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EPFO New Scheme 2025! This new EPFO scheme benefits employees, makes enrollment easy, and deposits deducted funds.

Pravesh Maurya — Thu, 06 Nov 2025 07:38:44 +0000

EPFO New Scheme 2025: The central government has launched the Employee Enrollment Scheme 2025. This scheme aims to provide EPF coverage to employees who were left out for some reason. Employers are being given the opportunity to enroll their employees who were left out.

EPFO New Scheme 2025: Almost all employees working in India have a PF (Provident Fund) account. PF accounts in India are operated by the Employees’ Provident Fund Organisation (EPFO). The Ministry of Labour and Employment has launched the Employees’ Enrolment Scheme (Employees’ Enrolment Scheme) 2025. This scheme aims to provide social security coverage to as many employees as possible under the Employees’ Provident Fund Organisation (EPFO). The scheme aims to provide EPF coverage to employees who were left out for some reason. Employers are being given the opportunity to enroll their left-out employees.

This scheme will cover all employees who joined the organization between July 1, 2017, and October 31, 2025, and who are still working with that company. The Ministry of Labor and Employment launched this scheme on November 1st, the EPFO’s 73rd Foundation Day. Union Labor and Employment Minister Mansukh Mandaviya also launched the EPFO’s new website, www.epfo.gov.in. It now features a simpler interface, improved navigation, and simplified access to all services.

What is the Employees’ Enrollment Scheme 2025?
This scheme will run for six months from November 1, 2025, until April 30, 2026. Its purpose is to encourage employers to bring under the ambit of the Employees’ Provident Fund (EPF) those employees who, for whatever reason, have not been able to enroll themselves. The official circular dated October 10, 2025, giving information about this, refers to it as the Employees’ Provident Funds (Amendment) Scheme, 2025.

Who can apply?
Under this scheme (EPFO Scheme 2025), any company or establishment can participate in the enrollment drive, whether it is already covered under EPF or not. Under this drive, employers can register employees who started working for them between July 1, 2017, and October 31, 2025 (July 1, 2017 – October 31, 2025) and who are alive and employed as of the date of declaration.

Compliance for these employees will be considered to begin from the month in which the employer submits their declaration of joining. The government is also giving such institutions an opportunity to regularize their old compliance under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

What will be the benefit of enrollment?
The biggest benefit of enrollment under this campaign is that if an employee’s EPF contribution has not been deducted before, their Employee Share will be waived. The employer will only have to pay the Employer’s Share, interest calculated under Section 7Q, and administrative charges. Additionally, a one-time payment of a penalty of ₹100 in all these cases will be considered compliance under all three schemes—EPF Scheme 1952, EDLI Scheme 1976 (Employees’ Deposit Linked Insurance Scheme, 1976), and EPS Scheme 1995. After this, the full benefits of all three schemes will be available.

Contributions will be deposited through electronic challan.
The mandatory condition of this scheme is that employers must generate a face authentication-based UAN for each employee through the UMANG app and deposit the contribution through electronic challan (ECR).

EPFO’s new homepage also launched
In addition, the Labor Minister also launched the EPFO’s new homepage, www.epfo.gov.in, which is a more user-friendly domain name. It will provide an improved interface, easier navigation, and easier access to key services and information for stakeholders.

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EPFO Subscribers Rejoice: Simplified Withdrawal Rules You Need to Know!

Pravesh Maurya — Tue, 23 Sep 2025 08:21:00 +0000

The central government is preparing to lighten the pockets of employees. If you also contribute a portion of your salary to a Provident Fund (PF), withdrawing your money may now be easier than ever.

Ahead of the festive season, there’s some good news for working people across the country. The central government is preparing to lighten the pockets of employees. If you also contribute a portion of your salary to the Provident Fund (PF), withdrawing your money may now be easier than ever. The government is soon going to simplify EPFO withdrawal rules. This will directly benefit millions of employees, who will no longer have to face strict requirements for expenses like marriage, buying a house, or children’s education.

According to two senior government officials, EPFO subscribers will now be given greater freedom to withdraw funds based on their needs. Currently, full PF funds can only be withdrawn upon reaching the retirement age (58 years) or after being unemployed for more than two months. Furthermore, withdrawals for marriage, housing, or children’s education are subject to several conditions and time limits.

Difficulties with current rules:

Withdrawal for marriage— at least seven years of service is required to withdraw up to 50%.
For house purchase/construction— three years of service is required to withdraw up to 90%.
For children’s education— the option to withdraw up to 50% of PF is available only after seven years of service.
This means employees have to wait several years to access their own funds.

What could change?

According to a report, the government may allow subscribers to withdraw a larger portion of their deposits every 10 years. Officials say it’s their money and they should be free to use it as needed.

What do experts say?

Experts believe this change will be a significant relief, especially for employees in the lower and middle-income groups. Currently, stringent regulations and lengthy paperwork force people to borrow against their own money. If the new rules are implemented, employees will be able to meet their real-life needs without debt.

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EPFO 3.0 platform is going to be launched, now you can withdraw PF money from ATM and UPI too

Pravesh Maurya — Fri, 29 Aug 2025 08:03:14 +0000

EPFO 3.0 Platform: There is big news for PF account holders. Employees Provident Fund Organization i.e. EPFO is going to launch its new digital platform EPFO 3.0. After the arrival of this new digital platform, services related to EPFO will become easy, transparent and fast for employees.

The government has shortlisted companies like Infosys, Wipro and TCS to build and maintain this platform. After the arrival of EPFO 3.0 platform, facilities like automated PF withdrawal and integrated ATM will also be made available on it.

It is worth noting that the month of June was fixed for the launch of EPFO 3.0 platform. However, due to some testing and other reasons, it got delayed. Along with this, now this platform can be launched soon.

Online claim and correction facility will be available

– After the launch of this platform, employees will not have to visit the office repeatedly to make small corrections or settle claims.

– Employees will be able to do such work with the help of OTP.

– In addition, they will also be able to track the status of their claims on this platform.

User Friendly Experience

– EPFO members will get a better user friendly experience on this platform.
– On the EPFO 3.0 platform, you will be able to track important details related to your PF balance, status and contribution in real time.
– This will make EPFO services more convenient and accessible.

PF Withdrawal from ATM

– After the launch of EPFO 3.0 platform, PF account holders will now get the facility to withdraw their PF funds from ATM.
– However, to avail this facility, you need to activate your UAN number.
– Apart from this, your bank account will have to be linked with Aadhaar card.

Instant withdrawal facility will also be available through UPI

– After the launch of this platform, you will be able to withdraw your PF through UPI as well.

– After availing this facility, PF can be withdrawn immediately through UPI in case of emergency.

– EPFO 3.0 platform will prove to be very beneficial for employees.

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EPFO’s big decision! Now UAN will be generated in a new way, Aadhaar card will be used

Pravesh Maurya — Mon, 04 Aug 2025 16:01:14 +0000

EPFO New Rules: The Employees’ Provident Fund Organisation (EPFO) has made an important change regarding the Universal Account Number (UAN). The EPFO has decided that from August 1, 2025, the new UAN will now be generated or allotted only through Aadhaar-based Face Authentication Technology (FAT) through the UMANG app. This decision has been taken so that the process of UAN generation is completely error-free, automated and reliable.

What is UAN and why is it important?

UAN i.e. Universal Account Number is allotted by EPFO. This number is given to every employee who works in an institution covered under the Employees’ Provident Fund Scheme, 1952. UAN works as an identity for employees. Whenever an employee changes jobs, the Member IDs given by the new employers get linked to the same UAN. Since this UAN remains valid for the entire career of the person, it is very important to generate it accurately and securely.

How was UAN made till now?

Till now, employees had to either apply through their employer or use other digital means to obtain UAN. But many times problems like errors in data entry, identity related mistakes or delay in verification of documents were faced. To eliminate these reasons, EPFO has decided to implement a full-proof digital system.

What is the new system of EPFO?

EPFO has decided that now the new UAN will be generated only through UMANG app and for this, face authentication technology (FAT) linked to Aadhaar card will be used. In this process, the member will have to install UMANG app and Aadhaar Face RD App on his smartphone. After this, your identity will be verified with UIDAI (Aadhaar database) through face scan on the app and UAN will be generated.

In a circular issued on July 30, 2025, the EPFO said, “In order to ensure error-free generation of UAN, it has been decided that from August 1, 2025, new UAN will be generated/allotted only through Aadhaar-based face authentication in the UMANG app.”

For whom will the old process remain?

EPFO has also clarified that the currently prevalent process of generating UAN through employers will continue for some exceptions, such as international workers and citizens of Nepal and Bhutan.

FAT facility was started in April 2025

Earlier, EPFO started using face authentication technology on 8 April 2025. Then EPFO added 3 major features to the UMANG app:

Employees starting a new job can generate and activate UAN directly from the app.
Those who already have UAN can activate it through the app.
Services can be accessed through face authentication for already activated UAN.

EPFO had also said that there would be no need to contact any EPFO office or employer to avail these facilities. Members can complete this process themselves from their smartphones.

What will be the benefits of the new system?

According to EPFO, this digital change will have many benefits. This will be convenient for the PF member. Along with this, the work of EPFO will also become easier.

UAN generation and activation will happen simultaneously, there will be no need for separate processes.
All the data will be filled directly from UIDAI, which will eliminate the possibility of wrong information.
There will be no need for any manual verification or document uploading.

Once the UAN is generated, members will be able to download a PDF of the e-UAN card, which they can give to their employer to start the PF process. Immediately after activation, the member will get access to EPFO services like viewing passbook, updating KYC, submitting claims, etc.

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EPFO New Rule: New PF rule for everyone, rules for claiming money have changed

Jyoti — Fri, 27 Jun 2025 13:05:35 +0000

EPFO New Rule: The Employees’ Provident Fund Organization (EPFO) has simplified the claim process for its members by removing the need to upload a scanned photo of a check or bank passbook while filing an online claim . This move simplifies documentation and also makes the process easier for users.

Till now this was the rule

Till now, members claiming PF had to upload a scanned copy of the check or the first page of their bank passbook to verify the account details. If the uploaded copy was unclear, it often led to a mistake or the claim was rejected.

Apart from eliminating the check upload rule, EPFO has also removed the need for employer verification to link bank accounts. This means that members can now update their bank accounts directly through Aadhaar-based authentication, making the process even easier.

Government’s big decision on PF – you can get up to 5 lakh

EPFO has recently changed another rule. The Employees’ Provident Fund Organization (EPFO) has given a big relief to its crores of subscribers. Now any member will be able to withdraw up to Rs 5 lakh automatically from the EPF account through advance claim, that is, now there will be no need for manual verification to withdraw such a large amount.

What is the change?

Till now, EPFO had kept the amount up to Rs 1 lakh under auto-settlement under advance claim (ASAC – Auto Settlement of Advance Claims). That is, if an employee withdrew an amount of Rs 1 lakh or less, it was approved directly. But for amounts more than Rs 1 lakh, manual verification was required, which made the process long and time-consuming. Now this limit has been increased to Rs 5 lakh.

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PF Withdrawal: EPFO claims that small claims up to Rs 1 lakh are now being settled within 72 hours

Jyoti — Tue, 17 Jun 2025 05:28:18 +0000

New Delhi. Withdrawal of up to Rs 1 lakh from Provident Fund (PF) account for expenses like education, illness, house building or marriage has become even easier. The government claims that such small claims will be transferred directly to the bank account within 72 hours (three days).

According to EPFO, 99% of the applications for PF withdrawal are coming through online mode, making the process faster and transparent. Out of 68.96 lakh claims made in the financial year 2024-25, 50% of the claims were settled within 72 hours. The next target of the government is to settle all claims up to Rs 1 lakh in 72 hours in the financial year 2025-26. 90% of the claims for an amount of more than Rs 1 lakh are also being settled within 20 days.

At present, EPFO has 7.37 crore active members. The data in the accounts opened after 2012 is completely digital, so the claims related to these accounts are being settled quickly. At the same time, there is some delay in the accounts opened before 2012 due to the long process of data verification. The Employees Provident Fund Organization has appealed to the people not to take the help of any agent or middleman for PF related work, but to directly contact the EPFO office or the concerned officer.\

When can the money be withdrawn

According to EPFO rules, money can be withdrawn from PF account even before retirement under certain circumstances. You can withdraw money from PF for marriage. For this, you need to be a member of EPF for at least 7 years. You can also withdraw money from PF for children’s education. For this also, 7 years of membership is necessary. If you want to buy, build or repair a house, then money can be withdrawn from PF account. For this, at least 5 years of EPF membership is necessary. Money can be withdrawn at any time for treatment.

Tax rules on PF withdrawal

If an employee completes 5 years of service in a company and withdraws PF, then he does not have any income tax liability. The period of 5 years can also be combined with one or more companies. It is not necessary to complete 5 years in a single company. If an employee withdraws more than Rs 50,000 from his PF account before completing 5 years in the job, then he will have to pay 10% TDS. On the other hand, if you do not have a PAN card, then you will have to pay 30% TDS. However, if the employee submits Form 15G/15H, then no TDS is deducted.

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PF withdrawal: Now PF money will be withdrawn in minutes, the government will make this big change this month

Pravesh Maurya — Mon, 02 Jun 2025 09:35:41 +0000

Provident Fund: Provident Fund money will be in your hands in just a few minutes. Now you will not have to fill any form to withdraw PF advance money. There will be no long wait of 5 to 15 days. PF money can be withdrawn through ATM or UPI. In times of emergency, your money will be with you in just a few minutes

Provident Fund: Provident Fund money will be in your hands in just a few minutes. Now no form will have to be filled to withdraw PF advance money. There will be no long wait of 5 to 15 days. PF money can be withdrawn through ATM or UPI. In times of emergency, your money will be with you in a few minutes. The government can do the process of withdrawing PF advance so easily this month i.e. in June. The biggest advantage of the new system will be that the long process of filling the form and getting approval to withdraw PF money will end. It will be easy to withdraw PF money at any time and from anywhere.

EPFO will upgrade the system

There is good news for crores of salaried employees of the country. Employees Provident Fund Organization (EPFO) is preparing to upgrade its digital system to a new form. According to media reports, EPFO 3.0 can be launched from June 2025. The most special thing about this new facility is that PF account holders will also be able to withdraw their funds through UPI and ATM.

What is EPFO 3.0?

EPFO 3.0 is a digital version of the existing PF system which is faster, easier and safer than the old system. Till now, to withdraw PF, one has to login to the EPFO website, fill the form and then wait for several days. But with the arrival of EPFO 3.0, there may be a facility to withdraw money in real time.

How will you be able to withdraw money from ATM and UPI?

Although complete information about this has not been revealed at the moment, it is believed that under EPFO 3.0, PF accounts will be linked to UPI and ATM networks. With this, customers will be able to withdraw money directly from their account with the help of UPI apps like PhonePe, Google Pay, Paytm etc. or ATM machine. For this, there may be safety features like OTP, PIN or Aadhaar based verification. Also, some terms and limits will also be fixed so that the funds are not misused. Money can also be saved for employees for retirement.

