav Bhardwaj, Partner, INDUSLAW, says that if money is not withdrawn from the EPF account within 3 years from the date of termination of employment, the account will be converted into an inoperative account. The amount which has not been claimed under the EPF Act for a period of 7 years is transferred to the Senior Citizens Welfare Fund. After being transferred to this fund, if the amount is not claimed for 25 years from the date of transfer, then the Central Government keeps this amount with itself.

Will the money in the EPF account earn interest?

Till the age of 55 years since the money can be kept in the EPF account for a maximum of three years after the contribution stops. In such a situation, regarding getting interest on this, experts say that interest will continue to be received on the money kept in the EPF account. The interest rate will be the same as notified by the Ministry of Finance.

How will the interest received in EPF account be taxed?

It is true that interest earned from EPF account is tax free except in certain circumstances. However, it is tax free only when active contribution is being made in the EPF account. Deloitte Partner Saraswati Kasturirangan says that the EPF account will continue to earn interest as long as it is operational.

The interest earned will be taxable in the hands of the EPF member. Any earnings by way of interest in EPF account after termination of employment is taxable even if the member has already rendered five years of continuous service with contribution to PF.

What if you continue to work after you retire?

Can you continue EPF contribution if you join the same or some other organization after retirement? On this situation, Akhil Chandana, partner, Grant Thornton India, says that employees who are 58 years old cannot become members of EPS. If the person continues to work after this age, the contribution to EPS will stop, but the contribution to EPF will continue. The contribution of both employer and employee will be deposited in the EPF account.

The post EPF Account: Will you get tax free interest on your EPF account even after leaving the job? this is the rule first appeared on Rightsofemployees.com.

PF Balance: Company did not deposit PF money? This is how you can complain

Pravesh Maurya — Sat, 05 Aug 2023 08:29:32 +0000

PF Balance: If the details of your Employees Provident Fund (EPF) account shows that no contribution has been made for a few months, then a red flag should immediately rise in your mind. It is possible that your employer has not made the required deposit. In this case a complaint can also be made about it.

Many types of schemes are being run by the government for the benefit of the people. A PF scheme is also included in these schemes. Under this, the share of the company and the employee is deposited. At the same time, in recent times, many such information is also coming out that some companies deduct the PF amount of their employees but are not depositing them in the EPF account.

Can complain

If your Employees’ Provident Fund (EPF) account details reveal that no contribution has been made for a few months, a red flag should immediately rise in your mind. It is possible that your employer has not made the required deposit. In this case a complaint can also be made about it.

There are many reports of EPF

companies failing to deposit money in the EPF account of employees. If you find yourself in a situation where EPF contribution has not been credited to your EPF account, you can complain about it. If EPF contributions have been deducted from the salary of an employee but the employer does not deposit them in the employee’s EPF account, inform the Employees’ Provident Fund Authority (EPFO).

PF amount

employee can lodge complaint on EPFIGMS portal or a written complaint can be lodged with PF authorities. To register a complaint on the EPFO’s complaint website, the employee has to provide proof that EPF deposits have been deducted but not credited to the EPF account. An employee can provide salary slip and EPF details to show that the deduction was made through the employer but not credited to the EPF account.

The post PF Balance: Company did not deposit PF money? This is how you can complain first appeared on Rightsofemployees.com.

E-nomination is necessary in EPF account, know its simple step by step process

Pravesh Maurya — Thu, 22 Jun 2023 04:29:12 +0000

PF account is made for every employed person. A part of the salary of employed people is deposited in this account. On which they are also given interest. Now EPFO , the organization managing this account, has made it mandatory for all account holders to make a nominee. It is necessary for all the account holders to do e-nomination to get the amount deposited in their PF account.

Nominee gets the benefit of pension after death

In case of death of the account holder after e-nomination, the amount deposited in the account or pension is given to his nominee. PF account holders can also complete their e-nomination process online. E-nomination is necessary not only in the case of PF account but also in every type of savings or insurance plans. If the PF account holder is a married person then there are two types of nominees for EPF and pension schemes. Normally, the nominee of the EPF account also gets the benefit of EDLI. However, it is given only in case of death while in service.

How to do your e-nomination

You can complete your e-nomination by following some very easy steps. For this, first of all, you have to login by visiting the EPFO website unifiedportal-
mem.epfindia.gov.in/memberinterface.
For this you have to enter your Universal Account Number and Password. After this, you have to click on the View tab and then upload your profile photo in JPG or JPEG format which should be less than 100 KB.
For this, you have to update all the necessary details including permanent or present address by clicking on the profile pic.
After this, you have to click on the Manage tab and click on the option of e-nomination.
In the next step, you will have to enter your UAN number, name, date of birth, gender, father or husband’s name, marital status, Details like permanent or present address and date of joining EPF will appear on the screen.
After this you have to update your family details. In case you nominate more than one person, you can share his/her share. After this you have to add your family details. Then you have to enter their name, date of birth, relation, address and bank account details as per the Aadhaar card.
After this, you will have to decide the total share of all by going to the nomination details. After this you have to click on the option of EPF nomination save. After this, you have to click on the e-sign button and enter the Aadhaar number to generate the OTP.
Your e-nomination will be completed as soon as you enter the OTP.
Relationship, address and bank account details have to be entered. After this, you will have to decide the total share of all by going to the nomination details.
After this you have to click on the option of EPF nomination save. After this, you have to click on the e-sign button and enter the Aadhaar number to generate the OTP.
Your e-nomination will be completed as soon as you enter the OTP. Relationship, address and bank account details have to be entered.
After this, you will have to decide the total share of all by going to the nomination details. After this you have to click on the option of EPF nomination save.
After this, you have to click on the e-sign button and enter the Aadhaar number to generate the OTP.
Your e-nomination will be completed as soon as you enter the OTP.

The post E-nomination is necessary in EPF account, know its simple step by step process first appeared on Rightsofemployees.com.

PF Account: Complete this work related to PF immediately after changing the job, otherwise you may…

Pravesh Maurya — Tue, 13 Jun 2023 08:45:44 +0000

People working in the private sector keep changing jobs for their career growth. After the covid epidemic, a boom was also seen in it. In such a situation, if you are also changing the job or have changed, then after joining the new company, complete one task very carefully. This work is to merge the EPF account.

At the time of joining every new company, a new PF account is opened from your old UAN number only. But the funds deposited during the job in the old companies are not added to the new PF account. Therefore, the PF account holder has to merge the account (EPF Account Merge) by visiting the EPFO website.

After the EPF account is merged, the total amount will be reflected in your single account. You can easily merge your PF account online. For this you have to go to the official website of EPFO. Here you have to go to Services. Then click on One Employee One EPF Account.

OTP will come on the registered mobile number

After this the form will open to merge EPF account. Here you have to enter the registered mobile number from the EPF account. Then enter UAN and current member ID. After filling the complete details, OTP will be generated for authentication. OTP will come on your registered mobile number.

As soon as you enter the OTP number. Then the details of your old account will start appearing. After this fill the PF account number and click on the submit button. Your request for account merge will be accepted. Then after a few days of verification, your account will be merged.

UAN is very important

However, keep in mind that to avail any facility related to EPF online, you must know your UAN (Universal Account No). Along with this, it is also necessary for UAN to be activated.

Find out your UAN like this

If you do not know your UAN, you can find it online. For this you have to go to ‘https://unifiedportal-mem.epfindia.gov.in/memberinterface/’. Then click on the Employee Linked Section on the right side and click on ‘Know Your UAN’ number. Then you have to fill the registered mobile number and captcha code.

After this click on Request OTP. Now a page will open in front of you. On this you will have to fill your PF account number and captcha. Along with date of birth, Aadhaar or PAN number will have to be entered. After this click on ‘Show My UAN Number’. You will get your UAN.

The post PF Account: Complete this work related to PF immediately after changing the job, otherwise you may… first appeared on Rightsofemployees.com.

EPFO: Big news! Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why?

Pravesh Maurya — Tue, 02 May 2023 09:28:05 +0000

Most of the services related to provident fund have gone online. Claiming has become very easy. But, even today there are many such cases, in which people often get confused regarding EPF withdrawal.

There are many questions in people’s mind regarding EPF i.e. Employees Provident Fund. Like when can they withdraw their money. What are the advantages and disadvantages of withdrawing money. How to transfer EPF account. But, do you know that your EPF account can also be closed on its own. If this happens, the entire money lying in your EPF account may get stuck. You may have to struggle hard to remove it.

When does EPF account get closed?

If your old company is closed and you have not transferred your money to the new company’s account or if there is no transaction in this account for 36 months, then after 3 years this account will automatically be closed and will be added to the inactive accounts of EPF. . Not only this, you may have to struggle hard to withdraw money from this account. You can withdraw money through KYC with the help of the bank. However, interest continues to accrue even on your inoperative account.

What is the instruction of EPFO?

EPFO had said in one of its circular some time ago that it is necessary to be careful while settling the claims related to inoperative accounts. Utmost care should be taken to minimize the risk of fraud and claim payments are made to genuine claimants.

What is inoperative account?

Provident fund accounts in which contribution amount is not deposited for more than 36 months, EPFO puts them in the category of inoperative accounts. However, interest is also available on inoperative accounts.

Who will get certified?

To settle the claim related to inactive PF accounts, it is necessary that the employer of the employee certifies that claim. However, in case of employees whose company has been closed and there is no one to certify the claim, the bank will certify such claim on the basis of KYC documents.

Which documents will be necessary?

KYC documents include PAN Card, Voter Identity Card, Passport, Ration Card, ESI Identity Card, Driving License. Apart from this, any other identity card issued by the government like Aadhaar can also be used for this. After this, the Assistant Provident Fund Commissioner or other officers will be able to approve withdrawal or account transfer from the accounts according to the amount.

With whose approval will I get the money?

If the amount is more than 50 thousand rupees, the money will be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner. Similarly, if the amount is more than 25 thousand rupees and less than 50 thousand rupees, the account officer will be able to approve fund transfer or withdrawal. If the amount is less than 25 thousand rupees, then the dealing assistant will be able to approve it.

The post EPFO: Big news! Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why? first appeared on Rightsofemployees.com.

EPFO Alert: Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why?

Pravesh Maurya — Fri, 21 Apr 2023 11:45:56 +0000

When does EPF account get closed?

What is the instruction of EPFO?

What is inoperative account?

Who will get certified?

Which documents will be necessary?

With whose approval will I get the money?

The post EPFO Alert: Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why? first appeared on Rightsofemployees.com.

VPF Contribution: You can take advantage of tax-free interest of 8.1% per annum on contribution in VPF, understand the complete calculation here

Pravesh Maurya — Fri, 14 Apr 2023 13:00:16 +0000

Every person doing a private job contributes to the Employee Provident Fund ( EPF ). Every month this money goes into the EPF account from your salary. As per the rule, it is necessary for you to contribute 12% of your salary to the EPF account every month.

Your employer (the company in which you work) also contributes an equal amount to EPF. The employer cannot contribute more than 12% to your EPF account. But, you can increase your contribution to EPF beyond the fixed limit of 12 per cent. For this, you have to use the route of Voluntary Provident Fund ( VPF ).

Contribution in EPF alone is not enough

EPF is an important medium of savings. It helps you in retirement planning. But, EPF alone may not be enough for your post-retirement expenses. It is important for you to save more. Many people understand this much later. The sooner the employed person understands this, the better it is for him.

VPF can help you

The question is, how much additional savings do you need to make and what kind of instruments should you use for these savings? An alternative to this can be VPF. But, before starting investing in VPF, it is important for you to know about the changes in the rule in Budget 2021. It said that if your total contribution in EPF (including VPF) exceeds Rs 2.5 lakh in a year, then you will have to pay tax on the excess amount (amount above Rs 2.5 lakh). The tax rate will be according to the tax slab of the employee.

