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.

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According to the circular, 8.33% employer’s share on higher pension with effect from November 16, 1995 or the date when the pensionable salary cap was raised from Rs 6,500 per month to Rs 15,000 per month.

In the 2014 amendment, the government directed that if you contribute to EPS on the basis of actual salary, then the EPFO ​​member will get an additional contribution of 1.16 per cent in EPS on whatever contribution is made to EPS over and above the pensionable salary limit of Rs 15,000. have to contribute.

Explain that every month 12% amount is deducted from the employee’s basic salary and dearness allowance and deposited in the EPF account. The employer also deposits the same amount in the employee’s account. However, the entire contribution of the employer does not go into the EPF account.

A major part of the 12% contribution of the employer goes to the EPF and a part to the EPS account. Employees Pension Scheme 1995 i.e. EPS-95 was implemented on 16 November 1995. Prior to September 1, 2014, there was a cap of Rs 5000/6500 for the maximum contribution in the EPS account. After this the cap was increased to 15,000.

Extended date of application for higher pension

The circular states that the interest to be charged on the arrears as per the above calculation will be the interest earned by the members on their PF. Another circular will be issued soon for the calculation of pension. An EPFO ​​official said that a separate circular will be issued for information on arrears and calculation of pension. Retirement fund body EPFO ​​has extended the application date for opting for higher pension from May 3 to June 26, 2023. EPFO has so far received more than 12 lakh applications for higher pension.

According to the circular, if you fill higher pension for joint application, then after verifying the application with the EPFO ​​office of your area, your salary details are verified with the details present in the EPFO ​​portal. When the verification is done, EPFO ​​will check the remaining money, after that it will proceed to transfer and deposit the order and you will then be selected for higher pension.

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