What will be the benefits of digital withdrawal?

The biggest advantage of the new system will be that the long process of filling the form and getting approval to withdraw PF money will end. It will be easy to withdraw PF money anytime and from anywhere. This will be useful for employees in times of emergency.

Will EPFO 3.0 be launched in June?

EPFO 3.0 can be launched in June 2025. However, the official date has not been decided yet. It is expected that it will be started as a pilot project in some cities or states first and then gradually implemented across the country. If this happens, then more than 6 crore PF account holders of the country will get direct benefit from it.

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EPFO Interest Rate: 8.25 percent interest will be available on PF this year too, government has approved

Jyoti — Sat, 31 May 2025 12:38:18 +0000

EPFO Interest Rate: The central government has approved an interest rate of 8.25 per cent on Employees’ Provident Fund (PF) deposits for the financial year 2024-25.

This interest rate has been kept the same as the previous financial year. In February, the Employees’ Provident Fund Organization (EPFO) had announced to retain the interest rate on Employees’ Provident Fund deposits at 8.25 per cent for FY 2025.

This decision was taken by the Central Board of Trustees of EPFO in a meeting in the national capital. The Finance Ministry has now approved the interest rate of 8.25 percent on employees’ PF for the financial year 2025. According to reliable sources, a notification has also been sent to the retirement fund body by the Labor Ministry this week.

The interest rate on EPF for 2024-25 will be credited to the accounts of EPFO members. The EPFO had earlier increased the interest rate on EPF for its 7 crore members from 8.15 per cent in 2022-23 to 8.25 per cent for 2023-24.

Meanwhile, the EPFO added 14.58 lakh net members in March and recorded a growth of 1.15 per cent in net payroll additions as compared to March 2024. The PF organisation enrolled around 7.54 lakh new subscribers in March 2025, showing a growth of 2.03 per cent as compared to February and 0.98 per cent year-on-year as compared to March 2024.

According to the Ministry of Labour, the growth of new subscribers can be attributed to increasing employment opportunities, growing awareness about employee benefits and successful outreach programmes of EPFO. An important aspect of the data is the dominance of the 18-25 age group, as 4.45 lakh new subscribers were added in the 18-25 age group, which is 58.94 per cent of the total new subscribers added in March 2025.

Further, the net payroll addition for the 18-25 age group stood at around 6.68 lakh in March, registering a growth of 6.49 per cent over the previous year in March 2024.

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EPF Interest Rate 2024-25: Government approves 8.25% interest on EPF, know when will you get the interest?

Jyoti — Wed, 28 May 2025 10:39:05 +0000

Provident Fund EPF Interest Rate : The central government has approved giving 8.25% interest to EPF account holders for the financial year 2024-25. After this decision, EPFO can now start the process of depositing interest in EPF account.

If your EPF account comes under an Exempted Trust, then the process of giving interest at the same rate will be started there too. Let us know how much interest will you get on EPF? When will this interest be visible in your account? Do you lose interest due to delay in this or not?

How much interest will you get on EPF?

As per Para 60 of the EPF Scheme (Employees Provident Fund) 1952, EPF interest is calculated on the running balance of every month and is credited to the account at the end of the year.

Suppose the total balance in your EPF account on 1 April 2024 is Rs 5 lakh. Your basic salary is Rs 60,000 per month. You deposit 12% of your salary every month i.e. Rs 7,200. Your employer also deposits Rs 7,200. But out of this amount of the employer, 8.67% goes to EPS (Employee Pension Scheme), which is a maximum of Rs 1,250. The remaining balance comes into your EPF account.

In this way, in the whole year, your contribution to EPF will be Rs 86,400 (7,200 × 12) and the employer’s contribution will be Rs 71,400 (excluding Employee Pension Scheme contribution). Interest will be calculated on this entire amount and the existing Rs 5 lakh at the beginning of the year at the rate of 8.25% annual interest.

When will EPF interest be credited to the account?

Usually EPF interest is credited at the end of the financial year, but its credit is delayed in the account. Sometimes interest credit is visible only by September or October. Account holders are advised to check the status of their EPF account through the EPF passbook website or UMANG app or SMS.

What is the loss due to delay in EPF interest?

No, delay in credit of EPF interest does not cause any loss to the account holders. Interest is calculated on the average balance of the entire year and the full interest is received even if it is visible after a few months.

How to check EPF balance?

If you are facing problem in logging into EPFO passbook website, you can try these options.

UMANG App

SMS Service

EPFO Helpline Number

Official website of EPFO

This is good news for EPFO account holders that the government has approved the interest rate of 8.25% for 2024-25. Now the account holders just have to wait a bit, the interest will be added to their account soon.

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EPF Advance Rules 2025: When can you withdraw money from your PF account during your job? Know the new rules

Jyoti — Fri, 09 May 2025 11:28:04 +0000

EPF Advance Rules 2025: Employees’ Provident Fund (EPF) is one of the most popular retirement saving schemes in the country. In this, the employee contributes 12% of his basic salary and DA, and the employer also contributes the same amount. Every year, interest is also fixed by EPFO on this amount.

Usually EPF money is withdrawn in lump sum at the time of retirement, but for some needs, the facility of partial withdrawal or advance (EPF Advance) is also given during the job.

1. PF advance for marriage

If you want to withdraw money from PF for your, your children or siblings’ marriage, then at least 7 years of membership and a minimum balance of ₹ 1,000 in the account is required. You can withdraw a maximum of 50% of your contribution (including interest). This facility can be availed a maximum of 3 times. (Paragraph 68K of EPF Scheme 1952)

2. PF withdrawal for education

Money can be withdrawn from EPF for children’s education after 12th. Like marriage, there is a minimum membership of 7 years and a maximum withdrawal limit of 3 times. You can withdraw a maximum of 50% of your contribution (including interest). (Para 68K)

3. EPF advance for buying/constructing a house

If you want to buy or construct land or a house, then you should have completed at least 5 years of becoming an EPF member. The house/land should be in your, your wife’s or joint name and should be legally registered.

To buy land: 24 months basic salary + DA or total deposit (employee + employer share including interest) or total cost – whichever is less.

To buy or construct a house: 36 months basic salary + DA or total deposit or total cost – whichever is less. (Para 68B)

4. Withdrawal for house repairs

You can take PF advance for house repairs after 5 years of construction of the house and again after 10 years. This facility is available twice.

5. Withdrawal from PF for treatment

The rules for withdrawal for treatment are very simple. There is no minimum service period, and you can withdraw anytime. You can withdraw a maximum of 6 months basic salary + DA or your EPF balance – whichever is less – for treatment. This facility can be availed as many times as needed. (Para 68J)

6. Withdrawal one year before retirement

If you have turned 54 or are 1 year away from retirement, you can withdraw up to 90% of EPF. This facility is available only once. (Para 68NN)

7. PF Advance for Disability

Physically disabled employees can withdraw 6 months of basic salary + DA, or employee’s share (including interest), or cost of equipment – whichever is less. This withdrawal can be done once every 3 years. (Para 68N)

8. PF withdrawal in case of unemployment

If a company is locked down for more than 15 days and employees are not getting salary, then that employee can withdraw his share (including interest). Similarly, if salary is not received for two consecutive months (excluding strike), then also withdrawal can be done. (Para 68H)

9. Withdrawal for Senior Pension Insurance Scheme (VPBY)

After completing the age of 55 years, EPF members can withdraw up to 90% of the money from their account and invest it in Senior Pension Insurance Scheme. (Para 68NNN)

10. PF advance in case of power cut

If there is no electricity for a long time, EPF members can withdraw 1 month’s salary, ₹300, or their share of contribution – whichever is less. For this, EPF Form 31 has to be filled.

11. Withdrawal to repay home loan

If you have taken a loan to buy, build or repair a house, and have completed 10 years of EPF membership, you can withdraw money from EPF to repay the loan. You can withdraw a maximum of 36 months basic salary + DA, or EPF total contribution (employee + employer) with interest, or outstanding loan amount – whichever is less. (Para 68BB)

12. PF advance in case of dismissal

If an employee has been fired and is fighting a case in court, then that employee can withdraw up to 50% of his EPF. (Para 68HH)
In such a situation, to take advantage of all these rules, it is necessary that your KYC details are updated on the EPFO portal. Keep an eye on the EPFO website and UMANG app to know the latest updates and processes related to EPF.

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EPFO New edition launch soon faster claims atm withdrawals and more

Jyoti — Sat, 19 Apr 2025 06:58:37 +0000

EPFO News: If you are employed then this news may be useful for you. Actually, the Employees Provident Fund Organization ( EPFO ) will launch Edition 3.0 by June. Union Labor and Employment Minister Mansukh Mandaviya gave this information.

He said that EPFO is preparing for a major digital change to expand services for more than nine crore beneficiaries and its Edition 3.0 will be launched by May or June.

What are the facilities

Mansukh Mandaviya said that in the coming days, EPFO beneficiaries will be able to withdraw funds from ATMs due to faster settlement of claims on the new Edition 3.0. He said that seamless and simplified services including automatic claim settlement, digital reform and ATM-based fund withdrawal will be provided. The aim of this change is to make EPFO accessible and efficient.

The new addition will eliminate the complex and lengthy process of filling up applications or visiting offices for claims and corrections. Beneficiaries will be able to update their EPFO accounts and request and monitor their pension eligibility or withdraw funds using OTP verification. Due to quick settlement of claims, funds will be available in the beneficiary’s bank account very quickly, he said.

27 lakh crore fund

Mandaviya said that EPFO currently has a fund of Rs 27 lakh crore with ‘government guarantee’ and it pays 8.25 percent interest. The centralized pension payment system already implemented benefits more than 78 lakh pensioners, as it allows them to receive pension in any bank account across the country. At the same time, the need to keep accounts in designated regional banks has ended.

The government is also considering integration of various social security schemes, including Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana and Shramik Jan Dhan Yojana, to streamline and strengthen pension coverage.

Why PF claims get rejected and how to fix it

Jyoti — Mon, 14 Apr 2025 10:42:18 +0000

For salaried employees in India, Provident Fund (PF) is not just a retirement fund but also an essential support in times of career transition or emergency. But, sometimes it becomes very difficult to withdraw PF money at the time of need.

According to the Employees’ Provident Fund Organisation (EPFO), the process of withdrawing PF is quite easy. You just fill the correct form, keep your KYC updated and the money should be received within 7–15 working days. But, usually the process is not so easy. Sometimes people have to wait for months.

Why is there a delay in withdrawing PF money?

According to Para 69 of the EPF Scheme, 1952, funds should be released on time if all documents are in order. But in reality, many people have to wait for months. The reason? Even a minor mistake in Aadhaar, PAN, bank account or employer’s records can halt the entire process.

According to experts, if there is a discrepancy in Aadhaar, bank details or exit date, the claim process does not proceed. The most common problem is that the employer has not updated the exit date on the EPFO portal.

There is confusion while filling the form

There are three main forms for withdrawing PF:

Form 19 – For withdrawing PF money
Form 10C – If service is less than 10 years and pension is to be withdrawn
Form 10D – If the service is more than 10 years and monthly pension is required
Form 15G/15H – For TDS exemption

Many people often do not know whether they should withdraw a lump sum or start a pension. Many times people above 60 years of age fill Form 10C, whereas they should fill 10D. Although EPFO has now launched Composite Claim Form, so that multiple claims can be made in a single form. But confusion still persists, especially for those who are not adept at financial documentation.

Technical difficulties and compliance burden

To claim PF, you have to fulfill some important conditions:

KYC (Aadhaar, PAN, Bank Account) is complete
e-Nomination should be filed (now mandatory)
The employer has updated the exit date on the EPFO portal

If any one of these is not done, then the claim cannot be filed. Apart from this, technical problems on the portal – IFSC mistakes, file format errors, Aadhaar authentication failure are common. Especially, when the digital signature of the employer is required, and he is reluctant, then the process can get stuck for a long time.

In such a situation, just filling the form is not enough. It is also important to attach the correct documents, get attestation from the employer and choose the form according to the correct category. Many people fill the wrong form, some do not know that their UAN is not active, or the bank details have not been verified.

What to do if PF claim gets stuck?

Register complaint on EPFO Grievance Portal
Contact Regional PF Commissioner
If necessary, take the legal route, like a writ petition in the High Court

Pay attention to these things before claiming PF

Check KYC and e-Nomination status on EPFO portal
Confirm with the employer that the exit date has been updated
Verify Aadhaar, PAN and bank account details
If you do not understand the form then choose Composite Claim Form
Fill 15G/15H if you are eligible for TDS exemption

EPFO Claim Update: No need for cancelled cheque and verification to withdraw money From PF A/c

Jyoti — Tue, 08 Apr 2025 09:28:07 +0000

EPFO (Employees’ Provident Fund Organisation) has given a big relief to its crores of members. Now if you apply for online PF withdrawal, then neither will you have to upload a cancelled cheque nor will there be any need for employer verification for the bank account.

According to the government, this change will benefit more than 7.7 crore EPF members and will also reduce complaints and delays related to claims.

Giving information on Thursday (earlier Twitter), Union Minister Mansukh Mandaviya said, “Two major reforms have been brought to make the claim settlement process easy, fast and hassle-free for EPF members and employers.”

Now you don’t need a copy of check leaf or passbook for online claim

EPFO has no longer made it mandatory to upload a photo of a check leaf or attested bank passbook while making an online claim. Earlier this facility was given to some KYC-updated users as a pilot project from 28 May 2024, which has benefited more than 1.7 crore members so far.

Now EPFO has implemented this facility for all EPF members. Actually, when the bank account is linked to UAN (Universal Account Number), the name of the account holder is already verified. Therefore, now there is no need to upload any separate document.
This will reduce claim rejections due to poor image quality and will also reduce complaints from members.

Employer’s approval will no longer be required to link bank account with UAN

Now you will not need the approval of the employer to link your bank account with UAN in EPFO. EPFO has removed this rule, which has made the process much easier than before.

Earlier, when someone linked their bank account to EPFO, after verification from the bank, employer’s approval was also required. Bank verification took only 3 days, but getting employer’s approval took an average of 13 days. Every day about 36,000 people submit such requests, which was unnecessarily increasing the load on the system.

This change will immediately benefit about 1.49 lakh members whose bank linking requests were still awaiting employer approval. Currently, out of 7.74 crore active members of EPFO, 4.83 crore members have already linked their bank accounts.

Now any member can update his new bank account number and IFSC code. For this, only verification with Aadhaar OTP is required, no approval of the employer is required.

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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.

EPF Interest Rate: Big news…! Government may announce a cut in PF interest rates, Know the reason here

Jyoti — Thu, 27 Feb 2025 10:00:59 +0000

The government may announce a cut in the interest rate on money deposited in EPFO, which will affect the retirement savings of 30 crore members. EPFO is facing pressure from increasing claim settlement and falling bond yields, which may lead to a reduction in interest rates.

The government can give a big shock to crores of members of EPFO (Employee Provident Fund Organisation). The government can make a big announcement on Friday regarding the interest rate on EPFO. It is believed that the Central Board of Trustees of EPFO can cut the interest on the money deposited in PF (Provident Fund). This can happen because the stock markets and bond yields have fallen, as well as EPFO is facing more claim settlement.