This is the complete calculation

It can be easily understood with the help of an example. Let’s say your total contribution to EPF is Rs 4 lakh. So you will have to pay tax on the 8.1% interest earned on the additional Rs 1.5 lakh (4-2.5=1.5). If you fall in the 30% tax slab, your post-tax returns will be 5.67%.

Features of VPF

Experts compare VPF with PPF. Both help in savings for the long term. But, the thing to keep in mind is that the 7.1% interest earned in PPF is tax-free. But, the condition is that you cannot invest more than Rs 1.5 lakh in it in a financial year. There is no such limit for investing in VPF.

Tax-free income will be like this

The question is should you start contributing to VPF? If your annual contribution to EPF is less than Rs 2.5 lakh, then you can start contributing to VPF. You just have to keep in mind that your total contribution in a year should not exceed Rs 2.5 lakh. If your EPF contribution is Rs 12,500 per month, it comes to Rs 1.5 lakh annually. In this case, you can contribute Rs 8,333 to VPF every month. This year will be equal to about one lakh rupees. This will take your total annual contribution to Rs 2.5 lakh. You will not have to pay any tax on the interest earned on it.

You have to decide

The above strategy can help you in retirement planning. One, your investment will be completely safe. Second, you will know approximately how much money you will get in hand after retirement. If you feel that you still need additional savings after contributing to VPF, then you can open a PPF account.

The post VPF Contribution: You can take advantage of tax-free interest of 8.1% per annum on contribution in VPF, understand the complete calculation here first appeared on Rightsofemployees.com.

EPFO Alert: Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why?

Pravesh Maurya — Wed, 12 Apr 2023 04:01:42 +0000

When does EPF account get closed?

What is the instruction of EPFO?

What is inoperative account?

Who will get certified?

Which documents will be necessary?

With whose approval will I get the money?

The post EPFO Alert: Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why? first appeared on Rightsofemployees.com.

EPFO New Facility on Instagram: Now every detail related to EPF account will be available on Instagram also, have to do this work

Pravesh Maurya — Fri, 17 Mar 2023 07:29:55 +0000

Users can easily check EPF claim status through EPF claim status online, missed call, SMS, UAN number, tracking ID, under process form.

If you want to claim to withdraw money from EPF account, then you can claim online through EPFO member portal and UMANG app. Along with this, you will also be able to check the balance of your EPF account and can also apply online for Digital Life Certificate sitting at home.

EPFO has also posted this information on its Twitter that you can get information by visiting EPFO portal and Umang app. Along with this, you can follow Instagram for information related to EPFO. You will now get information about this on Instagram as well.

EPF claim status can be checked by EPF claim status online, missed call, SMS, UAN number, tracking ID, under process form by visiting EPF account holder EPFO portal and Umang app. Also, after making a withdrawal request from the EPF account, the employee will be able to verify the PF status of the claim.

Easy to withdraw funds through UAN number

EPFO has given a Universal Account Number (UAN Number) to its users, so withdrawing EPF funds is now even easier and can be done online, but employees need to activate their UAN to claim EPF amount online. Have to do The process of activation can be completed on the EPFO portal.

EPF is a savings scheme

Detailed information related to EPF claim status like highlights, missed call to check EPF claim status using EPFO portal, SMS and much more through UMANG app. Explain that Employees Provident Fund (EPF) is a savings scheme designed to help workers.

Minimum contribution should be 12% of salary

Government Provident Fund (GPF) is EPF for government employees. EPF or GPF is often expanded as PF. Monthly contribution to the employee’s EPF account is made by both the employee and the company under the PF programme.

There should be a minimum contribution of 12% of the basic income of the employee. Employee’s basic income, or 12% contribution from the company is also required. If employees want to withdraw money from their PF account and submit claim then employees can check their PF claim status online or offline.

The post EPFO New Facility on Instagram: Now every detail related to EPF account will be available on Instagram also, have to do this work first appeared on Rightsofemployees.com.

PF Marriage Advance Facility: EPFO subscribers get marriage advance facility, know when and how to withdraw money from PF account

Pravesh Maurya — Mon, 13 Mar 2023 08:02:54 +0000

EPFO provides the facility of advance money keeping in mind the different needs of its subscribers. Apart from the condition of illness, EPFO also provides advance to its subscribers for marriage.

Under this, EPFO subscribed employee can get marriage advance from his EPF account for his own, his brother’s sister’s, son’s daughter’s marriage. The most special thing about EPFO’s marriage advance is that the member does not even have to return it.

What are the conditions for marriage advance

To get marriage advance from EPF account, the member must have completed 7 years of membership in PF fund.
The amount of his contribution including interest in the member’s PF account should be Rs 1,000 or more.
The member should not have taken advance for marriage or post-matriculation education more than 3 times.

If a member fulfills these three conditions, then he can take marriage advance from his PF account. Under marriage advance, the member can get 50 percent of his contribution including interest in his PF account as advance.

Form 31 has to be filled for marriage advance.

EPF subscriber has to fill Form 31 to get marriage advance from PF account. You can fill this form on the EPFO website as well as on the Umang mobile app by entering your required details. Let us tell you that there is no need to attach any kind of certificate along with Form 31 to get marriage advance.

Be careful while filling Form 31

While filling Form 31 for marriage advance, keep in mind that there should not be any mistake in it. Apart from this, you also have to take special care that the information given by you in the form is absolutely correct. It is also very important to check the data coming under auto-fill.

The post PF Marriage Advance Facility: EPFO subscribers get marriage advance facility, know when and how to withdraw money from PF account first appeared on Rightsofemployees.com.

EPF account holders should do this work immediately, money will start getting deposited in EPF account from this day

Pravesh Maurya — Sat, 25 Feb 2023 11:42:46 +0000

EPF Interest Rate: For salaried professionals, they can soon get interest money in their Employees Provident Fund Account (EPF). Recently, it was revealed from the sources of Labor Ministry that EPFO can start depositing interest money in EPF account from 28 February.

It may take time till March 15-20 to get the interest money in the account of all the account holders, however, no announcement has been made on this yet. But if the money comes, then it should also come in your account, for this it is necessary that the KYC process of your account is complete and all the details are updated.

EPFO provides facility of online KYC process

The good thing is that EPF account holders have the facility to update their KYC details online. You get many benefits by keeping KYC details updated. Your account runs smoothly, withdrawal is also easy. You can update EPF KYC through UAN EPFO website. For this you must have UAN (Universal Account Number).

What is the process to update KYC details of EPF Account? (How to update KYC details with UAN?)

Login to your EPF account on the Unified Member Portal of EPFO.
Go to the ‘Manage’ section and select ‘KYC’.
Fill all the information asked and click on ‘Save’.
You will see ‘KYC Pending for Approval’ on the screen.
Once your employer approves this update, then you will see ‘Digitally approved by the employer’. On the other hand, after updating the details of Aadhaar, you will see ‘Verified by UIDAI’ on it.

If you want to update contact details, then follow this process-

Go to the member portal of EPFO and login by entering the password along with the UAN.
Go to the ‘Manage’ section and click on Contact details in the drop down menu below.
Your mobile number and email address must be pre-entered here.
If any of these have changed, to update it either click on ‘Change mobile number’ or ‘Change email id’ and then click on ‘Get Authorization Pin’.

Let us inform that EPFO had announced in October that EPF Subscribers will start getting money from November. But, till now the interest is stuck. The Finance Ministry had approved interest payment at the rate of 8.1% in June 2022 itself. Soon the interest money should come in your EPF account.

The post EPF account holders should do this work immediately, money will start getting deposited in EPF account from this day first appeared on Rightsofemployees.com.

EPF KYC Update: This is the easy way to update KYC details of EPF account

Pravesh Maurya — Wed, 15 Feb 2023 04:28:50 +0000

EPF KYC: Employees will have to compulsorily link their EPF account (EPFO Account) with Aadhaar and other documents by the government. EPFO has made it possible for people to easily update their KYC details through an online portal.

By updating your KYC details, you can get many benefits. EPFO members can use the UAN EPFO website to update their EPF KYC details online. Members require UAN (Universal Account Number) to update or change their KYC details on the UAN EPFO portal . Let us also tell you how you can update the KYC details of your EPF account.

What is Universal Account Number?

UAN is a 12-digit specified number, which is given to each member by the Employees’ Provident Fund Organization (EPFO). With this EPFO member can manage his provident fund account. This number is allotted by the Ministry of Employment and Labor, Government of India. Through the number of this UAN, the information of the funds received from all the companies in which you have worked will be collected and displayed at one place.

What is KYC?

Know Your Customer (KYC) is a one-time process which helps in identifying the customers by linking their UAN with their KYC details. To enable seamless online service, employees and employers will have to provide KYC details like Aadhaar, PAN, bank details etc.

How to update KYC details with UAN?

Login to your EPF account on the Integrated Member Portal.
Select the “KYC” option in the “Manage” section.
Select the details (PAN, Bank Account, Aadhaar, etc.) that you want to link with your UAN.
Fill in the required fields.
Now click on the “Save” button.
Your request will appear under “KYC Pending for Approval”.
Once the employer approves the details, a message “Digitally approved by employer” will appear.
Once UIDAI verifies your details, “Verified by UIDAI” will appear against your Aadhaar.

Benefits of doing KYC details

Online withdrawal claim can be processed only after KYC details are linked with UAN or after EPF KYC update.
EPF account can be easily transferred with the help of updated KYC.
After activation, members receive a monthly SMS informing about their monthly PF.
If a member withdraws his PF before 5 years of service, 10% TDS will be levied on the amount when PAN is updated in the EPF account.

How to update bank account details?

Go to EPFO portal and login to your EPF account.
Enter your bank account number and IFSC code.
Your employer should approve the details.
After approval the bank account gets updated.

How to update contact details in your EPF account?

Go to your EPFO portal and login.
In the ‘mailage’ section, click on the contact details option in the drop down menu.
Your mobile phone number and email address are already in your EPF account.
To update your details, check the box next to ‘Change Mobile Number’ or ‘Change Email ID’ and then click on the ‘Get Authorization Pin’ button.
Once you enter the Authorization PIN sent to you through OTP on your mobile number, your mobile phone/e-mail address will be updated in your EPF account. Keep in mind that it may take some time for your contact information to be updated in your EPF account.

The post EPF KYC Update: This is the easy way to update KYC details of EPF account first appeared on Rightsofemployees.com.

EPFO issues warning to account holders, if ignored, nothing will be left except regret

Pravesh Maurya — Sat, 11 Feb 2023 11:04:29 +0000

EPFO has issued a warning for its subscribers. EPFO has shared some very important things while issuing a warning to its subscribers to be safe from cyber fraud. EPFO has asked the subscribers to beware of fake phone calls and messages.

He said that EPFO never asks its members for their personal details on phone calls, emails and social media. EPFO told its members that they should never share their UAN number, password, PAN number, Aadhaar number, bank account details, OTP or any other personal details or financial details with anyone.

EPFO or its employees never ask for account details

EPFO has told the account holders that EPFO or its employees never ask for your details on any social media platform like message, phone call, e-mail, WhatsApp. He said that if any EPF account holder receives any such phone call, message or message on social media, in which a person claiming to be an employee of EPFO asks you for any details, then be alert. In such cases, never share any of your details with anyone and immediately report it to the local police or cybercrime branch.

Report fake calls or messages to the police immediately.

Let it be said that the gangs involved in cybercrime trap simple people in their net and blow away all the money deposited in their account in the blink of an eye. The gang members contact people through phone calls, messages, emails or social media and pretend to be employees of EPFO and obtain secret details related to their EPF account and bank account. After which it becomes very easy to withdraw money from your account.