Considering these reasons, the Central Board of Trustees of EPFO may consider reducing the interest rate for the financial year 2024-25, which will affect the retirement savings of about 300 million (30 crore) EPFO members.

The decision on interest rate will be taken tomorrow (28 February)

The board of EPFO will meet on 28 February 2025 to decide on the interest rate on EPF (Employee Provident Fund). In this meeting, a big decision can be taken on the interest rate on the money deposited in EPF this year, which will directly affect the savings of crores of EPFO members. Last year, the government increased the interest rate on EPF from 8.15 percent to 8.25 percent, but now it is believed that this time the interest rate may be reduced.

Why might interest rates be reduced?

According to a Business Standard report, the EPFO’s investment committee held a meeting last week to discuss the status of EPFO’s income and expenditure. Its purpose was to recommend the interest rate. According to the report, this time the interest rate may be lower than last year. The main reason for this is that bond yields have fallen in recent months. If the government announces a higher interest rate, the EPFO will not have much money left for the retirement fund, as the retirement fund will not have excessive surplus.

Increasing demand for claim settlement

Apart from this, the demand for claim settlement has also increased significantly. The number of claim settlements done by EPFO is increasing, leaving less pool (resources) for the interest to be received on the money deposited for EPF this year. As of January 2024, EPFO has processed more than 5.08 million (50 lakh) claims worth ₹ 2.05 trillion (Rs 2.05 lakh crore). At the same time, more than 44.5 million (45 lakh) claims worth ₹ 1.82 trillion (Rs 1.82 lakh crore) were settled in 2023-24. Due to this increasing demand for claim settlement, EPFO is facing a lot of pressure, which may affect the interest rate.

PF interest rate: EPFO likely to keep PF deposit rate unchanged at 8.25% for FY 2024-25

Jyoti — Fri, 21 Feb 2025 10:29:27 +0000

EPFO : The Employees’ Provident Fund Organization (EPFO) will soon decide the interest rate on Provident Fund. The 237th Central Board of Trustees meeting of EPFO is going to be held on 28 February 2025.

This meeting will be chaired by Union Labor and Employment Minister Dr. Mansukh Mandaviya. Employer organizations, trade unions, central and state government officials will attend the meeting. Here the interest on PF account will be decided. Employees are hoping that the interest on PF should increase but such hopes are low.

The main decision will be on PF interest rate

However, the details of the official agenda of the meeting have not been made public yet. But according to reports, it will mainly decide the interest rate of the Employees Provident Fund (EPF) for the financial year 2024-25. Experts believe that this rate may remain at 8.25% like last year.

Impact of EPF interest rate on employees

Under the EPFO Act, 12% of the employees’ basic salary and dearness allowance (DA) goes into the PF account. The employer also contributes the same amount, out of which 3.67% goes to EPF and 8.33% to the Employees’ Pension Scheme (EPS).

Benefits of EPF

Savings and Safety – EPF is a government-guaranteed scheme that helps employees save for retirement.

Tax free interest – The interest earned on EPF is tax-free (up to a prescribed limit), making it an attractive investment option.

High interest rates and fixed returns – EPF offers better and stable returns compared to other fixed-income schemes.

Emergency Financial Support – Partial withdrawal can be made from PF to meet needs like medical emergency, education, or purchasing a home.

PF interest rates in previous years

CBT decides the interest rate of EPF every year in consultation with the Finance Ministry. After this meeting of EPFO, a formal announcement will be made regarding the interest rate. Employees hope that the returns on their savings will increase. The interest rates have been like this in the last 15 years.

Annual Interest Rate (%)

2010-11: 9.50
2011-12: 8.25
2012-13: 8.50
2013-14: 8.75
2014-15: 8.75
2015-16: 8.80
2016-17: 8.65
2017-18: 8.55
2018-19: 8.65
2019-20: 8.50
2020-21: 8.50
2021-22: 8.10
2022-23: 8.15
2023-24: 8.25

EPF Rate Hike: Govt may hike interest rate on Provident Fund For 7 crore Subscribers in CBT meeting

Jyoti — Thu, 13 Feb 2025 10:29:25 +0000

EPF Rate Hike: Before Holi , about 7 crore EPF account holders can get a big gift. The meeting of the Central Board of Trustees of the Employee Provident Fund Organization (EPFO) is expected to be held on 28 February 2025, in which a decision can be taken to give 8.25 percent interest on EPF in the financial year 2024-25. Earlier in the financial year 2023-24 also, 8.25 percent interest was given on Provident Fund to the employees.

The Investment Finance and Audit Committee of the Employee Provident Fund Organization is going to meet next week in which the income and expenditure of EPFO for the current financial year 2024-25 will be considered. In this meeting, it will be decided how much interest should be given on the Employee Provident Fund and then the final seal on the interest rate will be put in the meeting of the Central Board of Trustees to be chaired by Labor and Employment Minister Mansukh Mandaviya. After the interest rate is decided in the meeting of the Central Board of Trustees, it will be sent to the Finance Ministry for approval.

For the financial year 2023-24, EPF account holders got interest at the rate of 8.25 percent, 8.15 percent in 2022-23 and 8.10 percent in 2021-22. It is believed that in the current financial year, EPFO has got a great return on its investment. At the same time, EPFO has created history in the matter of Provident Fund claim settlement. In the financial year 2024-25, the Employee Provident Fund Organization has settled more than 5 crore claims, which is a record. In the financial year 2024-25, EPFO has settled 5.08 crore claims worth Rs 2,05,932.49 crore, which is much more than the 4.45 crore settlement of Rs 1,82,838.28 crore in the financial year 2023-24.

At present, EPFO has more than 7 crore subscribers. For those employed in the organized sector, especially the private sector, the money deposited with EPFO is considered the biggest social security scheme. Every month a fixed portion is deducted from the salary of private sector employees in the name of PF. The employer contributes to PF. Employees can withdraw PF money in case of job loss, building or buying a house, marriage, children’s education or retirement.

EPFO Simplifies Online Process for Member Profile Updation

Jyoti — Sat, 25 Jan 2025 08:28:42 +0000

To reflect its commitment for improving member services and for ensuring the accuracy of member data, Employees’ Provident Fund Organization (EPFO) has introduced further simplification in the process of updating member profile.

Under the revised procedure, the members whose Universal Account Number (UAN) has already been validated through Aadhaar can update their profile like name, date of birth, gender, nationality, father/mother’s name, marital status, spouse name, date of joining and date of leaving themselves without the requirement of uploading any document. Only, in certain cases where UAN was obtained prior to 1-10-2017, the updation would require certification of employer only.

The consistency and authenticity of personal data of EPF member in the database of EPFO is of paramount importance to ensure that the services are provided seamlessly and to avoid risk of erroneous/ fraudulent payment from the fund. In case of any need for changing or correcting the member details, a functionality was already made available to the members by which they could upload the required documents and file their requests online. Such requests used to be endorsed by the employer online and forwarded to EPFO for final approval.

Out of the total 8 lakhs requests received at EPFO for correction through employers in FY 2024-25, almost 45% of the change requests can be self-approved by the member without employer’s verification or approval at EPFO. On an average this will eliminate a delay of nearly 28 days taken by employer to approve Joint Declarations (JDs). The request for change/correction of EPF Account holders not having a full e-KYC, shall get approved at employer level in approximately another 50% of the cases without requirement for any approval at EPFO.

This revision will immediately benefit around 3.9 Lakh members whose requests are pending at various stages. If any member who can self-approve has already filed his request which is pending with employer, the member can delete the already filed request and self-approve as per simplified process. The majority of the cases could directly be self-approved by the member themselves or in some selected cases by the employer.

At present, around 27% of the grievances filed by the members relate to member profile/KYC issues and with the introduction of the revised JD functionality, it is expected that there shall be drastic reduction in the number of grievances being filed by the members.

This simplification in the online process would facilitate the immediate clearing of the member’s requests duly ensuring data consistency, minimizing the risk of errors and duly ensuing efficient service delivery to the members and promoting ease of living. At the same time by avoiding additional workload at employer’s end for verification of such details, the simplified process will significantly improve ease of doing business.

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PF transfer Rules: Employees can transfer their PF account online without their employer’s approval. Key Details Inside

Jyoti — Thu, 23 Jan 2025 07:29:36 +0000

EPFO: The Employees’ Provident Fund Organization (EPFO) has recently made a major change in the rules for Provident Fund transfer. As per the instructions of January 15, 2025, now members can transfer their PF account online in certain cases, that too without the approval of their old or new employer.

These reforms will make it simpler than ever to claim transfer online, reducing delays and making the process more effective. This initiative has been taken especially to provide relief to employees changing jobs. Now this process can be completed with the help of Aadhaar and other required documents.

Employees can now self-correct errors in their personal details such as name, date of birth, spouse’s name, marital status, nationality, gender and date of employment through the EPFO portal.

What is the eligibility for PF transfer

To take advantage of this new facility, you must fulfill these conditions

1. Link UAN with Aadhaar: Your Universal Account Number (UAN) must be linked and verified with Aadhaar.

2. KYC: Your account details, like Aadhaar, PAN and bank account, must be verified in the EPFO system.

3. EPFO Account: Both your old and new PF accounts should be managed by EPFO.

4. Verified Date of Exit: Your last date of exit from your previous employer records should be updated on the EPFO portal.

Transfer online like this

Step 1: First of all go to the EPFO member portal.

Step 2: Login to your account by entering your UAN and password.

Step 3: Then go to the ‘Online Services’ tab and click on the ‘One Member – One EPF Account (Transfer Request)’ option.

Step 4: After this, verify the details related to the existing PF account along with the personal details.

Step 5: After verifying the PF account details, click on the Last PF Account Detail option.

Step 6: Select either your previous employer or current employer to verify the form.

Step 7: Then click on Get OTP option to receive OTP on the mobile number registered with UAN.

Step 8: After entering the OTP, click on Submit Transfer Request.

Step 9: After submitting the application, you will be able to monitor the status of your transfer request by going to ‘Track Claim Status’.

Step 10: Your company will approve your EPF transfer request through the employer interface of the unified portal.

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EPFO has simplified the rules for those changing jobs, now you will not have to do this…

Jyoti — Mon, 20 Jan 2025 05:54:37 +0000

The Employees’ Provident Fund Organisation (EPFO) has simplified the process of transferring Provident Fund (PF) accounts for employees changing jobs. Now, employees will not need to visit their old and new employers to submit online transfer claims.

A circular issued by EPFO on January 15 had mentioned the circumstances under which a PF account can be transferred directly, without any intervention from the employer. If the member’s Universal Account Number (UAN) has been issued on or after October 1, 2017 and is linked to Aadhaar, then the account transfer will become easier.

Similarly, transfers between accounts with different UANs are also possible, provided both the UANs are linked to Aadhaar and all personal details (such as name, date of birth and gender) are the same.

EPFO clarified that even if UAN is issued before October 1, 2017, the transfer process will be easy provided there is Aadhaar linkage and all the details match. This step has been taken with an aim to make the account transfer process quick and hassle-free for employees changing jobs.

Universal Account Number (UAN) is a unique 12-digit number given to every employee by EPFO, which links all their PF accounts. It is necessary to link it with Aadhaar so that all the account-related processes can be simplified and faster.

To link Aadhaar with UAN, employees can visit the EPFO e-service portal and log in. After selecting the KYC option from the ‘Manage’ menu, Aadhaar details will have to be filled and saved. After this, Aadhaar is verified through UIDAI data. After this process is completed, Aadhaar and PF accounts are linked. This initiative of EPFO will save time and effort of employees and make the process more efficient. This will eliminate the hassle of transferring PF account while changing jobs.

How to link UAN with Aadhaar on EPFO portal, know?

Login to e-sewa portal and use UAN.
Select KYC option from ‘Manage’ menu.
Click on Aadhaar option and fill your information.
Save the details.
Aadhaar verification will be done based on UIDAI data.
After KYC is completed, your Aadhaar will be linked to your PF account.

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PF Funds: Central govt may give the option to EPFO employees to convert their PF funds into pension

Jyoti — Tue, 14 Jan 2025 05:34:24 +0000

The central government is considering providing better social security to the elderly after retirement. Under this, employees associated with the Employees’ Provident Fund Organization (EPFO) can be given the option to convert their PF funds into pension.

If this rule is implemented, the employees will benefit a lot. As soon as the rule is implemented, employees will be able to get the benefit of more pension after retirement. It is expected that the government can make this big announcement regarding social security in the budget to be presented this year.

Let us tell you that the country’s general budget will be presented a few days from now, i.e. on February 1. It is expected that in this budget the government can announce some rules related to social security. According to media reports, on the instructions of the Government of India, the Ministry of Labor and Employment has already started working on the rules related to social security. If employees get the option to convert their PF funds into pension, then they can get more pension after retirement by putting their deposited amount in the pension fund.

You can convert PF funds into pension

By converting PF funds into pension, employees will be able to get better financial security in old age after retirement. Information has also come to light that the central government is thinking of changing the PFO system to make it like banking. By doing this, people will start getting banking facilities in the PFO system. The purpose of these facilities is to strengthen the social security of employees after retirement.

These benefits can be found in the new rules

Interest will be received after retirement

If an employee feels at the time of retirement that he has other sources of income and he does not want to take pension at the age of 58, then he can get the option of 60-65 or any other age to start pension. During this time, annual interest will continue to be received on the amount deposited in the pension fund.

Facility to deposit lump sum amount is available

According to reports, the ministry aims to allow EPFO members to deposit a lump sum amount in their account along with regular monthly contributions. This option has been under consideration by the government for a long time, but no consensus has been reached yet. If the government provides this facility, it will lead to more contributions being deposited in the PF account and employees will be able to get a better pension after retirement.

You can get exemption in income tax

The ministry says that many people do not get FD done in banks because the interest rate there is less than 7 percent. In comparison, the amount deposited in the PF account earns more than 8 percent interest. If people are given the facility to deposit lump sum money in the PF account, then they can start investing in it for their future security.

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Budget expectation: Option to convert entire PF fund into pension may be available

Jyoti — Mon, 13 Jan 2025 10:28:09 +0000

Budget Expectations: Several steps may be announced to provide relief to EPFO members. Under this, employees associated with the Employees’ Provident Fund Organization (EPFO) may be given the option to convert their PF funds into pension.

The central government is considering options to provide comprehensive benefits to the elderly under social security after retirement. Under this, employees associated with the Employees’ Provident Fund Organization (EPFO) can be given the option to convert their PF funds into pension. This will enable employees to get more pension after retirement. It is expected that the government may also make an announcement regarding social security in the budget for the upcoming financial year 2025-26.

Sources reveal that on the instructions of the Central Government, the Ministry of Labor and Employment is already working on options to increase the scope of the social security scheme. Under the new options, many types of facilities will be provided to the workers. Workers associated with EPFO will be able to convert the amount deposited in the PF fund into pension at the time of retirement.