The post EPFO issues warning to account holders, if ignored, nothing will be left except regret first appeared on Rightsofemployees.com.

EPFO Account Holder: Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check

Pravesh Maurya — Wed, 25 Jan 2023 13:29:44 +0000

Employees Provident Fund: Great news is going to come by the end of this month for 7 crore subscribers of Employees’ Provident Fund Organization ie EPFO. The government is going to transfer the interest for the financial year 2022 to the account of EPF account holders.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Covid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder: Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

Employees: Big news! do this work immediately after leaving the job, check details Quickly

Pravesh Maurya — Sat, 24 Dec 2022 13:03:20 +0000

New facility For Employees: Many schemes are being run by the government for the people. Through these schemes, different types of benefits are being made available to the people. In these schemes, the facility of PF is also being made available to the people.

EPF account plays a very important role for employed people. With this, savings are made for employed people, which can be useful in their retirement. PF account whereas EPFO account holders can update the exit date online after changing jobs. EPFO has now launched a facility on the official website, which allows users to update ‘Exit Date’ online after changing jobs.

This facility was not available to the employees earlier. Earlier only the employers could update the Exit Dates online but now the employees can also do this work.

Update Exit Date like this

Visit the official website of EPFO.
Log in to your account using your Universal Account Number (UAN) and password.
Click on Manage.
Click on Mark Exit.
Select Employment will give a dropdown menu from where you can select your PF account number.
Enter Date of Exit and fill the reason.
Click on Request OTP. OTP will be sent to the mobile number linked to your Aadhaar card.
Enter OTP.
Select the checkbox.
Click on Update and OK.
You will get a message confirming- Date of exit has been successfully updated.
Now navigate to View section and see Service History under it.
Now you can see the date of joining and exiting both your EPS and EPF accounts.
Note that you can enter Exit Date only after 2 months of leaving your place of employment.

The post Employees: Big news! do this work immediately after leaving the job, check details Quickly first appeared on Rightsofemployees.com.

PF Account Merge Process: You have more than one PF account, then merge it like this sitting at home

Pravesh Maurya — Wed, 14 Dec 2022 07:37:53 +0000

PF Account Merge Process: If you have more than one PF account, then you should immediately merge both the accounts together. The process of merging EPF account is very simple and you can do it online from home . After merging more than one PF account into one, you will get an increase in the interest amount received on it . Apart from this, if you merge your PF accounts, it will eliminate the need for repeated login and updating of different accounts.

Explain that with merging, you can make it easier to track your expenses and income tax return. If you start a new job in another company and give your old UAN number to them, then your old PF account cannot be linked to the new account, but the amount deposited in the previous PF account will not be transferred to the new account. In such a situation, to add the old fund to the new account, the PF account will have to be merged.

How to merge pf account

First of all, you have to go to the member service portal https://unifiedportal mem.epfindia.gov.in.
Select ‘One Member One EPF Account (Transfer Request)’ under the ‘Online Services’ tab.
Your personal details will appear on the screen. It will also show the details of the EPF account maintained with your current employer, in which the transfer-in from the previous account will be done.
To transfer the old/previous PF account, you need to get it verified by the previous employer or your current employer.
Enter previous PF account number or previous UAN number. Click on ‘Get Details’. Now the details related to your previous EPF account will appear on the screen.
After this click on ‘Get OTP’.
A one time password will be sent to your registered mobile number.
Enter OTP and click on submit.

Your request for merge of EPF account will be submitted successfully. Your current employer will then need to approve the submitted merger request. Once your employer approves it, EPFO officials will process and merge your previous EPF account. To find out about the status of the merge, you can check by visiting the portal.

The post PF Account Merge Process: You have more than one PF account, then merge it like this sitting at home first appeared on Rightsofemployees.com.

EPFO New Rules: Big News! Now interest will be available even after the account is closed, check details immediately

Pravesh Maurya — Tue, 29 Nov 2022 14:29:20 +0000

EPFO has made a special rule for the employees, in which now even after the account is closed, the employees will get the interest received in EPFO, which will greatly benefit the employees, let us know.

Crores of account holders are connected under the Employees Provident Fund Organization (EPFO) in the country. Employees are given interest every year under PF account. Right now 8.1 percent interest is being given by the Central Government (Central Employees). Interest money is released only under those accounts which are currently active (epfo login), but do you know that even if your EPF account is deactivated, it will earn interest?

Before knowing about this, you should know about EPF. EPF Account ie PF account is opened for employed people, on which equal contribution is made from both the company and the employee. Interest is given to the government on the money deposited in it. Money can be withdrawn from the EPF account at the time of emergency. However, if you do not withdraw money from this account in between, then at the time of retirement you can raise a good fund.

Will interest be given on closed PF account also ?

If you are an EPF account holder, then you will be given interest every year. Although a decision was taken in FY 2013 that if a member has not contributed to EPF for three years, then his interest money should be withheld, but this decision was withdrawn in 2016. This means that interest will be paid on all accounts.

When and how interest will not be available in EPF account

If the entire money has been withdrawn from the account and it is not being used then interest will not be paid on it. On the other hand, even if the retirement period of EPF account has been completed, interest will not be given. Also, the age of the account holders is 58 years and the balance of EPF has not been calculated for a long time, then the amount of interest will not be given.

The post EPFO New Rules: Big News! Now interest will be available even after the account is closed, check details immediately first appeared on Rightsofemployees.com.

EPFO Account Holder Good News: Up to 81,000 rupees may come in the account of EPFO subscribers, here’s latest update

Pravesh Maurya — Sat, 26 Nov 2022 10:00:03 +0000

When will the money be transferred?

The calculation of interest is quite simple

1. Know Balance from Missed Call

2. Check Balance Online

3. Balance can also be checked on UMANG App

The post EPFO Account Holder Good News: Up to 81,000 rupees may come in the account of EPFO subscribers, here’s latest update first appeared on Rightsofemployees.com.

EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check

Pravesh Maurya — Mon, 14 Nov 2022 14:28:12 +0000

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

1. Know Balance from Missed Call

2. Check Balance Online

3. Balance can also be checked on UMANG App

The post EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

Big News! EPS 95 scheme is of great use, provides minimum pension and many facilities, know everything

Pravesh Maurya — Thu, 03 Nov 2022 08:02:16 +0000

EPS 95 scheme: This scheme came into effect from 16 November 1995. This scheme is applicable to all employees of companies and other establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 applies.

If you do a job somewhere, then you are an EPF account holder. In such a situation, you should also know about the EPS 95 scheme or EPS 1995 scheme of EPFO. The Central Government introduced the Employees’ Pension Scheme, 1995 under section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952).

According to EPFO, this scheme came into effect from 16 November 1995. This scheme is applicable to all employees of companies and other establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 applies. Under the EPS 1995 scheme of EPFO, from 1st September 2014, the facility of minimum pension of 1000 rupees was started.

Who is eligible for this scheme

If you want to take the benefit of this scheme, then you must be an EPFO subscriber. Every month a fixed amount is deposited in the EPF account from the salary of any EPFO subscriber ie member. Out of this, 8.33 percent amount goes to the pension head.

Also, to get pension under the EPS 95 pension scheme, the employee will have to complete at least 10 years of service. The retirement age under this scheme is 58 years. EPF member can also withdraw his EPS at the rate below the age of 50 years.

Get these benefits

Even in the event of the death of the employee, a member of the member’s family becomes eligible for pension. If the employee was a member till the time of death, then the family members get a maximum benefit of Rs 6 lakh. According to the EPS ’95 scheme, if the member does not have a family, then on the death of the member, whoever is the nominee, will continue to get pension for life.

If an EPF member i.e. an employee is unable to remain in service for 10 years before the age of 58 years, then he can withdraw the entire amount at the age of 58 years. It is worth mentioning here that after retirement they will not get the benefit of monthly pension.

Know this latest update

The EPFO on November 1 allowed its subscribers who retire in less than six months to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95). According to the news of the language, at present, Employees’ Provident Fund (EPFO) customers have been allowed to withdraw the amount deposited in their Employees’ Provident Fund account only if there is less than six months of service left.

According to the statement of the Ministry of Labor, the CBT has recommended to the government that members with a service period of less than six months should be given the facility of withdrawal from their EPS account (EPS 95 scheme).

The post Big News! EPS 95 scheme is of great use, provides minimum pension and many facilities, know everything first appeared on Rightsofemployees.com.

EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check

Pravesh Maurya — Wed, 02 Nov 2022 16:29:41 +0000

When will the money be transferred?

The calculation of interest is quite simple

1. Know Balance from Missed Call

2. Check Balance Online

3. Balance can also be checked on UMANG App

The post EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

Big News! TDS will not be deducted for withdrawing money from EPF account, these 5 formulas have to be applied

Pravesh Maurya — Mon, 31 Oct 2022 14:28:59 +0000

Whenever you change jobs, do not think of withdrawing money from EPF or withdraw money. It would be good to transfer the EPF money of the previous company to the new company. This will save you from huge tax losses.

You must have heard about Employee Provident Fund i.e. EPF that there is tax exemption on the money deposited in it. But this exemption is not for every situation. If you make partial or full withdrawal from the EPF account before maturity, then that amount is taxed.

Its biggest and main rule is that if EPF money is withdrawn before completing 5 consecutive years of service, then TDS is deducted on it. One good thing is that you do not necessarily have to work for 5 consecutive years in the same company. TDS is not deducted on EPF withdrawal even after changing the institution and completing 5 years.

The second rule says that let’s say that you are working in a company on a consultant or contract for 2 years. During this your PF is not deducted. After two years, the company took you on the payroll and became a permanent employee. With this, your PF deposit also started. After completing 5 years in this company, you left your job and joined some other company. You suddenly needed money and withdrew money from PF. You came to know that TDS has been deducted on PF withdrawal.

Keep this special thing in mind

You must be thinking that worked in the previous company for 5 years and after that withdraw money from PF, then why TDS was deducted on withdrawal. The answer is that even though you have worked for 5 years in the company, only 3 years of permanent work will be counted. This is because your PF has been deposited during that time and not for the entire 5 years. Troubled by this tax deduction, you must be thinking of some way to save it. So let us tell you the solution for this.

Ways to save TDS

Whenever you change jobs, do not think of withdrawing money from EPF or withdraw money. It would be good to transfer the EPF money of the previous company to the new company. This will save you from huge tax losses.
In any case, try not to withdraw EPF money during 5 years of service. If this money is withdrawn after 5 years, then no TDS will be deducted on it.
Without withdrawing PF money, it is not going to work and you have made up your mind to withdraw it, then try to take less than Rs 50,000. No TDS is deducted for withdrawing money less than this.
Keep in mind that if you have withdrawn less than Rs 50,000 from EPF, but you fall in the taxable bracket, then you have to show the withdrawal amount in ITR. Otherwise tax can be deducted on withdrawal.
If you have withdrawn more than Rs 50,000 from PF, then 10% TDS will be deducted on it. The only way to save it is to fill the form 15G or 15H.

The post Big News! TDS will not be deducted for withdrawing money from EPF account, these 5 formulas have to be applied first appeared on Rightsofemployees.com.

Big news for PF account holders! EPFO issued alert, know otherwise there will be big loss

Pravesh Maurya — Fri, 28 Oct 2022 05:29:38 +0000

EPFO Alert: EPFO has issued an alert for PF account holders. EPFO has written in a tweet. Never asks its members to share personal details like Aadhaar, PAN, UAN, Bank Account or OTP over phone or social media.