This means that at the time of retirement, if an employee feels that he needs a higher pension in his old age, he can put the money deposited in the fund into the pension fund. This will increase the amount received as pension.

These facilities are also available

1. Interest will be available on PF fund even after retirement

Similarly, if an employee feels at the time of retirement that he has other options of income and he does not want pension on retirement at the age of 58, but wants to start pension at 60-65 or any other age, then this option will also be provided. In such a case, interest will keep accruing annually on the amount deposited in the pension fund and the pension will start being received from the age at which he wants to start.

2. Provision of lump sum deposit in PF account

The ministry wants that EPFO members should be allowed to deposit a lump sum amount in their account in addition to the regular fixed monthly contribution. This option has been under discussion for a long time, but now there seems to be a consensus at many levels.

If such a facility is provided, more contribution will be deposited in the PF account. This will enable employees to keep more funds in their account under social security and get more pension on retirement.

3. Consideration of income tax exemption on additional contribution

The ministry believes that there are many people who have savings but they do not make FDs in banks because the annual interest there is only seven percent or less. Whereas, the interest on the amount deposited in the PF account is more than eight and a quarter percent.

In such a situation, if the facility of lump sum deposit is given, then people will start putting money in EPF account for future security. Sources reveal that discussions have also been held with the Finance Ministry in this regard that it should also give the benefit of income tax exemption limit on such contribution, so that people can be encouraged to put lump sum money as contribution.

4. Consider expanding the scope of IT systems

At present, work is going on to make the EPFO system like banking. IT System 3.0 is likely to be completed in June, due to which people will start getting banking like facilities. Along with this, the government is also working on options related to increasing benefits under social security, which can be announced in the budget or even after that. Regular discussions are going on between EPFO and Ministry of Labor and Employment regarding this.

Good news for 68 lakh pensioners of EPFO! CPPS implemented across the country, now you can withdraw pension from any bank

Jyoti — Sat, 04 Jan 2025 07:13:01 +0000

Pension : Pensioners of the Employees’ Provident Fund Organization ( EPFO ) will now be able to withdraw pension from any bank. EPFO has completed the implementation of the Centralized Pension Payment System (CPPS) in all its regional offices across the country.

Giving this information on Friday, the Labor Ministry said that more than 68 lakh pensioners will benefit from this. The ministry said that CPPS is a paradigm shift from the current pension distribution system, which is decentralized. In this, each divisional or regional office of EPFO makes separate agreements with only three-four banks.

Under the Centralized Pension Payment System (CPPS), beneficiaries will be able to withdraw pension from any bank and there will be no need to go to the bank for verification at the time of pension commencement. The amount will be deposited immediately upon release. The statement said that from January 2025, the CPPS system will ensure distribution of pension across India and there will be no need to transfer the Pension Payment Order (PPO) from one office to another despite the pensioners moving to another place or changing their bank or branch. This will provide great relief to those pensioners who go to their hometown after retirement.

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The ministry said in a statement that the first pilot project of CPPS was completed in Karnal, Jammu and Srinagar regional offices in October last year. In this, pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners. According to the statement, the second pilot project was started in November in 24 regional offices, where pension of about Rs 213 crore was distributed to more than 9.3 lakh pensioners.

The statement said that in a historic step towards enhancing pension services, the Employees’ Provident Fund Organisation (EPFO) implemented the new CPPS under the Employees’ Pension Scheme 1995 on a full scale in December. Pension of about Rs 1,570 crore was distributed to over 68 lakh pensioners belonging to all 122 pension disbursing regional offices of EPFO for December 2024.

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EPFO ATM Card: Biggest update regarding EPFO’s ATM card and mobile app launch – Check Details Immediately

Jyoti — Sat, 04 Jan 2025 06:06:05 +0000

EPFO ATM Card: If you are also a member of the Employee Provident Fund Organization and are eager about the launch of EPFO’s ATM card and mobile app, then good news has come for you.

Union Labor and Employment Minister Mansukh Mandaviya has given important information related to the launch of EPFO ATM card and mobile app. Mansukh Mandaviya said that the mobile app and debit card facility of the Employee Provident Fund Organization will be launched by May-June of this year.

Know the latest updates on EPFO’s mobile app

The Union Minister also informed that the entire IT system will be upgraded under EPFO 2.0. Work is going on regarding this and it is expected to be completed by the end of January. In this episode, the EPFO 3.0 app will be launched by May-June 2025 i.e. by the middle of the year, through which EPFO subscribers will be able to get banking facility. In particular, it will centralize the entire system of EPFO and make the claim settlement process easier.

Discussions continue between the Finance Ministry and the Reserve Bank

According to sources in the Ministry of Labor, discussions are going on between the Finance Ministry and the Reserve Bank of India to provide banking facilities to the subscribers of the Employees’ Provident Fund Organization from anywhere in the country through EPFO 3.0. As soon as this is implemented, EPFO members will be able to get access to debit cards and withdraw their PF funds from ATMs.

What will be the PF withdrawal limit?

One important thing to keep in mind is that subscribers will not get the opportunity to withdraw their entire PF amount and contribution through EPFO ATM card. For this, a withdrawal limit will be imposed so that EPFO members cannot withdraw all the money at once. One important thing is that for this withdrawal limit, you will not need to take permission from EPFO beforehand, whereas earlier it was necessary to take permission from EPFO.

What will be its benefit?

The biggest advantage of these updates and initiatives will be that they will bring a lot of relief to EPFO subscribers and they will not need to fill long forms to withdraw their own money. Apart from this, they will also not have to visit the EPFO office.

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EPFO members’ PF claim Money will be Transferred to e-wallet – Read full Details

Jyoti — Sat, 21 Dec 2024 08:28:59 +0000

EPFO News: The Government of India is going to launch new initiatives through EPFO (Employees Provident Fund Organization) and ESIC (Employees State Insurance Corporation) for the convenience of employees and workers.

One of the important steps is the plan to transfer the amount of PF (Provident Fund) claim directly to the e-wallet, so that members can get quick and easy access to their funds.

Process for PF claim transfer to e-wallet

According to a report by Money Control, “This initiative of the government is being taken as part of the reform of the IT system of the Ministry of Labor and Employment, which aims to simplify and speed up the PF withdrawal process. Under this scheme, EPFO and ESIC members will be able to receive their PF claim amount directly in their e-wallet, so that they will not have to depend on bank accounts.”

Implementation of the process

According to a report by TV9 Hindi, ” The government has started talks with banks and the Reserve Bank of India ( RBI ) to implement this new facility. According to the plan, the facility of direct PF withdrawal through ATM can also be made available in the beginning of the year 2025. With this, members will be able to withdraw money from their PF account from any bank’s ATM.

Benefits to EPFO members

Members will get instant access to their PF amounts, making it easier to meet emergency needs.
Dependence on bank accounts will reduce and it will be easier to make digital payments through e-wallets.
Security of money will be ensured through digital transactions, which will reduce the chances of fraud.

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Provident Fund Claim: PF nominee can withdraw money from ATM, Members will get a dedicated card

Jyoti — Sat, 14 Dec 2024 05:28:13 +0000

EPFO: The Employees’ Provident Fund Organization (EPFO) is preparing to start the service of withdrawing Provident Fund (PF) money through ATM for its members soon.

Under this new scheme, EPFO members can withdraw money directly from the ATM using a dedicated card after requesting their claim. The heirs of deceased EPFO members i.e. the nominee will also be able to withdraw the claim money from the ATM.

How do members withdraw money now?

Currently, EPFO members have to wait for seven to 10 days to receive their claim money, after which the amount is transferred to their respective bank accounts. After the new scheme is implemented, withdrawing PF money will be as easy as withdrawing money from an ATM. This process will become faster and simpler.

Dedicated Card for PF Claim

EPFO is considering providing services like the banking system to its more than seven crore members. Union Labor Secretary Sumita Dawra said that EPFO can soon provide dedicated cards to its members. Through which they can withdraw their money claim amount through ATM.

Heirs will also get this service

With this new method, the heirs of the deceased EPFO members will also be able to settle the claim and withdraw the amount using ATM. Under the Employee Deposit Linked Insurance (EDLI) scheme run by EPFO, the heirs of the deceased members are given an amount of up to a maximum of Rs 7 lakh.

EPF members will benefit

Dawra said that EPFO’s focus is currently on creating the necessary infrastructure for this new system. He said that more improvements will be seen as a result of hardware improvement in January 2025. The aim of this modernization campaign is to make EPFO’s systems similar to the efficient banking systems already existing in India. This move of EPFO will not only make it easier to get claims. But, it will also improve transparency and efficiency.

EPF withdrawal: Do not make these mistakes while withdrawing PF money, otherwise the claim will be rejected

Jyoti — Tue, 10 Dec 2024 11:39:05 +0000

PF or Provident Fund is an important means of saving for every employed person. 12% of your salary is deposited in the PF account every month and the company also contributes the same amount.

This money not only serves as savings for the future, but can also be withdrawn when needed. EPFO has provided many easy online facilities to withdraw money, but often people make some mistakes while claiming, due to which their claim gets rejected. Such as KYC not being complete, filling incorrect information or incorrect documents.

Due to these small mistakes, your money can get stuck. Therefore, it is very important to keep these things in mind before claiming PF so that you do not have to face any kind of problem.

Why does PF claim get rejected?

To withdraw PF money, it is necessary to follow the rules of EPFO. But if any of these rules are not followed or any wrong information is given, then your claim may be rejected. Let us know what are the mistakes that cause claim rejection.

1. KYC not complete
If the KYC of your PF account is not complete, then your claim may be rejected. According to the rules of EPFO, it is necessary to update the information of bank account, PAN and Aadhaar. You can update it by visiting the EPFO member e-service portal.

2. Wrong date of birth
If the date of birth recorded in your PF account and the date of birth recorded in the records of your employer (company) are different, then this can also become a big reason for your claim being rejected. To correct this mistake, you will have to upload your documents on the EPFO portal.

3. Wrong bank details
If you have entered wrong bank account number or IFSC code while making a claim, your money will not be transferred and the claim will be rejected. So check your bank details properly before making a claim.

4. Documents not being clear
During claim processing, a copy of the bank passbook or cheque has to be attached. If this copy is not clear or correct, then EPFO can reject your claim. So make sure to scan the documents and upload them in a clear format.

5. Not following the rules
EPFO has laid down some conditions, only under which PF money can be withdrawn. If you have made a claim without any need or without following the rules, then it may get rejected.

How to avoid these mistakes?

Update KYC and fill all the information correctly.
Match the date of birth and other details with the employer’s records.
Double check the bank details before filling the claim form.
Upload clear and correct documents while making a claim.

EPFO has made the process of online claim very easy. You can login to the official website of EPFO and make a claim from home. The money will be transferred to your bank account within 7-10 days of the claim.

If you avoid these mistakes, your claim will be passed easily and you will not have to face any problem.

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PF account: Make sure to link your Aadhaar with your PF account by December 15, activate UAN like this

Jyoti — Mon, 09 Dec 2024 07:32:47 +0000

The Employees Provident Fund Organization (EPFO) has extended the deadline for activating the Universal Account Number (UAN) for new employees of the private sector.

For this, they will now have to link their UAN and bank account with Aadhaar by December 15. Earlier its last date was November 30, but a large number of employees missed it. EPFO has given them another chance.

EPFO says that by activating UAN, employees will be able to avail the benefits of Employment Linked Incentive (ELI) scheme. The organization has instructed employers to update the UAN and bank account of all new employees within the stipulated time limit.

What will be the loss if you do not link

Direct Benefit Transfer (DBT) of the scheme is possible only when Aadhaar and bank account are registered with UAN number with complete details. Currently, information is being updated only for employees who joined the job in the current financial year. In the next phase, old employees will also have to update their details.

Activate UAN number like this

First go to the EPFO portal (https://www.epfindia.gov.in/). Click on the Activate UAN link under Important Links.
Enter UAN, Aadhaar number, name, date of birth and mobile number linked with Aadhaar.
Employees have to ensure that their mobile number is linked with Aadhaar.
After that agree to Aadhaar OTP verification.
Click on Get Verification PIN to receive OTP on your Aadhaar linked mobile number.
Enter the OTP to complete the activation.
On successful activation a password will be sent to your registered mobile number.

New facility: No need to fill any form, PF money can be withdrawn easily without any hassle

Jyoti — Sat, 30 Nov 2024 09:28:55 +0000

New Delhi. Withdrawing money from Provident Fund is going to be as convenient as withdrawing money from your bank account. The government is going to make a big change in the system related to Provident Fund.

According to a report by CNBC-Awaaz, the Employees Provident Fund Organization (EPFO) is going to make radical changes in the PM account withdrawal process. EPFO will provide an ATM card to the PF holder just like banks. Money can be withdrawn with the help of this ATM. That means there will be no hassle of filling forms and no need to visit the office. The government is also considering abolishing the limit of PF contribution and increasing the PF limit under EPFO 3.0 version.

This facility will not be available at all ATMs. Under this facility, EPFO will tie up with select banks. These ATM cards can be used only in those ATMs with which EPFO has an agreement. This scheme can be implemented by May-June 2025. This new facility will be a big relief for PF account holders, allowing them to easily access their funds and also improve their pension. Currently, EPF members have to wait for 7 to 10 days to transfer the withdrawal amount to their bank account linked to the EPF account. This happens after completing all the withdrawal formalities and submitting the required documents to the EPFO.

Preparations are also being made to change the pension scheme

The government is also planning to remove the current limit of 12% of employee contribution in PF. Now employees will be able to contribute more as per their wish, which will also increase their pension. The money for higher contribution will go to EPS (Employees Pension Scheme), which will provide more pension in future.

There is also a consideration on increasing the salary limit. Currently, the wage ceiling for PF is Rs 15,000, which is being considered to be increased. Employees earning more than this salary will also get the benefit of this scheme. Along with this, the government is also planning to implement PAN 2.0. Now the new PAN card will come directly on the e-mail, which will make the process of making PAN fast and simple.

EPFO: Employees should activate UAN by 30 November, avail the benefits of ELI scheme

Jyoti — Fri, 29 Nov 2024 09:34:56 +0000

EPFO : Employees should activate their UAN by tomorrow. So that they can take advantage of the ELI scheme. To take advantage of the Employment-Linked Incentive (ELI) scheme run by the Employees’ Provident Fund Organization (EPFO), employees have to activate their Universal Account Number (UAN). Now it is mandatory to link your bank account with Aadhaar. This process has to be completed by 30 November 2024.

What is ELI scheme?

In the Union Budget 2024, Finance Minister Nirmala Sitharaman launched the Employment-Linked Incentive (ELI) scheme. The scheme was aimed at increasing employment and encouraging companies to hire new employees. The government has divided this scheme into three parts.

Scheme A: Under this scheme, companies will get a subsidy of ₹15,000 on hiring new graduates, which will be given in three installments. This is expected to provide employment to 30 lakh youth.

Scheme B: This is specifically for the manufacturing sector. Under this, companies will get Rs 3,000 per employee per month for two years on new recruitments. For eligibility, companies have to add 50 new employees or increase their workforce by 25%.