Employees’ Provident Fund Organization (EPFO) has issued an alert for all the users. EPFO has asked all its members that no account holder should share the information related to the account on social media even by mistake. Due to this, account holders can become victims of big frauds. If the information about the EPF account is in the hands of fraudsters, then they can blow money from your account.

EPFO has said that EPFO never asks for the information of Aadhaar, PAN, UAN, bank details from its members. If someone asks for such information on phone or social media, then be careful and do not leak it at all. Do not respond to such fraudulent phone calls or reply to any such messages.

EPFO gave information

Issuing an alert for all its users, the EPFO has written in a tweet, ‘Never ask its members to share personal details like Aadhaar, PAN, UAN, Bank Account or OTP over phone or social media. EPFO further says, EPFO never asks to deposit any amount through WhatsApp, social media etc. for any service.

phishing online fraud

It is worth noting that in the PF account, people’s big earnings are deposited, which people deposit for retirement expenses. Fraudsters know very well that here they will get a huge amount in one stroke, so they attack the account through phishing attack. Actually, phishing is a part of online fraud in which the depositor is tricked, the necessary information related to the account is obtained from them and then the account is cleared.

Never share this information

PF account holders do not accidentally share PAN number, Aadhaar number, UAN and your PF account number in the necessary information included in the account. Because these are such information, due to which leaking of your account can be empty. Such frauds are often seen in people leaving one job and joining elsewhere. In such a situation, these people must register a complaint with the police against any phishing call or message in which your personal details are being sought.

The post Big news for PF account holders! EPFO issued alert, know otherwise there will be big loss first appeared on Rightsofemployees.com.

Good news for EPF account holders! Government credit amount in the account, check details immediately

Pravesh Maurya — Sat, 08 Oct 2022 10:29:03 +0000

The account holders of Employees’ Provident Fund (EPF) have been waiting for the interest amount on the deposited amount for a long time. But till now the interest amount has not been deposited in his account.

The government has fixed the interest rate on the amount deposited in PF. PF account holders will get interest at the rate of 8.1 percent on their deposits. The month of October has started but the interest amount has not been deposited in the account of the people yet. The Finance Ministry has given great information on this matter.

Interest money not visible in the statement-

The Finance Ministry tweeted and said- ‘The amount of interest is being deposited in the account of all EPF customers. However, due to a software update going on in EPFO, the interest amount is not visible in the statement. The amount of interest is being paid in the account of all the customers. The software is being upgraded due to the changes in EPF tax rules. However, information has not been given by the ministry as to when the balance PF will start appearing in the account of the account holder.

How much will be the amount of interest-

The amount of interest will come in your PF account, it depends on the amount deposited in your account. The government pays interest at the rate of 8.1 percent on the amount deposited. Suppose one lakh rupees are deposited in your PF account, then at the rate of 8.1 percent, you will get Rs 8,100 as interest annually.

Where is your money invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO invests 85 per cent in debt options. These also include government securities and bonds.

Check PF account balance like this-

Go to EPFO website. Select ‘For Employees’ from the dropdown of ‘Our Services’. After this click on Member Passbook. Now login with the help of UAN number and password.

Select the PF account and you will see the balance as soon as you open it. To check balance through SMS, send a message by typing ‘EPFOHO UAN ENG’ to 7738299899. You will get the balance information in the reply. Apart from these, PF balance can also be checked from Umang App.

The post Good news for EPF account holders! Government credit amount in the account, check details immediately first appeared on Rightsofemployees.com.

EPF Interest Credit: Good News! EPF interest money will be available just before Diwali, understand how to calculate and check passbook?

Pravesh Maurya — Fri, 07 Oct 2022 10:28:09 +0000

There is good news for Provident Fund account holders. The interest amount is going to be credited in his account just before Diwali.

If money is going to come in your account then you can check how the interest will be calculated and how much amount will be credited. You can also get information about the balance as well. There is good news for the subscribers investing in EPF. A bumper gift is about to come for them in the festive season. The interest amount will be credited to your account just before Diwali.

Employees’ Provident Fund Organization (EPFO) is going to deposit 8.1 percent interest soon. The amount will be directly credited to your EPF account. The decision on interest was taken in the last meeting of the Central Board of Trustee of EPFO. After this the Ministry of Finance had also given its green signal. Interest for the financial year 2020-21 will be released for more than 6.5 crore subscribers of EPFO.

Do not get the benefit of interest on the entire money in EPF fund

The contribution of both the employee and the employer goes to the Provident Fund Account. In this, 24% share is deposited by including Basic and Dearness allowance. The government pays interest on EPF every year on deposits in the EPF account. But, do you know how interest is calculated in EPF account? It is generally understood that interest is earned on the entire money deposited in the Provident Fund. but it’s not like that. No interest is calculated on the amount that goes into the pension fund in the EPF account.

How is interest calculated in EPF?

Interest is calculated on the basis of the monthly running balance that is deposited in the EPF account every month. However, it is credited annually. According to the rules of EPFO, if there is any withdrawal from the balance on the last date of the financial year, then 12 months interest is deducted after deducting it. EPFO always takes the opening and closing balance of the account. In this, the monthly running balance is added and multiplied by the rate of interest / 1200.

Withdrawal leads to loss of interest

If any amount is withdrawn during the financial year, then the interest amount is charged from the beginning of the year to the month immediately preceding the withdrawal. The closing balance of the year will be its opening balance + Contribution-Withdrawal (if any) + Interest, the full amount is calculated.

Think of it like this for example

Basic Salary + Dearness Allowance (DA) = Rs 30,000
Employee Contribution EPF = 12% of Rs 30,000 = Rs 3,600
Employer Contribution EPS (subject to limit of 1,250) = Rs 1,250
Employer Contribution EPF = (3,600-1,250) = Rs 2,350
Total Monthly EPF contribution = 3,600 + 2350 = Rs 5,950

Calculation on EPF Contribution in Every Financial Year

Total EPF contribution in April = ₹ 5,950
EPF interest in April = Nil (No interest in first month)
EPF account balance at the end of April = ₹ 5,950
EPF contribution in May = ₹ 5,950
EPF account balance at the end of May = ₹ 11,900
Monthly interest calculation = 8.10% / 12 = 0.00675% Interest calculation
on EPF for May = ₹ 11,900 * 0.007083% = Rs 80.32

By which formula is it calculated?

EPF Interest Calculation: The interest rate for any financial year is notified by the government. Interest is calculated at the end of the current financial year. The interest is calculated by adding the balance amount on the last date of every month of the year by dividing that amount by dividing the fixed interest rate by 1200.

How to check EPF Balance?

The information about the balance of PF from the UAN number will be received through the message.
SMS has to be sent by writing EPFOHO to 7738299899 from your registered mobile number.
After this, you will be given information about the balance in the EPF account through a message from EPFO. It also includes the interest amount.
PF balance information is available in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali languages.

You can also check balance like this

To check PF balance, it is necessary to link UAN with bank account, PAN and Aadhaar. You can check the balance on your passbook on the website of EPFO. You can also check balance by giving missed call on 011-22901406 from your registered mobile number. Balance check can also be done on Umang app with the help of UAN.

The post EPF Interest Credit: Good News! EPF interest money will be available just before Diwali, understand how to calculate and check passbook? first appeared on Rightsofemployees.com.

EPF Rate For FY 2021-22: Big News! Interest amount is not visible in EPF account! Know what the Finance Ministry gave clarification

Pravesh Maurya — Fri, 07 Oct 2022 07:28:15 +0000

EPF Rate For FY 2021-22 : For the financial year 2021-22, EPF account holders are not able to see the amount of interest deposited in their account. Regarding which the Finance Ministry has issued a clarification.

The Finance Ministry said that after the changes made in the tax law regarding Provident Fund Savings, the software regarding the account is being upgraded, due to which the EPF account holders are not able to see the amount of interest deposited in their EPF account.

Complaint to PM Modi!

In fact, Mohandas Pai, chairman of Manipal University and former director of Infosys, tweeted and complained to the Prime Minister and the Finance Minister. He tweeted and wrote that Dear EPFO, where is my interest? He tagged the Prime Minister’s Office and Prime Minister Narendra Modi and wrote that reform is needed! Why should common citizens bear the brunt of bureaucratic inefficiency? Further in this tweet, he sought help by tagging Finance Ministry and Finance Minister Nirmala Sitharaman.

Finance ministry cleaning

In response to this tweet by Mohandas Pai, the Finance Ministry tweeted and wrote that no EPF subscriber has suffered any loss. The interest amount is being transferred to the account of all EPF account holders. However, due to changes in tax rules, software is being upgraded by EPFO, due to which it is not visible in the statement.

There is no loss of interest for any subscriber.

The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for change in the tax incidence. (1/2) https://t.co/HoY0JtPjII

— Ministry of Finance (@FinMinIndia) October 5, 2022

Payment of interest The Finance Minister said in another tweet that all the subscribers who have left EPFO, who are seeking settlement or the subscribers who want to withdraw the amount, are being paid along with the interest amount.

There is no loss of interest for any subscriber.

The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for change in the tax incidence. (1/2) https://t.co/HoY0JtPjII

— Ministry of Finance (@FinMinIndia) October 5, 2022

Delay in payment of EPF interest!

In fact, in recent years, the issue of delay in payment of interest amount has come to the fore continuously. After a long time after the decision of the EPFO Board of Trustees, the interest amount is transferred to the account of the EPFO account holders. In 2020-21, EPFO decided to pay 8.5 percent interest in March 2021 but this order was notified in October 2021 and the interest amount was deposited in their account to the account holders in December 2021. That is, 9 months after the EPFO’s decision. For 2021-22 also, the interest amount has been deposited in the account of the account holders after four months.

The post EPF Rate For FY 2021-22: Big News! Interest amount is not visible in EPF account! Know what the Finance Ministry gave clarification first appeared on Rightsofemployees.com.

EPF Calculator: Basic salary is Rs 10,000, 12% deducted EPF, know how much fund you will get after retirement

Pravesh Maurya — Thu, 06 Oct 2022 09:02:49 +0000

EPF Calculator: Provident Fund Account is a better saving option for people working in the private sector. Most of the employees working in the organized sector are members of Employees’ Provident Fund Organization (EPFO).

Being an EPFO subscriber means that you will also have an EPF account. Your employer ie the company would have contributed 12 percent of the salary to the Provident Fund on the basis of the basic salary.

Explain that EPFO manages the accounts of crores of account holders. In these accounts, the basic salary and dearness allowance (DA) of both the employee and the company are deposited in 24 percent (12+12) shares. The government fixes interest every year on the amount deposited in the EPF account. At present, the interest available on this is 8.1 percent.

Generally people do not take EPF money very seriously. But the money that is deducted if you keep it till retirement. If you do not withdraw it, a huge fund can be created. This creates a huge corpus for retirement. Also, the magic of compounding interest is such that you can become a millionaire with an investment of 25 years. According to the rules, if there is retirement at the age of 58, then how much money will be in the EPF account? It is from your salary slip that you can understand how much money you will get?

Retirement fund on basic salary of Rs 10,000

Suppose your basic salary and dearness allowance together is Rs 10,000. If you are 30 years old, then by retirement ie by the age of 58, you will have a retirement fund of Rs 67.32 lakhs ready. The maximum contribution that can be made in the EPF scheme is only up to 58 years.

calculation

Basic Salary + DA = Rs 10,000
Present age = 30 years
Retirement age = 58 years
Employee monthly contribution = 12%
Employer monthly contribution = 3.67%
Interest rate on EPF = 8.1% per annum
Annual salary growth = 10%
Maturity Fund at the age of 58 years = Rs 67.32 lakh.

EPF contribution can also be increased

If you feel that your money is not enough for retirement planning, then you can also increase your contribution to the EPF fund. However, for this one will have to talk to the HR of the company. If you want, you can also double your contribution. This will give you the advantage that your fund will also double.

The post EPF Calculator: Basic salary is Rs 10,000, 12% deducted EPF, know how much fund you will get after retirement first appeared on Rightsofemployees.com.

EPFO Date of Exit: Then do not forget to update the date of exit on EPFO, see the complete process here

Pravesh Maurya — Sat, 17 Sep 2022 04:35:38 +0000

EPFO Date of Exit: If you have changed your job recently or are going to change in the coming few days, then you will need a significant change in your Employees Provident Fund Organization (EPFO) account. Actually, when a person changes job or job, he has to go to his EPF account and update the date of leaving the job i.e. Date of Exit and reason for leaving the job.

If you have changed your job recently or are going to change in the coming few days, then you will need to make a significant change in your Employees Provident Fund Organization (EPFO) account. Actually, when a person changes job or job, he has to go to his EPF account and update the date of leaving the job i.e. Date of Exit and reason for leaving the job. Let us tell you that it is very important to update the Date of Exit to withdraw money from the PF account. If you do not do this then you cannot withdraw money from your PF account.

Now employees themselves can update the date of exit

EPFO has given a very special facility to crores of people working in the country, under which you can update the date of exit in your EPF account yourself. Earlier, only employers or companies used to update the date of exit of the employees who left their jobs. Here we are going to tell you a very easy way to update the date of exit in EPFO. For this, you have to follow only a few steps, after which the date of exit of your old company will be updated in your EPF account.

Step by Step Process to Update Date of Exit in EPFO

To update the date of exit in EPFO, you have to first visit the EPF website www.unifiedportal-mem.epfindia.gov.in/memberinterface/.
After visiting the website, you will have to enter your 12 digit UAN number, password and captcha code.
After this a new window will open on your screen. Now on this new window you will see a green bar at the top, where you will see Manage written.
After clicking on Manage, you will see some more options, where you have to click on Mark Exit.
After clicking on Mark Exit a new page will open. On this page, you have to go to Select Employment on the top and choose the company from where you have left the job.
After selecting the company, the date and reason for leaving the job will have to be entered. Along with this, you have to click on Request OTP.
After clicking on Request OTP, an OTP will come on your Aadhaar registered mobile number.
Now this OTP has to be entered in the box in front of Enter Aadhaar based OTP.
After entering the OTP, I have to read the below points carefully, click on the checkbox.
After clicking on the checkbox, you have to go down and click on Submit. After clicking on submit, an alert will appear on your screen, where you will have to click on Update.

The post EPFO Date of Exit: Then do not forget to update the date of exit on EPFO, see the complete process here first appeared on Rightsofemployees.com.

EPFO Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details

Pravesh Maurya — Fri, 16 Sep 2022 12:05:25 +0000

EPFO rules: The members of Employees’ Provident Fund Organization (EPFO) are not aware of the important rules related to PF account. This is because some members will not even be able to take advantage of the benefits associated with their account.

In this case there is a possibility of loss. Most of the members know the rules like insurance, pension, income tax deduction of Rs 7 lakh under EDLI scheme. But, apart from this, there is also a rule related to loyalty-cum-life benefit. In this benefit, the employee can get a benefit of up to Rs 50,000 at the time of retirement. In fact, all EPF account holders are advised to continue contributing to the same EPF account even after changing jobs.

Also, they can avail loyalty-cum-life benefits after contributing to the same account for 20 consecutive years. According to EPFO expert Bhanu Pratap Sharma, the CBDT has recommended to extend the benefit of loyalty-cum-life benefit to account holders who have contributed to their EPF account for 20 years.

The Central Government has approved it. This means if one qualifies then he/she will get an additional benefit of Rs.50,000/-. Under the loyalty-cum-life benefit, people with a basic salary of up to Rs 5,000 will get a benefit of Rs 30,000. Those whose basic salary is between Rs 5,001 to Rs 10,000, they will get a benefit of Rs. The best way to avail this is to keep the EPFO account open even if the EPFO member changes jobs.

For this you have to inform your old employer and current employer. It is advisable not to withdraw PF during work. Retirement fund members may suffer losses including income tax. He also had pension benefits and loss of loyalty.

The post EPFO Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details first appeared on Rightsofemployees.com.

Good news for PF account holders, up to Rs. 40,000 will be paid, the amount in the account will increase in September!

Pravesh Maurya — Tue, 13 Sep 2022 04:15:21 +0000

There is a big update for more than 7 crore employees (EPFO Employees). In fact, soon the amount in the account of people working in the organized sector will increase. Interest transfer will be done for the financial year 2022 in the PF account of the employees. According to the same media report, the interest amount will be transferred to the PF account by the second week of September.

This time the interest is being paid by the government at the rate of 8.1%. However, this interest rate is the lowest in the last 40 years. Despite this, the employees have been waiting for the payment of PF for a long time. Meanwhile, EPFO has given big information. If the account holders want their entire interest amount in the account, then they have to take special care of some things. Otherwise, they may have to face loss in the amount of interest.

In fact, lakhs of employees working in the private sector change their jobs every few months. After joining a new job, employees open new PF accounts in the new company from their old UAN. In such a situation, the money of the new company comes in the account and the amount stops coming in the old PF account. In such a situation, the employees may have to bear the loss of interest amount due to not getting the account done.

In such a situation, EPFO has advised the employees to link all the accounts together. In doing so, interest can be paid on the amount collected in all the accounts. If the amount is more, the interest will also be higher.

PF account can be merged as soon as the UAN number is activated by the employees.

To merge PF account, visit the official website of EPFO.
Click on Services to login.
Click on Apply 1 EPF Account
a form will open
Enter registered mobile number
Enter the OTP number and the old PF account will be displayed as soon as you enter the OTP
accept submit
After sending the information, the account will be merged in a few days.

The post Good news for PF account holders, up to Rs. 40,000 will be paid, the amount in the account will increase in September! first appeared on Rightsofemployees.com.

EPFO Rules Update: EPF account will also be opened for self-employed, rules may change soon!

Pravesh Maurya — Thu, 01 Sep 2022 11:29:15 +0000

EPFO Latest News: At present, to open an EPF account, it is necessary to have a minimum salary of Rs 15,000. Also, the EPF account of an employee of the same company can be opened where at least 20 employees work.

Do you work in a company with less than 20 employees? Are you self employed? So soon you are going to get good news. You can also open an account in Employee Provident Fund Organization (EPFO) like employed people. Actually EPFO has proposed to connect all the people working in organized sector with EPFO and opening EPF account for those who are self-employed. For this, EPFO has suggested to abolish the salary limit of Rs 15,000 and to do away with the rule of opening EPF account of employees of a company with more than 20 employees.

EPF account will open even if you are self-employed!

Actually, at present, to open an EPF account, it is necessary to have a minimum salary of Rs 15,000. Also, the EPF account of an employee of the same company can be opened where at least 20 employees work. But after amending this rule, self-employed people can also open EPF account. So all the employees working in the organized sector, even if there are less than 20 employees in the company, their EPF account can be opened after the amendment of the rule. Along with this, self-employed people will also be able to open their EPF account. EPFO is in talks with the state governments in addition to the stakeholders regarding this proposal.

The number of EPF account holders will increase!

If the proposal of EPFO is agreed to, then the limit of salary will also end in addition to the headcount rule in the company to join EPFO. Doing this will help in increasing the number of EPF account holders to more than 5.5 crores. Along with this, self-employed will also be able to join the social security scheme. Not only this, EPFO will be helped to increase their fund corpus, after which they will be able to increase the investment limit in the stock market from the existing 15 percent.

Enrollment will increase in social security scheme!

Let us tell you that EPFO provides insurance benefits to the account holders for Employees’ Deposit Linked Insurance Scheme in addition to pension through Provident Fund through EPF, Employees’ Pension Scheme. Social Security Code 2020 also has a provision to provide retirement benefits of ESIC and EPFO to organized sector workers, gig and platform workers. For this, necessary amendments have been asked through the notification.

The post EPFO Rules Update: EPF account will also be opened for self-employed, rules may change soon! first appeared on Rightsofemployees.com.

EPF: ₹15,000 basic salary and 21 years of age; How much fund will be available on retirement, see calculation

Pravesh Maurya — Mon, 29 Aug 2022 09:28:56 +0000

EPF Calculation: Employed Provident Fund (EPF) is a retirement benefit scheme for the salaried employees of the private sector. It is managed by the Employees’ Provident Fund Organization (EPFO). In the EPF account, there is a contribution from both the employer and the employer.

This contribution is 12-12 per cent of the basic salary plus dearness allowance. The interest rates of EPF are fixed every year by the government. At present, 8.1 percent annual interest (FY23) is there. EPF is such an account, in which gradually large corpus is formed till retirement.

Retirement Fund at ₹15,000 Basic Salary

Let’s say your basic salary and dearness allowance together is Rs 15,000. If you are 21 years old, then you can have a retirement fund (EPF Corpus) of Rs 1.26 crore by the time you retire through EPF i.e. by the age of 58. In this, the condition will be that the interest on EPF remains 8.1 percent till retirement and annual salary growth of 5 percent remains. Changes in this may result in change in retirement corpus. The maximum contribution that can be made in the EPF scheme is up to 58 years.

Check EPF Calculation

Basic Salary+DA= ₹15,000
Current Age= 21 Years
Retirement Age= 58 Years
Employee Monthly Contribution= 12%
Employer Monthly Contribution= 3.67 percent
Interest Rate on EPF= 8.10%
Annual Salary Growth= 5%
Maturity Fund at 58 Years = 1.26 crore (Employee contribution is Rs 23.26 lakh and Employer contribution is Rs 7.11 lakh. That is, some contribution is Rs 30.38 lakh.)

(Note: Annual interest rate is 8.1 per cent and salary growth is 5 per cent for the whole year of contribution.)

Employer’s entire 12% does not go towards EPF

12% of the basic salary and Dearness Allowance (Dearness Allowance) of the employee is deposited in the EPF account. But, the employer’s 12 percent amount is deposited in two parts. Out of 12 per cent contribution of the employer, 8.33 per cent is deposited in the Employee Pension Account and the remaining 3.67 per cent goes into the EPF account.

Understand contribution from ₹15,000 salary

Employee Basic Salary + Dearness Allowance = Employee Contribution in ₹15,000
EPF = 12% of ₹15,000 = Employer Contribution in ₹1800
EPF = 3.67% of ₹15,000 = ₹550.5
Employer’s Contribution to Pension Fund (EPS) 8. 33 ₹ 15,000 Contribution %= ₹1249.5

In this way, the total monthly contribution in the EPF account of an employee with a basic salary of Rs 15,000 in the first year will be Rs 2350 (Rs 1800 + 550). After this, the basic and dearness allowance will increase in the same proportion with a 5% increase in the salary on an annual basis. With which the EPF contribution will increase. It is mandatory for the employees whose basic salary is less than Rs 15,000, it is mandatory to join this scheme.

(Note: This figure for Retirement Fund through EPF Contribution has been taken on fixed interest rate, salary growth and employee and company contribution. This is only an estimate. The corpus may vary due to change in figures.)

The post EPF: ₹15,000 basic salary and 21 years of age; How much fund will be available on retirement, see calculation first appeared on Rightsofemployees.com.

Good news for employees, up to Rs. 40,000 will be paid, the amount in the account will increase in September!

Pravesh Maurya — Mon, 29 Aug 2022 07:02:33 +0000

PF account can be merged as soon as the UAN number is activated by the employees.