Scheme C : This scheme will provide general incentives to increase the workforce in different industries. Not much is known about it and it will be developed further.

Why is it important to activate and link UAN?

EPFO said in a notification on 22 November 2024 that every EPFO member should have an Aadhaar-linked UAN. It is necessary to activate it by logging in to the portal. Through an active UAN, employees can view PF passbook, apply for online claim, update personal information and track claim status. To avail any Direct Benefit Transfer (DBT) scheme, it is necessary to link the beneficiary’s bank account with Aadhaar, so that the benefits can be deposited directly into the bank account.

The Ministry of Labour & Employment, Government of India has directed 30th November as the last date to employers for Aadhaar-based UAN Activation of its new employees. It is important to activate your UAN to enjoy the services of EPFO such as PF, Pension, Insurance, and most… pic.twitter.com/Wb8TIW4EZN

— EPFO (@socialepfo) November 28, 2024

Process to activate UAN

Visit the EPFO member portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/

Click on the ‘Activate UAN’ link. Enter your UAN number, Aadhaar number, date of birth, and mobile number linked with Aadhaar. Check that your mobile number is linked with Aadhaar.

Give consent for Aadhaar OTP verification

Click on ‘Get Authorization PIN’ and enter the OTP received on your Aadhaar-linked mobile number. The password will be sent to your registered number after activation is complete.

Employer

Employers or companies have to ensure that all their employees have completed the process of activating UAN and linking Aadhaar by 30 November 2024. So that they can avail the benefits of ELI scheme.

EPFO: Big news for employees! Government made new rules for provident fund, check details

Jyoti — Fri, 22 Nov 2024 04:48:50 +0000

EPFO: The government has changed the rules related to Provident Fund. With the introduction of new rules, viewing passbook, making online claims, tracking and withdrawing money will become easier than before.

However, for this the employees will have to do one thing first. The central government has issued instructions to implement Aadhaar payment bridge and 100% biometric Aadhaar authentication to deliver the benefits of the schemes to the beneficiaries in a direct and transparent manner. In this direction, the Ministry of Labor and Employment has directed the EPFO to run a special campaign to reach the benefits of the Employment Linked Incentive (ELI) scheme announced in the Union Budget 2024-25 to maximum employers and employees.

UAN activation time limit

In the first step, employers will have to activate the Universal Account Number (UAN) of their employees through Aadhaar based OTP process by 30 November 2024. This process will be applicable to all existing employees starting from new employees.

Benefits of UAN activation

After UAN activation, employees can easily avail all the online services of EPFO. These services are mentioned below.

Management of Provident Fund (PF) Account
Viewing and downloading PF passbook
Submit a claim online
Update your personal information
Real-time claim status tracking
This process provides 24/7 service to employees at their homes, eliminating the need for physical visits to EPFO offices.

How to activate UAN

Visit the EPFO member portal.
Click on Activate UAN link.
Enter UAN, Aadhaar number, name, date of birth, and Aadhaar linked mobile number.
Agree to Aadhaar OTP verification.
Click on Get Authorization PIN and get OTP.
Complete the process by entering OTP.
On successful activation password will be sent to the registered mobile number.

In the second phase, the service of face recognition technology biometric authentication will be added to UAN activation. This initiative will prove to be a big step in connecting employees to digital services and providing them the benefits of schemes directly.

Can I withdraw money from PF to buy a new house? These are the rules

Jyoti — Tue, 19 Nov 2024 12:28:15 +0000

PF Advance Withdrawal: You know that Provident Fund is the main source of savings for government and private sector employees. In which a part of the basic salary is deposited in the PF fund every month.

After this, you get interest on the deposited amount on an annual basis, but do you know that PF account holders can easily withdraw the amount deposited in their account if needed? If you are buying a new house, then you can withdraw PF money, but what will you have to do for this?

What is the necessary condition for this?

EPFO members can withdraw money in advance from PF fund to buy property. However, those EPF members who have completed 5 years of their membership will get this benefit. Along with this, there should be at least one thousand rupees including interest in the account. Money can be withdrawn from the account under this advance.

If you are buying a new house or land, you can get 24 months’ salary including DA or total amount deposited in EPF account including interest and actual value of the plant, whichever is less.

If you meet these conditions, then…

Let us tell you that if you have been working for 5 years and have been contributing to the EPFO account for five consecutive years, then you can make partial withdrawal from EPFO with some conditions. If you want to withdraw money from PF to buy a plot or house, then you can withdraw up to 24 times the monthly salary and up to 36 times the monthly salary for both buying and building a house.

If you want to repair your house, then you can withdraw an amount equal to 12 times your monthly salary. Apart from this, you can also withdraw the contribution and interest amount of both you and your employer.

Big News EPFO members…! Govt may increase the limit of VPF tax free interest, know the details

Jyoti — Mon, 28 Oct 2024 08:29:42 +0000

The government is considering a special change under the Employees’ Provident Fund Organization (EPFO). It is considering increasing the limit of tax-free contribution to the Voluntary Provident Fund (VPF) under this organization from the current Rs 2.5 lakh.

At present, any interest earned above Rs 2.5 lakh comes under tax. The objective of this initiative is to encourage low-middle and middle-income individuals to increase their savings through EPFO. This will help in raising more funds for retirement.

As per a report in Economic Times, published in Business Today, sources familiar with the matter have indicated that the Labour Ministry is currently reviewing the proposal and may discuss it with the Finance Ministry during the budget deliberations for FY26.

What is Voluntary Provident Fund?

VPF is an optional investment made by salaried employees in addition to the mandatory EPF. It can be defined as an extension of EPF that allows employees to increase their retirement savings and earn the same rate of interest as their original PF deposits. Like EPF, contributions to VPF also grow as per compound interest, as returns are released on an annual basis. It also comes under EPFO.

It is important for VPF customers to know that any withdrawal made before completing the minimum period of five years may be subject to taxation. Like EPF, VPF funds are given to the nominee on retirement, resignation or in the unfortunate event of death of the account holder.

Higher contribution gives the same interest as EPF.

Another specialty of VPF is that it is a government run scheme, in which risk is low and returns are high. The contribution made in this is more than the 12 percent contribution made by an employee in his EPFO account. The maximum contribution is up to 100 percent of the basic salary and dearness allowance. Under this scheme, interest is given at the same rate as EPF.

The limit of Rs 2.5 lakh on tax-free

voluntary contributions was introduced in the FY22 budget to prevent high-income employees from using the facility to earn more tax-free interest than the interest offered by banks or fixed deposits. The move was for high-income employees who were using this facility to earn more tax-free interest than the interest offered by banks or fixed deposits.

20 lakh crore funds under EPFO

EPFO has an average of 70 million monthly contributors, over 7.5 million pensioners and a fund of over Rs 20 lakh crore. EPFO allows employees to contribute more by opting for Voluntary Provident Fund (VPF). An employee can request his employer to deduct more than the mandatory 12% contribution. The maximum contribution to VPF can be up to 100% of the basic salary and dearness allowance, with the same rate of interest as the basic contribution.

Generally, VPF falls under the exempt-exempt-exempt tax category. This means that contributions, interest and maturity proceeds are all tax-free. EPF contributions up to Rs 1.5 lakh per financial year are eligible for tax deduction under Section 80C of the old tax regime. Employees can contribute up to Rs 2.5 lakh annually to VPF without facing additional taxes. Withdrawals and maturity proceeds from the provident fund are also exempt from taxes.

VPF Interest Rates

EPFO has been offering an interest rate of over 8% since FY78, reaching a peak of 12% in FY90 and maintaining that level for 11 years till FY00. The interest rate on PF savings was 8.10% for FY22, 8.15% for FY23 and 8.25% for FY24.

Saving in EPF and VPF

By investing Rs 20,833 per month in EPFO and VPF, you will accumulate Rs 2.5 lakh per year. At an annual interest rate of 8.25%, you can accumulate about Rs 3.3 crore in a period of 30 years.

EPFO’s new scheme, the government will give 15 thousand rupees salary to those

Jyoti — Sat, 05 Oct 2024 06:56:30 +0000

The Employees’ Provident Fund Organization Regional Office Shimla organized an awareness program on the new employment linked incentive schemes being launched by the Central Government. The program was presided over by Rakesh Kumar, Regional Provident Fund Commissioner Shimla.

He spoke about the efforts being made by the government to promote employment generation in the formal sector and to incentivize employers. EPFO is the implementing agency for these schemes. Elaborating on the Employment Linked Incentive Schemes, the Regional Commissioner said that under the first scheme, first time job seekers registered with EPFO will be given one month’s salary of up to Rs 15,000 in 3 installments by the government, which will be deposited directly into their account.

Only those people will be eligible for this whose monthly salary is less than Rs 1 lakh. The second scheme is related to employment generation in the manufacturing sector, under which first-time employees and their employers will be given incentives on a specified scale in respect of their EPF contribution in the first 4 years.

The third scheme is about generating additional employment in all sectors under which the government will reimburse the employers the EPF contribution of Rs. 3,000 per month for additionally employed employees for two years. The Regional Commissioner requested all the participants to take maximum advantage of these schemes and share their suggestions, feedback and ideas for their successful implementation.

EPFO big relief! EPFO will migrate to new IT platform in 3 months: Labour Minister

Jyoti — Fri, 23 Aug 2024 08:05:01 +0000

The Employees’ Provident Fund Organization has given a great news for its members. Now people will not have to face any problem in claim settlement or any other problem, because the Union Ministry of Labor and Employment is bringing a new IT system.

Union Labor Minister Mansukh Mandaviya said on Wednesday that the Employees’ Provident Fund Organization (EPFO) will transfer to the new Information Technology (IT) system within the next three months. After this happens, things like making claims and balance check will become more simple. EPFO is also preparing to launch a new IT system 2.01 for this.

After the new system is introduced, there will be no need to transfer the member ID if any member changes his job. There will also be no need to open a new account. The website will become more convenient than before. Let us tell you that through the EPFO portal, you can do everything from checking balance to claim settlement and other PF related work.

What is the problem on EPFO portal?

Many users had complained to EPFO that many types of problems are being faced on the portal. At the same time, in July last year, some officials of the retirement fund body wrote a letter to the central government complaining about the old and “crumbling” software system. Due to this, subscribers were also facing problems. The biggest problem was that some people had difficulty logging in on the EPFO portal. EPFO members were also facing problems in claim settlement. Due to slow server, they were not able to claim their money.

Also Read: New Traffic Rule: Helmets will be compulsory for pillion riders in this city from September 1

Why is there a problem on the EPFO portal?

People believe that the load on the portal is increasing, due to which there are problems in managing the traffic. The capacity of the IT system on which EPFO works right now is very low. Now EPFO is bringing a new IT system. All these problems will be resolved within three months.

What is going to be the update?

In the updated system, the claim settlement facility will be on auto processing mode. All pensioners will get pension on a fixed date. The facility of checking balance will become easier than before. There will be no need to transfer MID on changing the job. The problem of transferring an account will also end. At the same time, PF account holders will have only one account.

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.

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Tax Saving Options: Get double benefit by investing in PPF account with high returns

Pravesh Maurya — Thu, 11 Jan 2024 08:16:31 +0000

Tax Saving Options: If you are looking for an option that gives good returns along with tax saving, then PPF can prove to be a good and beneficial option for you. With the beginning of the new year, the financial year 2023-24 is in its last stages. In such a situation, you have the last chance to invest for tax saving.

If you plan smartly, you can save lakhs of rupees by investing in many types of schemes. We are telling you about one such option where you are getting the benefit of tax saving along with good returns. Its name is Public Provident Fund Account.

By investing in Public Provident Fund i.e. PPF, you can avail the benefit of guaranteed returns as well as tax exemption. You can invest in PPF for a total of 15 years. Investors get the opportunity to deposit money ranging from Rs 500 to Rs 1.50 lakh every year, in which they are getting the benefit of 7.1 percent interest on the deposited amount.

Along with this, you are getting an annual exemption of Rs 1.50 lakh on investment in PPF under Section 80C of Income Tax. According to the PPF calculator, if you invest up to Rs 1.50 lakh every year for 15 years, you will get Rs 40.68 lakh on maturity. The amount invested in this will be Rs 22.50 lakh, on which Rs 18.18 lakh will be received as interest.

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Voluntary Provident Fund is a profitable deal, know why you should invest in it

Pravesh Maurya — Wed, 01 Nov 2023 09:11:42 +0000

Voluntary Provident Fund (VPF) Employed people invest in EPFO. In this they get the benefit of high interest rate along with security. Voluntary Provident Fund is also available in EPFO. This is a better option for investment. Let us know what are the benefits of Voluntary Provident Fund and why one should invest in it?

Employees working in an organized sector deposit a fixed amount of their salary in EPF. This is a kind of investment. In this, the benefit of interest is given by the government. After the employee’s retirement, he can use the amount of this fund. Along with the employee, the employer also contributes to this fund.

In the current financial year 2023-24, the interest rate in this fund has been fixed at 8.15 percent. Do you know that in EPFO, employees also get the benefit of Voluntary Provident Fund (VPF). This is also a very good option for investment. Your investment in Voluntary Provident Fund remains safe and you also get high returns. Therefore Voluntary Provident Fund is a profitable deal. Come, let us know what are the benefits of Voluntary Provident Fund?

Benefits of Voluntary Provident Fund

In this fund you are given interest by the government. If you increase your contribution in PF account then you get interest rate of 8.15 percent. In this you get the benefit of more interest than FD.

There is no limit on investing in Voluntary Provident Fund. You have to invest in VPF for at least 5 years.

The lock in period of Voluntary Provident Fund is 5 years. If you withdraw money from this fund after 5 years, you do not have to pay any tax. This means that you also get the benefit of tax benefits in this. Apart from this, you can claim tax exemption up to Rs 1.50 lakh under 80C of the Income Tax Act 1961.

How to invest in Voluntary Provident Fund

If you want to invest in VPF , you will have to inform your company about it. After this you will have to increase your PF amount. With the help of company’s HR, you can open VPF account along with EPF account. After opening the VPF account, money will start being deducted from your salary.

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PNB Bank PPF Update: PNB offering special service for Provident Fund, now can operate from Home

Pravesh Maurya — Wed, 09 Aug 2023 08:43:36 +0000

PNB Bank PPF Update : To strengthen the general public financially, the central government runs several schemes. This time Public Sector Bank Punjab National Bank has brought a spec ial gift for its customers.

Under this, you will get more benefits than the schemes run by the government. This benefit is going to be available to the customers on Public Provident Fund (PPF Scheme). The bank has given information about this. Now the customers are also going to benefit from this. Through PPF, tax is also saved along with the savings of the customers.

PNB Bank started this

Any person can start investing in Public Provident Fund with just Rs 500. You can open this account through bank or post office. The government has increased the interest in this scheme this year. After January 1, 2023, 7.1 percent interest is being given by the Center. Its maturity will be 15 years. If you also have a PPF account, then customers of Punjab National Bank can manage their account sitting at home. Account holders can further extend this account in blocks of five years each.