To merge PF account, visit the official website of EPFO.
Click on Services to login.
Click on Apply 1 EPF Account
a form will open
Enter registered mobile number
Enter the OTP number and the old PF account will be displayed as soon as you enter the OTP
accept submit
After sending the information, the account will be merged in a few days.

The post Good news for employees, up to Rs. 40,000 will be paid, the amount in the account will increase in September! first appeared on Rightsofemployees.com.

EPFO New Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details immediately

Pravesh Maurya — Thu, 25 Aug 2022 16:27:10 +0000

The post EPFO New Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details immediately first appeared on Rightsofemployees.com.

EPFO Alert ! Your PF account will be closed, know the important rules of EPFO immediately

Pravesh Maurya — Mon, 22 Aug 2022 06:58:17 +0000

EPFO Alert: For salaried employees, provident fund money is their lifetime earnings. In such a situation, it is very important for you to know about the rules related to EPFO.

As long as you remain in the job, you contribute to the EPF and when you retire, you have a sufficient amount, from which you can use this money on essential things in your old age. But many times it happens that due to lack of information or due to some mistakes, the PF account gets closed.

So it is very important for you to know that you should not make any such mistake. Account may be closed If you have not transferred your PF account from the company in which you used to work earlier, and the old company got closed. In such a situation, if there is no transaction from your PF account for 36 months i.e. money was not put in it, then your PF account will be closed. EPFO keeps such accounts in the ‘dormant’ category.

How will it be active again?

Once the account is ‘inactive’ you will not be able to transact, you will have to apply to EPFO to reactivate the account. Even after being ‘inactive’, interest continues to accrue on the money lying in the account, that is, your money is not sunk, you get it back. Earlier, interest was not available on these accounts. But, in 2016 the rules were amended and interest was introduced. You should know that till the age of 58 years, interest continues to accrue on your PF account.

When is the account ‘inactive’?

According to the new rules, the EPF account becomes ‘inactive’ if the employee has not applied for withdrawal of EPF balance.
Even after 36 months of retirement when the member turns 55 years after that
When the member permanently settles abroad
If a member died
If the member has withdrawn all superannuation funds
If you have not claimed the PF account for 7 years, then this fund is put in the Senior Citizen Welfare Fund.

What are the instructions regarding EPFO?

EPFO has said in one of its circulars that there is a need to be careful in settlement of claims related to dormant accounts. Care should be taken that the risk related to fraud is minimized and the claim is paid to the right claimants.

Who will authenticate dormant PF accounts

In order to settle the claim relating to inoperative PF accounts, it is necessary that the employer of the employee substantiate that claim. However, if the employees whose company is closed and there is no one to certify the claim, the bank will authenticate such claim on the basis of KYC documents.

Which documents will be required?

KYC documents include PAN Card, Voter ID Card, Passport, Ration Card, ESI ID Card, Identity Card, Driving License. Apart from this, any other identity card issued by the government like Aadhaar can also be used for this. After this, the Assistant Provident Fund Commissioner or other officers will be able to approve the withdrawal or transfer of the account according to the amount.

With whose approval the amount will be received

If the amount exceeds Rs.50 thousand, the amount will be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner. Similarly, if the amount is more than 25 thousand rupees and less than 50 thousand rupees, then the account officer will be able to approve the fund transfer or withdrawal. If the amount is less than Rs 25,000 then the dealing assistant can approve it.

The post EPFO Alert ! Your PF account will be closed, know the important rules of EPFO immediately first appeared on Rightsofemployees.com.

Good News: EPFO employees will get benefit of one lakh rupees, check information immediately

Pravesh Maurya — Thu, 18 Aug 2022 23:35:58 +0000

New Delhi : The government is preparing to transfer money to the account of interest PF account holders for the financial year 2022. According to the information, this time there is a possibility of getting interest at the rate of 8.1 percent.

Talking about the same Employees Provident Fund Organization, the interest received in the PPF account in the financial year 2022 has been calculated. Soon this has to be transferred to the account of the account holders. This time a total of Rs 72000 crore deposited by the government is expected to be sent to the servant’s account.

Significantly, last year people had to wait for 6 to 8 months for interest. The atmosphere had become a bit different due to his son, but this year the government will not delay in transferring him. According to the information, the interest money in the account will be transferred soon. Talking about the interest level of this year, it has reached a low of 24 years.

In this way interest can be calculated

If you have 1000000 rupees in your account then 81000 will be given as interest.
If you have ₹ 700000 in your PF account then you will get interest of ₹ 56700.
If ₹ 500000 is present in your PF account, then interest up to ₹ 40500 will be given.
If you have ₹ 100000 in your PF account then ₹ 8100 will be available.

In this way, it is very easy to check the balance PF money by giving a missed call. You will get the information after you give missed call on 01122901406 from your registered mobile number. After this, you will also be given the details of PF by the message of EPFO. After your UAN, PAN and Aadhar are linked that you will get the benefit of it.

The post Good News: EPFO employees will get benefit of one lakh rupees, check information immediately first appeared on Rightsofemployees.com.

EPFO is giving free benefit of Rs 7 lakh to its customers, you have to apply like this

Pravesh Maurya — Tue, 16 Aug 2022 08:10:01 +0000

The Employees’ Provident Fund Organization (EPFO) is giving a benefit of Rs 7 lakh to its customers. But for this an important work has to be done. This important work is related to filing e-nomination. That is, the customer who files e-nomination in his EPF account will get a benefit of Rs 7 lakh.

EPFO has given this information in a notice. E-nomination has been made necessary so that the facility available to the account holder in any adverse situation can be given to his nominee. The benefit of social security related facility in PF can be given to the nominee.

E-nomination facility of EPFO is applicable for all account holders. The entire work of e-nomination is to be digital, so there is no need to go to any office. The most important thing is that EPFO has also told the complete method of doing e-nomination. Let us know how to file e-nomination.

How to file e-nomination

First of all you have to go to the official website of epfindia.gov.in
Here go to the Services tab and click on The employees option
Now click on the Member UAN / Online Service option
After this, go to the e-Sewa portal and enter all your information.
Here you will see the Manager tab where you have to select on the YES option and update the family declaration
Fill in all your family information
Now click on Nomination Details and fill the share amount
After this EPF nomination details have to be saved
Click on E-Sign option and generate OTP
Enter OTP number to complete the registration process

After completing all these processes, the e-nomination of the customer is completed. If a subscriber does not make e-nomination, then his nominee may face many difficulties in getting benefits related to social security. To avoid this, e-nomination has been made necessary. The benefit of e-nomination is available to the nominee when the account holder dies.

In such a situation, if the e-nomination is registered, Rs 7 lakh is given to the nominee. The customer must enter the name of the nominee, for this the entire process has been made online. Customers can file e-nomination from their mobile or computer sitting at home. EPFO subscribers can easily do e-nomination by following the above mentioned steps.

The post EPFO is giving free benefit of Rs 7 lakh to its customers, you have to apply like this first appeared on Rightsofemployees.com.

EPF account holder gets an additional bonus of Rs 50,000, check all details

Pravesh Maurya — Sun, 07 Aug 2022 11:28:10 +0000

The post EPF account holder gets an additional bonus of Rs 50,000, check all details first appeared on Rightsofemployees.com.

EPFO New Rules: EPFO Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details immediately

Pravesh Maurya — Mon, 01 Aug 2022 13:05:40 +0000

The post EPFO New Rules: EPFO Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details immediately first appeared on Rightsofemployees.com.

EPFO Alert: Rs 81,000 will come in the account of EPFO subscribers, know how to check

Pravesh Maurya — Thu, 28 Jul 2022 04:55:31 +0000

EPFO Alert: For 7 crore subscribers of Employees’ Provident Fund Organization ie EPFO (Employees’ Provident Fund Organization), great news can come by the end of this month. The government is going to transfer the interest of the financial year 2022 to the account of EPF account holders. Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization (EPFO) has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the government’s account will be sent to the employed person’s account.

When will the money be transferred?

It is worth noting that last year people had to wait for 6 to 8 months for interest. Last year the atmosphere was different due to Covid but this year the government will not delay. According to media reports, interest money can be transferred to the account till August. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account, then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, then you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then interest of Rs 40,500 will come.
If you have one lakh rupees in your account then 8,100 rupees will come.

1. Know by Missed Call To check balance

PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this you will get the details of PF through the message of EPFO. Here it is also necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

To check balance online, log on to the EPFO website.
Click here on e-passbook epfindia.gov.in.

Now on clicking on your e-passbook, a new page will appear on passbook.epfindia.gov.in.
Now here you fill your username (UAN number), password and captcha.
After filling all the details you will come to a new page and here you have to select the member ID.
Here you will get your EPF balance on e-passbook.

3. Balance check can also be done on UMANG App

1. For this, open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the second page click on Employee Focused Services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

4. Check Balance Through SMS

If your UAN number is registered with EPFO then you can get your PF balance information through message. For this you have to send EPFOHO to 7738299899. After this you will get the information of PF through message. Let us tell you that if you want information in Hindi language, then it has to be sent by writing EPFOHO UAN. This service to know PF balance is available in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali. For PF balance, it is necessary that your UAN, bank account, PAN and Aadhaar (AADHAR) should be linked.

The post EPFO Alert: Rs 81,000 will come in the account of EPFO subscribers, know how to check first appeared on Rightsofemployees.com.

EPFO rule change: know about income tax EPF tax EPF account

Pravesh Maurya — Fri, 22 Jul 2022 06:15:00 +0000

EPFO rule change: The Central Board of Direct Taxes (CBDT) has issued new rules regarding the contribution made to the Provident Fund (PF) and the interest earned from it. In this, all the things related to interest rate to tax are related. Let us understand the whole thing in 10 points.

EPF is the most important financial planning and retirement investment option of millions of employees. EPF is a better investment option for assured returns and tax benefits. In such a situation, please inform that there has been a change in the rules of Employee Provident Fund from April 1. According to this rule, the contribution in PF more than a limit will be taxed. Under the new rule, if the total contribution in PF in a financial year exceeds Rs 2.50 lakh, then it will be taxed. Let us know about it in detail.

Some rules have changed from April 1,
according to the new rule of EPF, if the employee has more than Rs 2.5 lakh deposited in PF in a financial year, then it will be taxed. This rule is only for the account of the employee who is deposited in PF. This rule will not apply to the amount deposited by the company in your PF.

Know the special things related to it

The EPFO has reduced the interest rate for the financial year 2021-22 to a four-decade low of 8.1 percent.
Any interest on contribution made to EPF of an employee remains tax-free only for contributions up to Rs 2.5 lakh per annum.
Interest is charged to tax on contributions from the employee in excess of Rs 2.5 lakh per annum.
If an employer is not contributing to the EPF of an employee, the contribution limit has been increased to Rs 5 lakh.
Only additional contributions above the threshold are taxed, not the total contribution.
The additional contribution and the interest earned thereon will be kept in a separate account with EPFO.
Employer’s contribution to Provident Fund (PF), NPS and retirement aggregating Rs 7.5 lakh per annum is exempt from taxes.
Since employers will withhold tax at source, all your details have to be filled in Form 16 and Form 12BA.
Employers will have to mandatorily make EPF contribution for those employees whose monthly income is up to Rs 15,000.
Taxes withheld in this way need to be reported by employees as “income from other sources.”

The post EPFO rule change: know about income tax EPF tax EPF account first appeared on Rightsofemployees.com.

Government has reduced the interest rate of PF, know how much return is being received in the rest of the scheme

Pravesh Maurya — Tue, 19 Jul 2022 10:04:42 +0000

EPFO Latest News: The Employees’ Provident Fund Organization ( EPFO ) has proposed to reduce the interest rate on PF to 8.1 percent. Right now this rate is 8.5%.

If the Finance Ministry approves this, then there will be a big setback for the employees before Holi. In the midst of inflation, the PF rate event will be a big loss. If this happens, then this will be the lowest rate of PF in the last 40 years. The Finance Ministry has to put the final seal on the decision of EPFO, after which this rate will come into effect. However, despite the cut, the PF rate is still higher than all the savings schemes . To know this, you can see the rates of different schemes.

For small savings schemes, the government announces interest rates every quarter. Earlier it was announced on 31 December 2021, whose period continues till 31 March. There is no such savings scheme which gives more returns than PF right now. There is a difference between investing in the stock market and mutual funds. Talking about the most talked about Public Provident Fund or PPF, right now the general depositor is getting 7.1 percent interest, while senior citizens are getting the interest at the rate of 7.4 percent. A little more than this, 7.6 percent interest is being given in Sukanya Samriddhi, a scheme for daughters.

Monthly Income Account Scheme running for 5 years gives interest at the rate of 6.6 percent to the customers. 5 year NSC pays 6.8% interest. NSC also has a large number of customers as it keeps the accumulated capital completely safe with bumper returns. Same is the case with PPF or Monthly Income Scheme. In fact, the government changes the interest rates of small savings schemes on the basis of earnings from government securities. If the government benefits from securities, then the rates of savings schemes are also increased.

Benefits of Savings Schemes

Long Term Benefits: By investing in savings schemes, one can overcome the stress of his long-term goals like retirement planning, children’s education and children’s wedding expenses.

Different Savings Schemes: The number of savings schemes available at present is huge. These plans cater to the needs of different sections. For example, Pradhan Mantri Jan Dhan Yojana is designed to help people below the poverty line and Sukanya Samriddhi Yojana helps a girl child financially.

Hassle-free: These schemes are very easy to operate and invest and most of the contributions made towards the schemes can be done online.

Security of money: Since the schemes launched by the Government of India, the money deposited in the schemes and its returns are completely safe.

The post Government has reduced the interest rate of PF, know how much return is being received in the rest of the scheme first appeared on Rightsofemployees.com.

EPFO Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details

Pravesh Maurya — Tue, 05 Jul 2022 09:55:03 +0000

The post EPFO Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details first appeared on Rightsofemployees.com.

EPF Account Statement: Download E-Statement of EPF account by following these easy steps

Pravesh Maurya — Tue, 05 Jul 2022 04:25:05 +0000

PF Account Statement Download Online: Do you know how much money you have deposited in EPFO? Or how much interest do you get. If you don’t know then you need to keep an eye on it.

You can check your EPFO account details by following some easy steps. The interest earned for the last financial year will come to the rupee by next month. The interest money (EPF interest) can be credited to the Provident Fund account till June 30, 2022. This information has been given by the sources associated with EPFO.

So much so that we have told you that your money will come in your account. But do you know how much money has been deposited in your Employees Provident Fund till now? How much interest have you received on your deposited funds? If not, then you need to keep an eye on your EPF account. You can keep track of your account by following a few easy steps.

E-statement gives many information
EPF passbook (EPFO e-statement) shows that the total amount has been deposited in the account due to the contribution made by you and your company. Helps to transfer EPF account from previous institution to new institution. EPF passbook (EPF e-statement) helps to know how much deduction can be claimed from the total income under section 80C. You can make this claim on your contribution. EPF passbook contains PF account number, provident fund, pension scheme details, institution name and ID, EPFO office details.

It is necessary to register on EPFO website

Go to https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Click on Activate UAN (Universal Account Number).
A new page will appear on your screen. Enter UAN, Aadhaar, PAN and other details. Remember that some information needs to be entered.
Now click on ‘Get Authorization PIN’. A new page will appear on your screen. In this, you will be asked to verify the entered details. OTP will also be sent to your mobile via SMS.
Enter the OTP and click on ‘Validate OTP & Activate UAN’. On activation of UAN, you will get SMS with password. Use this password to log in to your account. You can change your password after logging in.

How to download EPF passbook

Step 1: Visit the website https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp
Step 2: Enter UAN, Password and Captcha Code. Click on ‘Log-in’.
Step 3 : After login, select the member ID to view your passbook.
Step 4: The passbook is in PDF format, which can be easily downloaded.
Keep in mind, passbooks of Exempted PF Trusts cannot be viewed. Such institutions themselves manage the PF trust.
Step 5: If you forget your account password, you can reset the password. For this, one has to visit the EPFO member e-service website (https://unifiedportal-mem.epfindia.gov.in/memberinterface/).

The post EPF Account Statement: Download E-Statement of EPF account by following these easy steps first appeared on Rightsofemployees.com.

How to change or update bank details in EPF account, know its online process

Pravesh Maurya — Mon, 04 Jul 2022 10:35:41 +0000

EPFO Account: Customers can withdraw money from their Employees’ Provident Fund (EPF) fund from the Employees’ Provident Fund Organization (EPFO). The customers should have the correct bank account on record to ensure timely credit of the funds withdrawn. Incorrect bank details can lead to failure of credit transactions.

If the subscriber details are incorrect, it can be corrected through the EPFO portal. All EPF related procedures have been simplified since the introduction of Universal Account Number (UAN) in 2014. UAN is a 12 digit update code, it links the PF accounts with the members and helps them to manage their account online.

Using UAN, employee can now transfer funds, make withdrawals, check PF balance and update details.

How to Update Bank Account Details Online in EPF Account

Step 1: Visit the EPFO member portal and login using your username and password.

Step 2: Go to ‘Manage’ option in the top menu bar.

Step 3: Select the ‘KYC’ option from the drop-down.

Step 4: Select the document type – Bank.

Step 5: Add correct bank account number and IFSC as per bank records.

Step 6: Click on ‘Save’.

Step 7: Once the details are saved it will be shown under the ‘Pending KYC for Approval’ tab.

Step 8: Now, submit the document proof to the employer.

Step 9: Once the documents are verified by the employer, the status will be shown under ‘Digital Accepted KYC’. Along with this, an SMS will also come on the registered mobile number.

The post How to change or update bank details in EPF account, know its online process first appeared on Rightsofemployees.com.

PF Amount Transfer: Master guide transfer provident fund (PF) amount online

Pravesh Maurya — Sun, 03 Jul 2022 08:00:03 +0000

New Delhi. The Employees’ Provident Fund Organization (EPFO) has digitized all its services in recent years for the convenience of the users. From online nomination to creating a new UAN number, all its services have become online. If users also want to withdraw money from Employees Provident Fund Account (EPF Account), then for this you will not have to go to the local office of the organization or run anywhere. EPFO has ensured that all its services are easily available to you online.

EPF members can do most of the work online. You can also update your EPFO KYC online. You can check your EPFO balance and file your EPF claim online. Along with this, EPF members can also transfer the amount of their EPF account online. EPFO itself has tweeted this information.

Video uploaded on YouTube

If you have just changed job and want to transfer your PF from your previous company to your existing employer then you can easily do it. Employees Provident Fund Organization has tweeted how to transfer EPF account amount online. You can transfer your EPF sitting at home. The organization has also shared a video uploaded on YouTube along with the tweet. By watching this video you can easily transfer your EPF.

How to transfer EPF online.#EPFO #EPF #PF #SocialSecurity #Employees @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @MIB_India @PIB_India @PIBHindi @mygovindia @AmritMahotsav @PTI_News @airnewsalerts https://t.co/iS5DYCzG2w

— EPFO (@socialepfo) May 23, 2022

Step-by-Step Guide

EPFO member has to visit Unified Member Portal and login with UAN and Password.
After this, by going to the online services option, click on One Member – One EPF Account (Transfer Request).
After this, along with personal details, the details related to the existing PF account will have to be verified.
After verifying the PF account details, click on the Last PF Account Details option.
Then to verify the form, one has to choose between the previous employer or the existing employer.
After this, for OTP on the mobile number registered with UAN, click on Get OTP option.
Finally, the EPFO member has to enter the OTP and click on submit. After this the employer will also get the information about EPF transfer.

The post PF Amount Transfer: Master guide transfer provident fund (PF) amount online first appeared on Rightsofemployees.com.

EPF: Find out your EPF eligibility here

Pravesh Maurya — Sat, 02 Jul 2022 05:54:51 +0000

EPF is the main scheme under the Employees’ Provident Funds and Miscellaneous Act, 1952. The employee and employer each contribute 12% of the employee’s basic salary and dearness allowance towards EPF. Currently, the rate of interest on EPF deposits is 8.10% p.a.

If you are applying for a new EPF account, you will need to do so through your employer. You will have to provide all previous employment details, if any, through Form 11, and all family particulars or nomination details in Form 2.

If you are an employer with an organization that employs 20 people or more, it is mandatory for you to register under the EPF scheme. If your organization employs less than 20 people, you can still opt to register under the scheme. EPF registration requires you to submit details of your company, as well as details of each of the company’s owners. You can register for the EPF scheme on the official EPFO website.

EPF Benefits

Given below are the benefits of the EPF scheme:
It helps in saving money for the long run.
There is no requirement to make a single, lump-sum investment. Deductions are made on a monthly basis from the employee’s salary and it helps in saving a huge amount of money over a long period.
It can help an employee financially during an emergency.
It helps in saving money at the time of retirement and helps an individual maintain a good lifestyle.

EPF Eligibility

The eligibility criteria in order to join the EPF scheme are mentioned below:

It is mandatory for salaried employees with an income of less than Rs.15,000 per month to register for an EPF account.
As per law, it is mandatory for organisations to register for the EPF scheme if they have more than 20 employees working for them.
Organisations with less than 20 employees can also join the EPF scheme on a voluntary basis.
Employees who earn more than Rs.15,000 can also register for an EPF account; however, they must get approval from the Assistant PF Commissioner.
The whole of India (except the states of Jammu and Kashmir) can benefit from the provisions in the EPF scheme.

How to Check EPF Balance?

There are four methods in which you can check your EPF balance:

Using the EPFO portal – The process of checking your EPF balance through the EPFO member portal is easy. You should do EPF login using your UAN and password. After logging in, you will be able to find the EPF balance under the member ID.
Using the UMANG app – You can download the Unified Mobile Application for New-age Governance (UMANG) app and perform EPF balance check on mobile phone. You can also raise and track claims through this app.
Using a missed call service – It is possible to check your EPF balance by giving a missed call to the number, 011-22901406, from your registered phone number.
Using an SMS service – If your UAN is activated, you can send an SMS to 7738299899 for EPF balance check.

The post EPF: Find out your EPF eligibility here first appeared on Rightsofemployees.com.

EPFO Complaint Online : File a complaint online like this, check complete process

Pravesh Maurya — Fri, 01 Jul 2022 12:00:13 +0000

EPFO Complaint Online: If your employee also has an account in the Provident Fund Organization (EPFO), then this news is of your use.

If you also have any complaint related to your PF account then you do not need to go to any office. You can also get your complaint resolved by registering it online. Not only this, you can also check the status of your complaint online.

If an EPF account holder has any complaint related to EPF withdrawal, transfer of EPF account, KYC etc., then he can take advantage of the facility of this Grievance Management System. EPFO has appealed to the EPFO users to give information about their problems online on the EPFO portal epfigms.gov.in by tweeting from its official Twitter account.

Apart from this, the organization has also issued a toll free number on which you can easily register your complaint by calling. It is worth noting that most of the services of EPFO are now available online. EPFO’s online services can be availed on EPFO’s website as well as UMANG app.