By depositing a fixed amount every month, you can deposit a large amount through PPF account (PPF scheme). The special thing is that you can take advantage of this service online as well. You do not even need to go to the bank to deposit money in PPF account. You can open and operate an account sitting at home.

Rebate is available on PPF

Those who invest in Public Provident Fund also get tax exemption. Not only this, the interest received under the scheme is also tax free. When you complete five years of your investment, you can also apply for a loan based on that. PNB customers can get information about PPF by visiting the official website https://www.pnbindia.in/public-provident-fund.html.

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Great news regarding the Provident Fund (PF) account of the employed! Finance Ministry is going to make a big announcement

Pravesh Maurya — Fri, 23 Jun 2023 15:05:25 +0000

EPFO Interest Rate: For the financial year 2022-23, the interest of Provident Fund can be finalized. A decision on this can be taken by the end of June. According to sources related to EPFO, a draft has been prepared by the Labor Ministry and sent to the Finance Ministry.

Great news related to EPF account is coming for the employed. Soon the Finance Ministry can announce it. For the financial year 2022-23, the interest of Provident Fund can be finalized. A decision on this can be taken by the end of June.

According to sources related to EPFO, a draft has been prepared by the Labor Ministry and sent to the Finance Ministry. Now approval is yet to be received from the Finance Ministry. As soon as approval is received, it will be notified. This process is expected to be completed by July. Let us tell you, the Labor Ministry has fixed 8.15 percent on EPF for the financial year 2022-23.

When will I get the interest money?

Like every year, the Central Board of Trustees (CBT) of EPFO decides the interest for the previous financial year. Usually this meeting takes place in March. In this, considering the earnings of the whole year, it is decided that how much interest should be given. For the last year, it was decided in the meeting held in March 2023.

The board increased the interest rates. After this, it is the job of the Labor Ministry to prepare its draft. The Labor Ministry sends it to the Finance Ministry for approval. It is notified only after the approval of the Finance Ministry. It is expected that soon approval can be received from the Ministry of Finance on the interest for the financial year 2022-23. If everything goes well then by November-December this year it will be credited after completing all the formalities.

How much increased interest on EPF?

If sources in the Labor Ministry are to be believed, the draft has been prepared and sent in May itself. Usually by the end of June, approval is received from the Ministry of Finance. The EPF interest rate has been fixed for the financial year 2022-23. It was increased by 5 basis points as compared to the previous financial year. However, before that it was 8.50 percent. Let us tell you, 12 percent of the basic salary of the employed person is deposited in the EPF account. The same share is also from the side of the employer.

How is it decided how much interest will be received?

The interest rates for the financial year 2022-23 were fixed in the CBT meeting held on 25 and 26 March. Interest rates are decided every year during the board meeting in March. Last year has been very good for EPFO in terms of earnings. Earnings have increased. This was the reason that the interest rates were increased, albeit marginally. Employees Provident Fund Organization invests your money in many places. He gets a return on this. Interest is received on the investment only through this earning.

Where is the money deposited in EPFO put?

Employees’ Provident Fund Organization (EPFO) invests your money deposited in Provident Fund accounts (EPF account) in many places. A part of the earnings from this investment is given to you in the form of interest. EPFO invests 85% of the total deposits in debt options. These include government securities and bonds. There is a total investment of more than Rs 36,000 crore in this. The remaining 15% is invested in ETFs (Nifty & Sensex). PF interest is decided on the basis of earnings from debt and equity.

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EPFO Marriage Advance: PF balance can be withdrawn before maturity on these occasions

Pravesh Maurya — Fri, 16 Jun 2023 07:34:06 +0000

New Delhi: Provident Fund is one of the most popular savings schemes for the salaried class people. Investing in Employees Provident Fund (EPF) is considered a better option for any employed person . A part of the salary of the salaried class people is deposited in their EPF account. On which the government gives strong interest. The maturity of PF account is 15 years. The money deposited in PF Account provides financial help to EPFO Subscribers in times of difficulty.

Employees’ Provident Fund Organization ie EPFO allows its subscribers (EPFO Subscribers) to prematurely withdraw the money deposited in PF on many occasions. You can withdraw money from PF account (PF Withdrawal) if you lose your job or want to buy a house or yourself or on the occasion of children’s marriage etc.

Recently, by tweeting, EPFO has given detailed information about withdrawing advance money from PF account on the occasion of marriage.

EPFO is giving marriage advance facility

EPFO has said in a tweet that the facility of EPFO Marriage Advance (EPFO Advance For Marriage) can be availed with certain conditions. According to which, if the EPFO subscriber wants to manage the expenses of his marriage or his brother-sister or his son-daughter’s marriage through PF Balance, then EPFO will allow you to take advance for these occasions or from the time of maturity. Provides early withdrawal facility. Under the EPFO marriage advance facility, you can withdraw 50 per cent of your contribution along with interest.

Must meet these conditions

However, there are certain conditions to avail the facility of EPFO Marriage Advance. Only after fulfilling these conditions, an EPFO Subscriber (EPFO Subscribers) can withdraw advance money from the PF account. According to EPFO, if you have been associated with EPFO for seven years, then you will be able to take advantage of this facility. However, you cannot withdraw PF balance in advance more than 3 times in total on the occasion of studies or marriage.

EPF interest rate increased to 8.15% for 2022-23

Let us tell you that in March, EPFO announced to increase the interest rate on Employees Provident Fund (EPF) for 2022-23. According to the information, now the interest rate on Employees Provident Fund (EPF Interest Rate 2023) has been increased to 8.15 percent. This interest is given on an annual basis.

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PPF: How to increase investment in PPF after 15 years, know the method

Pravesh Maurya — Mon, 12 Jun 2023 17:29:48 +0000

PPF: There are other investment options available in the investment market but still government schemes are the first choice for many of us. If you are looking for long term investment option in government schemes then you can invest in PPF.

You have to invest in PPF for a minimum of 15 years. This is a scheme made by the government on the lines of Provident Fund. Any job seeker, businessman, working women, housewife, children can also invest in this scheme. This plan helps in building a huge corpus after retirement.

Investment in PPF has to be done for 15 years

Investment in PPF is for 15 years, but that does not mean that you have to withdraw your money and close the PPF account. Doesn’t happen like this. You can extend this account of yours. You can extend this account for an additional period of 5-5 years. The period of the account is 15 years and after that you can extend it further for 5 years. You can invest in PPF for 15 years, 20 years, 25 years, 30 years etc.

These are the rules

However, if you keep your PPF account open for more than a year after maturity without making any deposits, you will not be allowed to make any additional deposits in subsequent years. You can withdraw money from your PPF account only once in a year. If you choose to increase it without depositing any money. For example you have Rs 20 lakh in your PPF account and it is active for 15 years. Then, you stop contributing and after two years it increases to Rs. 24.56 lakhs. If it gets interest at the rate of 7.10 percent.

This much interest is being received on PPF

The annual interest rate for PPF accounts is currently 7.1 per cent. You can invest a maximum of Rs 1.50 lakh annually in PPF.

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EPF vs PPF vs VPF: Which of these 3 schemes will be best for your retirement, know here

Pravesh Maurya — Thu, 25 May 2023 08:03:47 +0000

EPF vs PPF vs VPF: Most of the employed people start thinking about their retirement while in service. He does plan B of investment for him. During the job, they also invest to create a big fund for retirement.

There are many schemes for the employees to invest in. Here we are telling you which provident fund schemes are there and which one is best for you to create a big corpus for retirement.

Now there are 3 plans to make provident fund

There are 3 provident fund schemes in the schemes run by the government. The first is Voluntary Provident Fund (VPF), Employees’ Provident Fund (EPF) and Public Provident Fund (PPF). It is very famous among those people who want to create a big fund for their retirement. Know which scheme can be more beneficial for you.

EPF

It is an essential retirement savings scheme. Both the employer and the employee contribute to EPF. The contribution of the worker and the employer is decided according to the salary structure. Whereas, some money can be extracted from it. Partial withdrawal is allowed, the full amount will be released only when the individual reaches the age of retirement. The scheme offers tax benefits. EPF is suitable for salaried individuals who need a retirement-focused savings option.

PPF

It also helps the salaried person to reduce taxes along with creating a bigger corpus after retirement. PPF has a minimum lock-in period of 15 years. However, a certain amount can be withdrawn after some time. Anyone can invest money in PPF. This is a long term investment plan.

VPF

The amount of investment in VPF is fixed, but if the employees want, they can invest more money as per their wish. This means that you can also invest your rental income or money from mutual funds. You can invest more money in this. There is an option to withdraw money after five years. No tax is deducted on this.

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Pension Scheme: Big Update For Pension..! Proposal for change in formula for giving money

Pravesh Maurya — Sun, 21 May 2023 10:59:53 +0000

Pension Plan: Employees’ Provident Fund Organization (EPFO) is seriously considering a change in the existing formula for monthly pension determination.

Under this, it is proposed to determine the monthly pension on the basis of average pensionable salary received during the entire pensionable service. However, the final decision in this regard will be taken after the report of the ‘Actuary’ assessing the pension, the amount paid for it and the risk. A source related to the case gave this information.

EPFO Employees Pension Scheme

Currently, EPFO uses the formula pensionable salary (average salary of last 60 months) times pensionable service / 70, for determination of monthly pension under Employees’ Pension Scheme (EPS-95). According to the source, “There is a proposal to change the formula for monthly pension under EPS (95). In this, there is a plan to include the average pensionable salary received during the pensionable service in place of the average pensionable salary of the last 60 months.

However , he clarified, “It is only at the stage of proposal and no final decision has been taken on it yet.” The final decision will be taken after the report of the ‘Actuary’.” It is noteworthy that if EPFO changes the formula for pension, then it will definitely determine the monthly pension of all, including those who opt for higher pension, according to the existing formula. There will be less competition. It can be understood with an example.

Understand like this, let us assume that the average salary for the last 60 months of the person opting for higher pension is Rs 80,000 and his pensionable job is 32 years. In this case, under the existing formula (80,000 times 32/70), his pension will be Rs 36,571. On the other hand, when the average of salary is taken during the entire pensionable job, then the determination of monthly pension will be less because the salary (basic salary and dearness allowance) is less in the initial days of the job.

Option for higher pension

It is noteworthy that in November last year, the Supreme Court had asked the government to give four months time to the subscribers to opt for higher pension. EPFO has provided online facility for subscribers to fill joint option form with employers to opt for higher pension. The deadline for this was earlier May 3, 2023, which has been extended to June 26, 2023.

Contribution

At present, EPFO subscribers contribute to the pension on the fixed limit of Rs 15,000 per month, while their actual salary is much more than this. With the option of higher pension, they will be able to get higher monthly pension. Employees contribute 12 percent to the social security scheme of EPFO. At the same time, out of 12 percent contribution of the employer, 8.33 percent goes to EPS. The remaining 3.67 percent goes to the Employees’ Provident Fund.

Subsidy

The government contributes 1.16 per cent as subsidy to the Employees’ Pension Scheme on a limit of Rs 15,000 basic salary. When asked about the need to change the formula, the source said, “It is actually believed that giving more pension for a long time will lead to financial burden.” That’s why a new formula is being considered.” Responding to a question regarding the Rs 6.89 lakh crore fund lying in the Pension Fund, the source said that this money does not belong only to the pensioners but to all the shareholders associated with the EPFO and the employees. Nidhi Sangathan has to take care of all.

Pension Fund

It is noteworthy that according to the EPFO’s 2021-22 report, Rs 6,89,211 crore is deposited in the Pension Fund. EPFO received an interest of Rs 50,614 crore in 2021-22 on the EPS fund.

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New update on PF account: Do this work immediately after changing job, know all details here

Pravesh Maurya — Wed, 17 May 2023 07:29:50 +0000

New update on PF account: If many such people are found then they change jobs every 2-3 years for more salary and better opportunities.

But with the happiness of increasing salary, people often ignore an important task, due to which heavy tax can also be imposed. Actually, we are talking about the merger of provident fund (PF) accounts here. Merging PF account after changing jobs is a very important process.

Provident Fund

Provident Fund is a compulsory retirement savings program which is being run through the government. Along with this, this scheme is also being run in many countries. This includes contribution from both the employee and the employer, with the intention of providing financial support to the employee upon reaching the age of retirement. The primary objective of the fund is to enable individuals to have a steady source of income during their retirement years.

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PF Account

Whereas when you start a job, you get a Universal Account Number (UAN) from EPFO. Your employer then opens a PF account under this UAN and both you and your company contribute to it every month. And when you change jobs, you give your UAN to the new employer, who later opens another PF account under the same UAN. Due to which the PF contribution of your new employer is credited to this new account. In such a situation, it is very important to merge the old PF account with the new job as well as the new PF account.

PF Withdrawal

It is possible that due to some reasons the amount deposited in the PF account has to be withdrawn. In such a situation, according to government rules, if your tenure with a company is less than five years and the total amount deposited in your PF account is less than Rs 50,000, then you are exempted from paying any tax on withdrawal. However, if the amount exceeds Rs 50,000, then 10 percent TDS will be deducted. On the contrary, if you have completed five years of service then there will be no tax on withdrawal of your PF funds.

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Gratuity New Rules: Good news for employees, gratuity will be available even after 1 year of service

Pravesh Maurya — Sat, 06 May 2023 15:28:13 +0000

Gratuity New Rules: There is going to be a big change in the new Labor Codes regarding Gratuity received by the employees. Under the new rules, the requirement of service for gratuity will be reduced from 5 years to 1 year. Let’s know about it in detail.

For labor reform in the country, the central government may soon implement 4 new labor codes. Minister of State for Labor Rameshwar Teli has given written information regarding this in the Lok Sabha. After the implementation of the new labor codes, there will be a change in the salary, leave, provident fund and gratuity of the employees.

There will be no compulsion of 5 years continuous job in any institution for government gratuity. However, there has not been a formal announcement on this from the government yet. But, it will come into effect as soon as the new labor law comes into force.

How much gratuity is received?

As of now, according to the rule regarding gratuity, gratuity is made on completion of 5 years in any institution. On completion of 5 years, the calculation of gratuity is done on the basis of your salary in the month on which you leave the company. For example, A worked in a company for 10 years. In the last month, 50 thousand rupees come in A’s account. In that his basic salary is 20 thousand rupees. 6 thousand rupees is his dearness allowance.

Gratuity will be calculated on the basis of 26 thousand (Basic and Dearness Allowance). Working days are considered 26 in gratuity. Now divide 26 thousand by 26. The result came out to be 1000 rupees. Now it has to be multiplied by 15 days because it is added according to 15 days in a year. The result will be 15000. If he worked for 5 years, he would get a total of Rs 75,000 as gratuity.

Gratuity is mentioned in the social security bill

In Chapter 5 of the Social Security Bill, 2020, information about the rule of gratuity has been given. Apart from salary, pension and provident fund, gratuity is also given to the employees working in the same company for a long time. Gratuity is the reward an employee receives from the company. If the employee fulfills certain conditions of the job, he is paid guaranteed gratuity under the prescribed formula. A small part of gratuity is deducted from the salary of the employee, but the major part is paid by the company.