File a complaint online like this

First of all go to the portal epfigms.gov.in.
Click on ‘Register Grievance’ to register the complaint.
A new webpage will open in front of you. In this, select the status in which the complaint is being registered.
Status means PF member, EPS pensioner, employer or other.
Select the option ‘Others’ only if you do not have UAN/Pension Payment Order (PPO).
Select ‘PF member’ status for PF account related complaint.
Now enter the UAN and security code and click on ‘Get Details’.
The masked (hidden) personal details linked to the UNN will be displayed on the computer screen.
Now click on ‘Get OTP’.
OTP will be sent to your registered mobile number and email id in EPFO database.
After entering the OTP, verification will happen and then you will be asked for personal details.
After entering the personal details, click on the PF number regarding which the complaint is to be lodged.
Now a pop-up will appear on the screen. In this, select the radio button to which your complaint is related.
Select the Grievance category and give the details of your complaint.
If you have any proofs then they can be uploaded.
Once the complaint is registered, click on ‘Add’ and click on submit.
Your complaint will be registered.
The complaint registration number will be sent to your registered email and mobile number.

Check the status of the complaint like this

the status of the complaint lodged by you, you click on epfigms.gov.in. Here you will see the View Status option, click on it. Enter your Registered Mobile Number and Email ID here. After that enter the security code. After this you will see the status of your complaint.

The post EPFO Complaint Online : File a complaint online like this, check complete process first appeared on Rightsofemployees.com.

How To Get EPF Passbook Online

Rightsofemployees — Tue, 26 Jun 2018 07:33:16 +0000

How To Transfer EPF Money, Check Balance, Passbook Online,

An EPF account contains the money that is deducted from the salary of an individual. Both Employee and employer contribute towards EPF.

An EPF or Employees’ Provident Fund account contains the money that is deducted from the salary of an individual. Because both employee and employer contribute towards EPF, it is part of the cost-to-company or CTC structure of an employee. An employee contributes 12 per cent of his or her salary towards EPF while another 12 per cent is paid for by the employer. Out of the 12 per cent paid by the employer, 8.33 per cent is invested in Employee’s Pension Scheme (EPS) while the balance 3.67 per cent is invested in EPF. EPS and EPF are both run by retirement fund body EPFO (Employees’ Provident Fund Organisation).

Also Read : Common Interview Questions That Are Against the Law in India

If you shift from one company to another, you are required to transfer your EPF money.

Here are five key things you should know if you need to transfer EPF money:

1) An EPFO member is required to be registered on member portal to file the EPF transfer claim online. The detailed process flow for the registration is available at the link available on the homepage of EPFO website www.epfindia.gov.in. This can be accessed through the link – For Employees > Online Transfer Claim Portal (OTCP) > Detailed Instructions > Process flow for registration on member portal.

2) In order to file the EPF transfer claim online:

(a) Both previous and present member IDs (PF account no.) should be available in EPFO database.

(b) The employer should have registered the digital signature certificate of his authorized signatories with EPFO.

3)The member can check the eligibility to file the transfer claim online at the link available on the homepage of EPFO website. This can be accessed through the link – For Employees > Online Transfer Claim Portal (OTCP) > Check eligibility to file online transfer claim or at the URL http://memberclaims.epfoservices.in.

4) In case, your EPF member ID is not available in EPFO database, it is mainly due to the following reasons:

(a) The employer has not yet submitted the return [Electronic Challan cum Return (ECR) or earlier returns prior to ECR] having the member ID.

(b) The employer has submitted the return [Electronic Challan cum Return or earlier returns prior to ECR] having the member ID, but the same has not been updated on the portal. The update of OTCP has been planned on weekly basis.

5) The member can get to know the status of the claim submitted online by him. He/ she would have an updated status of the claim in the “View the status of Transfer Claims” under the tab “CLAIM”.

You can also check EPF balance online, via mobile app UMANG, a missed call and SMS facilities.

How to check EPF balance via EPFO’s website

On visiting the website, click on e-Passbook.

The website will then ask you to input your UAN number, password and a captcha code. UAN means Universal Account Number. EPFO allots the UAN, which acts as an umbrella for multiple member ids allotted to one individual by different companies.

(EPFO website will then ask you to input your UAN number, password and a captcha code.)

You can click on the member id to view the e-passbook of EPF and know your balance.

(Click on the member id to view the e-passbook of EPF.)

How to check EPF balance via UMANG app

Download UMANG app and click on EPFO. You will then be directed to a page which shows employee-centric services, general services, employer-centric services, eKYC services, and Jeevan Praman.

Click on ’employee centric services’. This will lead you to a page that lets you view the EPF passbook. This page will also enable you to raise and track claim.

(Checking PF or provident fund balance via UMANG app requires you to click on ‘view passbook’ and type out your UAN.)

Click on ‘view passbook’ and type out your UAN. Log in and enter the one time password (OTP) that you will receive on your registered mobile number. You will now be able to see your EPF balance.

How to check EPF balance via SMS

In order to access this facility of the EPFO, your UAN must be activated. To know your latest PF contribution and balance you can send an SMS to 7738299899 from your registered mobile number. The member has to type “EPFOHO UAN”. The facility is available in 10 languages namely, English (default), Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam and Bengali. For receiving SMS in any of the languages other than English, first three characters of the preferred language need to be added after the UAN. For example, to receive the SMS in Hindi, you should send it as follows: “EPFOHO UAN HIN” to 7738299899.

How to check EPF balance via missed call facility of EPFO

This service of EPFO is free of cost.

To avail this facility, you should be registered on the UAN portal and your mobile number must be activated with UAN at the official website of EPFO. You need to dial 011-22901406 from your registered mobile number.

If you want to receive details of your last contribution and PF balance, your UAN must be seeded with any one of your bank account numbers, Aadhaar card and permanent account number (PAN).

EPF ACCOUNT - Rightsofemployees.com

PF Claim Settlements Rule: Now you can withdraw 5 lakh rupees from EPF account! Claim settlement rules are going to change

EPFO : The Employees’ Provident Fund Organization (EPFO) has announced a big relief for its 7.5 crore members. Now up to Rs 5 lakh can be withdrawn at a time under auto settlement.

EPFO members can now withdraw Rs 5 lakh

What is automated claim process?

The process of withdrawing money from PF will now be easier

Now you can withdraw PF through UPI and ATM also

Related Articles:-

PF claim New System: EPFO to roll out UPI based PF claim withdrawals within three Months – Key Details Inside

The Employees’ Provident Fund Organization (EPFO) is working on a new withdrawal option. Soon employees will be able to withdraw the money deposited in their PF account through UPI. The report says that the system of withdrawal from EPF account through UPI will be rolled out in just 3 months.

What will be the benefit after connecting to UPI?

So many claims settled so far

Working on withdrawal from ATMs too

Related Articles:-

EPFO Gives Great News to EPF Members! Transferring Provident Fund account has become easy, know the details

Related Articles:-

EPFO Rules Change: Major changes in PF in the new year, know what is special for employed people

PF money will be withdrawn from ATM

The contribution limit in EPFO ​​will increase

Equity investment limit will also increase

Facility for pension can be availed from any bank branch

Last date for application for higher pension

PF Fund Transfer: Why is it necessary to transfer PF balance when changing jobs? Know here you can transfer PF online

EPFO PF Fund Transfer : After changing jobs, transferring Employee Provident Fund (EPF) balance from old company to new company is one of the most important tasks. If you do not transfer PF balance for a long time, then your EPF account becomes dormant.

Can PF transfer be done without updating the ‘Date of Exit’ in the EPF account?

EPFO rules

Employees can update their Date of Exit themselves on EPFO ​​website

How to update ‘Date of Exit’ for EPF?

How to check whether EPF has been transferred or not?

Why is EPF balance transfer necessary?

Employee Pension Fund: What are the pension rules for family members after the death of the employee?

Some money from the salary of people doing private jobs is deposited in EPF every month. The employer also contributes almost the same amount to the employee’s EPF account. This is 12 percent of the basic salary (plus DA).

How is pension calculated?

How much pension is received after the death of the employee?

What is the minimum pension?

What will happen if the employee is unmarried?

Related Articles:-

New EPF withdrawal rules 2024 – All you need to know

EPFO allows withdrawal of 75% of the funds after one month of unemployment and transfer of the remaining 25% to a new EPF account after joining a new job.

EPFO’s new rule: Automatic EPF account transfer from old job to new job, know what is automatic EPF account transfer facility

Automatic EPF account Transfer Facility: EPFO’s Automatic EPF Account Transfer Facility has made the process of switching jobs easier for employees.

What is EPF Automatic Transfer Facility?

Also Read- Jeevan Pramaan Patra: How can pensioners submit digital life certificate through doorstep banking service

How does the Automatic Transfer Facility work?

What to do if automatic transfer does not work?

To check the status of your EPF transfer, follow the steps given below:

Related Articles:-

EPFO Claim: Your EPF claim will not be rejected, you just have to keep these things in mind

EPFO allows employees to withdraw a part of the money deposited in their EPF account in certain situations. Usually, the money is transferred to the employee’s bank account within 10 days of applying. In some cases, EPFO ​​rejects the claim

Incomplete and incorrect KYC

Incorrect personal information

Incorrect bank account information

Incomplete documents

Related Articles:-

EPF New Rules: EPFO issued SOP for freezing and de-freezing UAN, know the details

New Delhi. The Employees Provident Fund Organization (EPFO) has issued a Standard Operating Procedure (SOP) for freezing or de-freezing accounts.

What does freezing of EPF account mean?

Also Read: How to apply online for Learner DL, know the step by step process today

De-freezing

Good News for 6.5 crore people…Will get Rs 1 lakh in just 3 days, EPFO changed the rules, know details

EPF Interest rate : How much interest will be given on the money deposited in PF account? Find out like this

EPF Account Merge : Have multiple EPF accounts due to change of job? Know the easy way to merge all

Provident Fund: For what purpose can you withdraw PF money, know what is the whole process?

EPF Account : Linking new bank account to EPF account is very easy, just follow these steps.

EPFO Nominee Rules: Can one make son and daughter along with wife as PF nominee?

Does your employer deposit PF money into your PF account on time? check here

EPS 95 Scheme: Which family members get pension benefits after the death of the employee, what do the rules say?

EPFO issued new circular: Now information can be easily updated in EPF account

EPF Account: Will you get tax free interest on your EPF account even after leaving the job? this is the rule

PF Balance: Company did not deposit PF money? This is how you can complain

E-nomination is necessary in EPF account, know its simple step by step process

PF Account: Complete this work related to PF immediately after changing the job, otherwise you may…

EPFO: Big news! Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why?

EPFO Alert: Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why?

VPF Contribution: You can take advantage of tax-free interest of 8.1% per annum on contribution in VPF, understand the complete calculation here

EPFO Alert: Your EPF account may be closed automatically, all the money lying in the account will be stuck… know why?

EPFO New Facility on Instagram: Now every detail related to EPF account will be available on Instagram also, have to do this work

PF Marriage Advance Facility: EPFO subscribers get marriage advance facility, know when and how to withdraw money from PF account

EPF account holders should do this work immediately, money will start getting deposited in EPF account from this day

EPF KYC Update: This is the easy way to update KYC details of EPF account

The contribution limit in EPFO will increase

Employees can update their Date of Exit themselves on EPFO website

EPFO allows employees to withdraw a part of the money deposited in their EPF account in certain situations. Usually, the money is transferred to the employee’s bank account within 10 days of applying. In some cases, EPFO rejects the claim

EPFO Account Holder: Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check

EPFO Account Holder Good News: Up to 81,000 rupees may come in the account of EPFO subscribers, here’s latest update

EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check

EPFO Account Holder Good News: 81,000 rupees will come in the account of EPFO subscribers, here’s the date and how to check

EPFO Alert ! Your PF account will be closed, know the important rules of EPFO immediately

EPFO Alert: Rs 81,000 will come in the account of EPFO subscribers, know how to check