Will you get gratuity even after 1 year of service?

According to the information given in the draft copy filed in the Lok Sabha, if any employee works for one year at any place, he will be entitled to gratuity. The government has made this arrangement for fixed term employees ie those working on contract. Even if a person works for a fixed period of one year on a contract with a company, he will get gratuity. The employee working on contract is now being given the right to social security like a regular employee. Apart from contract employees, those working in seasonal establishments will also get the benefit of this.

Who will get benefit from Gratuity Act 2020?

Only fixed term employees will get the benefit of Gratuity Act 2020. For others also the old rule will continue. At present, gratuity is fixed on the basis of 15 days salary every year on completion of five years of service. Gratuity is given to the employees by the company. Its maximum limit is 20 lakh rupees.

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Big news regarding pension..! Government’s new order on your pension, check details

Pravesh Maurya — Sat, 06 May 2023 11:29:53 +0000

Higher Pension Scheme: The last date to apply for higher pension has been increased from 3 May 2023 to 26 June. Meanwhile, now the Ministry of Labor and Employment has made it clear that it will get an additional contribution of 1.16% out of the total 12% contribution of employers to the Provident Fund while calculating pension on higher salary.

The Supreme Court had ruled in November 2022 that those who were members of the Employees’ Provident Fund Organization (EPFO) as on September 1, 2014, can opt for higher pension.

Issuing a statement, the ministry said that this step will reduce the burden of the employees subscribing to the Employees’ Pension Scheme. The Labor Ministry further said that the employees’ contribution to the Pension Fund is not envisaged in the spirit of the Employees’ Provident Fund and Miscellaneous Provisions Act as well as in the Social Security Code. The Ministry said that keeping in view the EPF & MP Act and the Code, it has been decided to take an additional contribution of 1.16% within the total 12% of the employers’ contribution to the Provident Fund.

Court’s instructions

As per the Supreme Court order, employees drawing salary above Rs 15000 can opt to contribute more than 1.16%. The court directed the officials under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 to make necessary adjustments in the scheme within a period of six months.

The ministry said that all aspects of the matter, including legal and administrative, were examined in detail for implementing this direction. Thereafter, it was decided that since the Code on Social Security, 2020 (the Code) has already been notified, it would be appropriate to bring relevant provisions.

In the notification, the Labor Ministry said that it has taken all actions immediately within the prescribed time limit to comply with the directions of the Supreme Court. Which also includes extending the deadline till June 26 to allow beneficiaries to file for higher pension.

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Pension Scheme Update: Know how you can get more pension after retirement under Employee Pension Scheme

Pravesh Maurya — Fri, 05 May 2023 13:29:06 +0000

Employee Pension Scheme Update: EPFO has extended the deadline till June 26, 2023 for opting for higher pension under the Employee Pension Scheme (EPS). Employees now have two months time in which they can decide which option is going to be beneficial for them in the new or old plan.

However, it is not right to say whether more pension will be beneficial for all the employees. The scheme with higher pension is beneficial for those who want to get higher pension every month after retirement. But for those who want more lump sum amount at one go after retirement, the scheme with higher pension will not be beneficial.

As soon as the employee opts for higher pension, the balance deposited in his EPF account will decrease but the amount deposited in EPS account will increase. But if an employee does not opt for more pension, then a lot of money can be deposited in his EPF corpus. But after choosing this option, financial planning will have to be done separately for post-retirement.

Understand Provident Fund!

All EPFO members have two accounts. In which one account is of EPF and the other is of EPS in which the pension amount is deposited. 12 percent of the basic salary and DA of all employees is deposited in the EPF account. The same amount is also deposited by the employer but not all of it is deposited in the EPF account. Out of the 12 percent contribution made by the employer, 8.33 is deposited in the EPS account and the remaining 3.67 percent is deposited in the EPF account. But as soon as you choose the option of higher pension, there will be a change in the contribution made by the employer.

What is Employee Pension Scheme

The government had brought a new law in 1995 for the employees working in the private sector. The purpose of this law was to give the benefit of pension to the employees working in the private sector as well. When this law was made, then the maximum limit of salary for contribution to EPS was fixed at Rs.6500, which was later increased to Rs.15000. However, in 2014 a new rule was made. In which the employee was exempted from contributing a total of 8.33 per cent of the basic pay and DA to the pension fund, that is, it was not necessary for the employees to contribute to the EPS.

This is how you can get more pension!

But if you want more pension after retirement then you can contact your HR department. But if you want to apply for more pension yourself, then you can apply yourself by visiting the EPFO website. After visiting the EPFO website, you will see two options. If the employee has retired before September 1, 2014 and wants to opt for higher pension, then he has to choose the first option. If the employee is still in the job then they have to choose the second option.

After clicking on the second option to choose the option of higher pension under EPS, the registration request form will open. They have to submit the form by entering their UAN and Aadhaar. The employer will get the details of the employee’s employee status. After getting the approval from the employer, the fund deduction for higher pension will start.

To choose the option of higher pension, EPFO has also provided offline facility, in which the employee will have to go to the nearest EPFO office or visit the camp where it has been set up. Through this facility, the employees can easily submit the form after filling it.
More salary will be deducted for more pension!

There will be no impact on the salary received by the employee for getting more pension after retirement. Only the employer’s contribution will change. For example, suppose that the basic salary and DA of an employee is Rs 25000, which is deposited in the EPF account of the employee Rs 3000. The employer also has to contribute Rs.3000.

However, according to the new rules, Rs 2080 will be deposited in the EPS account while Rs 920 will be deposited in the EPF account. Till now, 8.33% amount i.e. Rs 1249 was being deposited in the EPS account of the employees getting Rs 15000 basic salary and DA, while the remaining amount was being deposited in the EPF account. But after the salary limit for contribution to EPF is over, the employees will now be able to contribute 8.33 per cent of salary and DA to the pension scheme. That is, 8.33 percent of the amount contributed by the employer will go to the Pension Fund and 3.67 percent will be deposited in the EPF.

How to calculate pension

There is a formula to calculate pension. For example, suppose your basic salary + DA is Rs 15000 and if you have served for 35 years, then after multiplying both, you will have to divide by 70, which becomes Rs 7500, that means you will get a pension of Rs 7500 every month. The Supreme Court has changed this formula. In which the average salary of the last 60 months has been taken or the pension has been fixed on the basis of the average of the pension salary of 5 years.

According to the Supreme Court’s decision, the average salary of the last 60 months (after adding basic salary and DA) has to be multiplied by the total years of service (eg 35 years) and divided by 70. If your basic salary and DA is more then pension salary will also be more. Suppose someone’s basic salary + DA is one lakh rupees and has been in service for 35 years, then the monthly pension will be Rs 50,000, which is much more than the old formula of basic salary of Rs 15,000.

Retired people can also take advantage

Retired employees can also apply for higher pension under the new rules. His pension will be fixed on the basis of the amount deposited in the EPS account. Such people can get more pension by transferring their EPF funds to EPS account. Along with this, interest will also continue to accrue on it.

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.

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PPF Scheme: Government announcement! Now you will get excellent returns on PPF scheme, check immediately

Pravesh Maurya — Wed, 19 Apr 2023 07:19:20 +0000

PPF Scheme Update: Many types of investment schemes are going on in the country. One of these schemes is also the Public Provident Fund (PPF). Through PPF, investors can invest for a long period and earn good money.

At the same time, there are many benefits of PPF, which people are getting. Public Provident Fund (PPF) is a long term savings scheme supported by the Government of India. A PPF account gives you complete security along with attractive interest rates and tax free returns.

PPF account

An investment of Rs 500 can be made in a PPF account in a financial year. At the same time, a maximum investment of Rs 1.5 lakh can be made in this scheme in a financial year. Most experts still recommend investing in a PPF account as an important component of financial planning as it is one of the safest savings plan options. You can also use it as a savings tool for retirement planning.

Liquidity

It gives you the option of partial liquidity even though your PPF account has a lock-in period of 15 years. You can take advantage of this through partial withdrawals and loans. However, the availability of these loans and withdrawals is subject to certain conditions. At the same time, you can transfer your PPF account from one bank branch to another bank.

Public Provident fund

Whereas the PPF account is operated by the Central Government. There is a complete guarantee in this scheme of the central government. In such a situation, interest is also provided in this scheme by the Central Government. At present, interest is being given by the Central Government at the rate of 7.1 percent in this scheme, which is more than many other schemes. On the other hand, if there is a review of the interest rate in three months and the government can also change it if it wants.

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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.

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PF Withdrawal Rules: Advance amount can be withdrawn from PF account for marriage of daughter and son, but this work will have to be done

Pravesh Maurya — Mon, 10 Apr 2023 07:00:37 +0000

PF Withdrawal in Emergency: Provident Fund (PF) is very important for a common working man. With this, apart from getting a huge amount in future, money can also be withdrawn in emergency.

If your son-daughter or brother-sister is married and you need money in emergency, then you can withdraw money from PF account. However, there are some rules for this, which need to be fulfilled.

How much money can be withdrawn from PF?

Any person can withdraw advance money from PF account for his marriage as well as for the marriage of son-daughter or brother-sister. As per EPFO rules, you can withdraw 50 percent of the total amount deposited in your fund including interest. However, the most important condition for this is that it has been at least 7 years since your PF account was opened.

How many times can I withdraw money?

Advance money cannot be withdrawn more than 3 times for marriage and studies. Explain that 12% of the basic salary (basic salary) of the employee goes to the PF account. Apart from this, 8.33% of the deduction made by the employer in the employee’s salary goes to EPS (Employee Pension Scheme), while 3.67% goes to EPF. Your PF is deposited every month, but interest is earned on an annual basis.

8.15 percent interest will be available in 2022-23:

In the financial year 2022-23, the PF account holder will get interest at the rate of 8.15 percent. Interest will be transferred at the rate of 8.15 percent on the amount deposited in the account of any PF account holders. If one has Rs 1 lakh deposited in one’s PF account, then at the rate of 8.15%, you will get Rs 8,150 as annual interest. On the other hand, if Rs 10 lakh is deposited in the PF account, then Rs 81500 will be transferred to your account as interest.

Can withdraw money online in just 72 hours?

If you want, you can also apply for money online from EPFO’s website. With this, you will not even need to go to the EPFO office. Money can be withdrawn online in just 72 hours. However, to withdraw money online, it is very important to have PF account linked with Aadhaar card. Apart from this, your UAN number should also be activated only then you can withdraw money.

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PF Rules Change: EPFO issued new update! When will the PF interest money come into the account?

Pravesh Maurya — Sat, 04 Mar 2023 09:03:21 +0000

Provident Fund (c are waiting for the interest received on the amount deposited in it. There is not much time left for the end of the current financial year, but the interest of PF has not yet been transferred to the people’s account.

Account holders are complaining to EPFO on Twitter. On one such complaint, EPFO has given a reply regarding transfer of interest amount. Explain that the government has fixed the interest on PF at 8.1 per cent for the current financial year.

Money will come soon in the account

Responding on Twitter, EPFO said that the process of transferring the interest amount continues. It will appear in your account soon. The payment of interest amount will be completed. There will be no loss to the account holder. It is believed that the wait of 6.5 crore people may end soon. The wait for EPFO account holders is getting longer. For the last few years, the account holders are not getting the money of PF interest on time.

Talking about the change in PF rules, on February 1, 2023, while presenting the general budget of the country, the government had announced relief regarding the withdrawal of EPF money. Under the new rule, now TDS deduction on withdrawal of money deposited in PF has been reduced from 30 percent to 20 percent. This decision of the government will benefit such PF account holders whose PAN card is not updated in their PF account. Till now, if someone’s PAN card is not updated in the records of EPFO, then he had to pay TDS at the rate of 30 per cent on withdrawal of money.

lowest interest rate

In March 2022, the rate of interest received on deposits in PF account was reduced from 8.5% to 8.1%. This is the lowest interest rate in almost 40 years. Earlier in 1977-78 the interest rate was fixed at 8%. Since then it has been continuously at 8.25 per cent or more. In the financial year 2018-19, 8.65 percent, 8.55 percent in 2017-18, 8.65 percent in 2016-17 and 8.8 percent interest was available in the financial year 2015-16.

How much is deducted from salary?

A deduction of 12% on the salary of an employee is made for the EPF account. 8.33 percent of the deduction made by the employer in the salary of the employee reaches the EPS (Employee Pension Scheme), while 3.67 percent reaches the EPF. To get information about the interest money coming in your account, the government has provided many options.

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Big news on PF of government employees, interest rate on GPF will not increase in January-March, return will be given from old rate only

Pravesh Maurya — Wed, 04 Jan 2023 10:29:57 +0000

GPF Interest Rate Hike: They will not get increased interest for this quarter on the special General Provident Fund for central government employees.

The government has retained the interest rate of 7.1 percent for the fourth quarter of the current financial year on the General Provident Fund or General Provident Fund (GPF) and other similar funds for government employees. Prior to this i.e. in the quarter ending December 31, the interest rate on GPF was 7.1 percent. The Finance Ministry said in a notification on Tuesday, “This rate is valid from January 1, 2023 to March 31, 2023.” This rate has come into effect from January 1, 2023.

What is GPF or General Provident Fund?

GPF is a social security scheme, which is run for central government employees. Under this scheme, the employees are allowed to put some percentage of their salary in this scheme and their contribution keeps on accumulating in this fund. When he retires, his entire amount is paid to him.

The government revises the interest rates of GPF every quarter. This rate of 7.1% is also applicable to other provident funds run by other governments, such as Contributory Provident Fund, All India Services Provident Fund, Armed Forces Personnel Provident Fund, State Railway Provident Fund, etc.

There is no change in the interest rates of PPF, but small savings schemes will get more returns

Just in last week’s update, the government had also revised the interest rates of Public Provident Fund, but there was no change in its rates as well. Its rates also remain at 7.1%. However, interest rates on small savings deposit schemes including post office FD, NSC and Senior Citizen Savings Scheme were hiked by up to 1.1 per cent. This new rate has come into effect from January 1.

Mainly the interest of such post office schemes has been increased, on which income tax benefits are not available. There has been no change in the interest rates of the girl child savings scheme ‘Sukanya Samridhi’.

According to the notification of the Ministry of Finance, the interest rate on NAC, Senior Citizen Savings Scheme and Kisan Vikas Patra (KVP) has been increased by up to 1.1 percent. The income from these plans is taxable. National Savings Certificate (NSC) is getting interest at the rate of seven percent from January 1.

Similarly, the Senior Citizens Savings Scheme is getting eight percent interest as against the existing 7.6 percent. Interest rates on Post Office Fixed Deposit Scheme have increased by 1.1 percent for a period of one to five years. In the monthly income scheme also, instead of 6.7 percent, now 7.1 percent interest is being received.

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EPFO issued circular on higher pension for these employees, know the complete details…

Pravesh Maurya — Fri, 30 Dec 2022 12:29:11 +0000

Employees Provident Fund: Employees ‘ Provident Fund Organization (EPFO) has issued a circular regarding higher pension for eligible employees.

On Thursday, EPFO has directed its local offices to implement it. EPFO has issued this circular on December 29 to comply with the Supreme Court’s directive. In this circular, information has been given about which employees will get higher pension and how to apply for it online.

Who can get higher pension?

The circular states that only those employees are eligible, who have compulsorily contributed higher wages under the Employees’ Provident Fund (EPF) scheme and opted for higher pension before retirement. But his request was clearly rejected by EPFO.

Employees’ Provident Fund Organization (EPFO) said that the members who had contributed for pension on salary above the salary limit of Rs 5 thousand or Rs 6 thousand 500 and opted for higher pension would be given this benefit.

Who will not get higher pension from EPF

According to the circular, employees after the order of the Supreme Court dated November 4, 2022 will not be eligible under the Higher Pension Scheme. At the same time, the employees who retired before September 1, 2014, without exercising any option, have also been out of its membership. According to the amendment of 2014, only those employees who exercise the option will be given this benefit.

How to apply for higher pension

If you are eligible to get higher pension then you can apply for pension by visiting the local office. You will also have to carry the completely filled application form and relevant documents along with you. The application form will have to be done according to the method specified by the commissioner. Then verification has to be done. If any mistake is found under the order, the application can also be canceled. In case of adjustment, the pension applicant can get consent.

If in any case money is sent from Provident Fund Trust to EPFO, then the trustee will have to inform about it. The payment along with interest will be deposited in a few days.

Documents for Higher Pension

Proof of option u/s 26(6) of EPF Scheme
Proof of option u/s 11(3) attested by the employer
proof of deposit
Proof of deposit in Pension Fund on salary exceeding the salary limit of Rs.5,000 or Rs.6,500
Evidence in writing of refusal from APFC or any other

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EPFO Pension Rules Change: Big changes in pension scheme, 6 crore people will get direct benefit

Pravesh Maurya — Tue, 27 Dec 2022 14:29:08 +0000

The Employees’ Provident Fund Organization (EPFO) has made a major change in the pension scheme. Under which 6 crore people will get direct benefit. Let us know about the changes in the pension scheme in the news below.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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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 — Tue, 27 Dec 2022 09:04:15 +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 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

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.

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Public Provident Fund: Big news: PPF account gives the benefit of compounding, you will have Rs 2.25 crore on the day of retirement, how

Pravesh Maurya — Fri, 23 Dec 2022 10:01:14 +0000

Public Provident Fund (PPF) is the most popular savings scheme. In this safe investment scheme, excellent interest is available, as well as tax savings are also available. For this reason, now the number of people investing in PPF is increasing.

If properly invested in PPF, then at the time of retirement you will have tax free fund of crores of rupees in your hands. Compound interest is available on the money in PPF. This feature of compounding increases money. At present, the government is paying interest at the rate of 7.1 percent on the amount deposited in the PPF account.

Any Indian can invest in PPF. PPF account can be opened in post office or any bank branch. A minimum of Rs 500 and a maximum of Rs 1,50,000 can be deposited in the PPF account per year. The interest on this amount is added to the account on the last day of every financial year. This is the scheme of EEE category. This means that there is no tax on the amount deposited every year, the interest earned on this amount every year and the entire amount received at the time of maturity is tax free.

How PPF will make you a millionaire

By starting early investing in PPF and maintaining the investment till the age of 60, a person can create a corpus of crores of rupees for retirement. PPF account matures in 15 years. But, the term of the account can be extended for five years even after maturity. If a person opens a PPF account at the age of 25 and deposits Rs 1.5 lakh in his account on April 1 every year, then Rs 10,650 will be deposited as interest in the PPF account on March 31 next year at an interest rate of 7.1 per cent. Will be

This will make the account balance Rs.1,60,650 on the first day of the next financial year starting on 1st April. This amount will increase to Rs 3,10,650 if Rs 1.5 lakh deposited in the second financial year of account opening is added.

In the second year, the account holder will get Rs 22,056 interest on the amount of Rs 3,10,650. Similarly, if the investor keeps depositing 1.5 lakh in the account every year on April 1, then after completion of 15 years of maturity, the PPF account will be Rs 40,68,209. Out of this, Rs 22,50,000 will be the principal amount and Rs 18,18,209 will be of interest.

Maturity will have to be extended for 5-5 years

PPF account can be extended for five years by applying before maturity. An investor investing from the age of 25 years will become 40 years old on maturity of the account. After this, by extending the PPF account for five years and maintaining the same annual investment routine as before, then by the time the investor turns 45, the total amount deposited in the account will be Rs 66,58,288.

Now again he has to extend the account for five years and continue investing as before. Next time at the time of maturity, i.e. at the age of 50 years of the account holder, the total amount in the PPF account will be Rs 1,03,08,014. Once again, on increasing the account for five years, the account holder will be able to invest Rs 1.5 lakh every year till he is 55 years old. On maturity of five years, there would have been Rs 1,54,50,910 in the PPF account.

The fund will be above 2 crores

this time one has to get the last extension of PPF account and after making continuous investment every year when the PPF account matures i.e. when the account holder will be 60 years old then the total accumulated amount in his account will be 2,26,97,857 Will be Rs. In this, the total investment of the account holder will be Rs 52,50,000, the amount of interest received on this investment will be Rs 1,74,47,857.

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EPFO Pension Rule Change: Big changes in pension scheme, 6 crore people will get direct benefit

Pravesh Maurya — Sat, 17 Dec 2022 14:05:09 +0000

Decision on appeal of CBT-

Subscribers now had this permission-

Meeting under the chairmanship of Bhupendra Yadav-

This policy has also been approved-

Apart from this, the 69th Annual Report on the functioning of EPFO for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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EPFO Pension: Now these people will get monthly pension of 3,000 rupees every month! check details immediately

Pravesh Maurya — Sat, 17 Dec 2022 13:28:35 +0000

Employees’ Provident Fund Organization (EPFO) is preparing to give big gifts to the unorganized sector i.e. daily wage and small-scale workers. These laborers can be included in the proposed pension scheme of EPFO.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see details here

Pravesh Maurya — Mon, 05 Dec 2022 12:05:47 +0000

Employees Pension Scheme: The Employees Pension Revision Scheme, 2014 was implemented by the Central Government from September 1, 2014 by issuing a notification.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

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Monthly Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately

Pravesh Maurya — Fri, 25 Nov 2022 09:28:35 +0000

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Jeevan Pramaan Patra: EPFO issues new guidelines for life certificate, know details

Pravesh Maurya — Mon, 21 Nov 2022 19:31:54 +0000

Jeevan Pramaan Patra : Pensioners can submit their annual life certificate or life certificate online. Many pensioners have already submitted their life certificates online as people aged 80 years and above had to submit life certificates between October 1 and November 30.

The Employees’ Provident Fund Organization (EPFO) has informed that if your pension was started less than a year ago, or you have deposited it in December 2021, then there is no need to submit life certificate in November 2022.

Life certificate can be submitted from home

Now you will not need to go to the bank or post office to submit the life certificate. Now you can do this work from the comfort of your home. Here we are telling you how to book doorstep service.

How to apply for Digital Life Certificate

Step 1: Download Doorstep Banking App for submission of Jeevan Pramaan.

Step 2: Select your bank’s doorstep service.

Step 3: Enter your pension account number and validate.

Step 4: Make the payment.

Step 5: Submit your request.

Agent will come to your door

You will get the name and address of the agent coming for doorstep service on SMS. The agent will visit your home to complete the life certificate submission process.

What is Jeevan Pramaan Certificate? (What is Life Certificate for Pensioners)

Jeevan Pramaan Certificate is a digital life certificate of the pension scheme of the Government of India. It is aadhaar based digital service for pensioners which is based on biometric authentication and pensioners can submit their life certificate through this. This is one of the methods of submission of life certificate of the government.

You can also deposit by visiting the service center

Pensioners can submit life certificate by visiting their nearest Common Service Center. Pensioners can also submit life certificate by visiting the post office.

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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?

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

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EPFO: Big changes in pension scheme, 6 crore people will get direct benefit

Pravesh Maurya — Fri, 11 Nov 2022 09:05:53 +0000

Decision on appeal of CBT-

Subscribers now had this permission-

Meeting under the chairmanship of Bhupendra Yadav-

This policy has also been approved-

Apart from this, the 69th Annual Report on the functioning of EPFO for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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Big news for government employees: Government released new interest rates of General Provident Fund, check new rate

Pravesh Maurya — Mon, 07 Nov 2022 13:59:45 +0000

The Finance Ministry has announced interest rates for General Provident Fund and Provident Fund for the October-December quarter. This is big news for government employees as these rates are going to affect their savings.

The Finance Ministry has announced interest rates for General Provident Fund and other Provident Funds. The Finance Ministry has not made any change in the interest rates and the same has been retained.

Releasing information in this regard, the Department of Economic Affairs of the Ministry of Finance has said that the interest rates for the October to December quarter of the financial year 2022-23 have been retained at 7.1 percent. The interest rates of other provident funds will also remain unchanged at 7.1 per cent. That is, the Finance Ministry has not made any change in the interest rates.

Apart from Provident Fund,

the Department of Economic Affairs, Ministry of Finance announces interest rates for GPF and related funds every quarter. Interest rates are also announced for CPF, AISPF, SRPF, AFPPF in these funds. GPF i.e. General Provident Fund and this is also a scheme like PPF but it is applicable only to government employees. That’s why it is named GPF. There has been no change in its interest rates for this quarter.

Know These Funds Also

CPF is also known as Contributory Provident Fund. Apart from All India Service Provident Fund or AISPF, there has been no change in interest rates on Railway Provident Fund and General Provident Fund Defense Services, Indian Ordnance Department Provident Fund. Here also the interest rate of 7.1 percent will continue to be available as before. Earlier, interest was given at the same rate for the July-September quarter of the financial year 2022-23 as well. Government employees were expecting a change or hike in interest rates during the festive season but the Finance Ministry has not made any changes.

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7th Pay Commission: Big News! New rules issued regarding provident fund, central employees will get benefit

Pravesh Maurya — Mon, 07 Nov 2022 05:00:32 +0000

7th pay matrix: The government has made a big change in the rules related to retirement funds. According to the information received from the government, there has been a big change in the rules of General Provident Fund.

There is big news for Central Government Employees. The government has made a big change in the rules related to retirement funds. According to the information received from the government, there has been a big change in the rules of General Provident Fund. If there is a government employee in your house too, then there is important news for all of them.

Let us tell you that the ceiling on PF has now been fixed by the government for investment in GPF. A ceiling has been put on the investment of Provident Fund. After this decision taken by the government, government employees can deposit only up to Rs 5 lakh in GPF.

What is GPF?

According to the information received from the government, this limit has been fixed for one financial year. GPF is a kind of voluntary scheme. Government sector employees invest in this scheme. In this, the benefit of 7.1 percent interest (GPF interest rate) is available on investment.

Let us tell you that government employees can deposit a part of their salary in the General Provident Fund and this money is returned to the account holders at the time of retirement. Interest is earned on the money deposited in GPF.

How much interest do you get?

Government employees can contribute up to 15 per cent of their salary. The advance fee of this account is the most special. Employees can withdraw the fixed amount from their account as and when required. No tax is levied on this amount and the government has fixed the interest amount at 7.1 percent.

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PF: Big news for employees ! New guideline issued regarding provident fund, check new rules

Pravesh Maurya — Sun, 06 Nov 2022 12:29:21 +0000

7th Pay Commission General Provident Fund: Big news has come for the central employees. The government has made a big change in a rule related to his retirement fund. Let us know the complete information about it.

The government has made a big change in the rules of General Provident Fund. If you or there are any government employees in your house, then you must know these changes. Under the new rules, now the investment limit in GPF has been fixed.

Ceiling fixed at Rs 5 lakh

The central government has put a ceiling on the investment of General Provident Fund (GPF). According to the new rule, now any government employee will be able to deposit only up to Rs 5 lakh in GPF. This limit will be for one financial year. Let us tell you, government sector employees invest in GPF. This is a kind of voluntary scheme, which works like PPF. In this, an interest of 7.1 percent (GPF interest rate) is available on investment.

Till now there was no sealing

According to the Office Memorandum of the Department of Pension and Pensioners’ Welfare (DoPPW), under the GPF (Central Service) Rules 1960, the GPF contribution of the account holder should not be less than 6 percent of the total salary. Till now there was no limit for putting money in GPF. Employees could deposit a percentage of their salary in it. But the government has now imposed a maximum limit of Rs 5 lakh in a financial year.

GPF for government employees like PPF

Explain that like PPF, government employees can deposit a fixed part of their salary in the General Provident Fund. This money is returned to the account holder at the time of retirement. Interest is earned on the money deposited in GPF. It is managed under the Department of Pensioners Welfare, Ministry of Personnel, Public Grievances and Pensions.

What is GPF?

There is no tax on this. The government has fixed the interest rate of GPF at 7.1 percent. Interest is calculated on quarterly basis. The government does not make any contribution to GPF on its behalf, only the employee’s contribution is there.

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7th Pay Commission: Big news for central employees, new update issued regarding provident fund, rules changed

Pravesh Maurya — Fri, 04 Nov 2022 12:05:01 +0000

7th Pay Commission latest news: Now a new rule has been issued regarding the provident fund of government employees. The government has put a ceiling on the investment of GPF. Now there will be an exemption to invest only up to Rs 5 lakh in a financial year.

GPF i.e. General Provident Fund is only for government sector employees. This is a type of retirement fund scheme. Big news has come for the central employees. The government has made a big change in a rule related to his retirement fund. According to the DoPPW’s Office Memorandum, the government has made a major change in the rules of General Provident Fund. If you or there are any government employees in your house, then you must know these changes. Under the new rules, now the investment limit in GPF has been fixed.

Ceiling fixed at Rs 5 lakh

Till now there was no sealing

GPF for government employees like PPF

What is GPF?

General Provident Fund (GPF) account is only for government employees. It is a type of retirement fund scheme. Government employees can contribute up to 15 percent of their salary to the GPF account. The ‘Advance’ feature of this account is the most special. In this, the employee can withdraw the fixed amount from the GPF account if needed and can deposit it later. There is no tax on this. The government has fixed the interest rate of GPF at 7.1 percent. Interest is calculated on quarterly basis. The government does not make any contribution to GPF on its behalf, only the employee’s contribution is there.

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EPFO Pension: Good news! Now these people will get monthly pension of 3 thousand rupees every month! check details immediately

Pravesh Maurya — Mon, 31 Oct 2022 20:05:03 +0000

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Gratuity Calculation: What is the gratuity to the employees, how it is calculated, understand the complete math

Pravesh Maurya — Sat, 22 Oct 2022 12:28:40 +0000

If you work for a long time in a company, then you get gratuity in addition to salary, pension and provident fund. It can be treated as a reward.

New Delhi. It is possible that the government may soon reduce the period of gratuity. Discussion is going on about this. The government is considering reducing the time of gratuity from 5 to 1 year. That is, if you work even for 1 year, then you will be entitled to gratuity. At present, for this you have to work in a company for 5 years. Not only this, the provision regarding transfer of gratuity on leaving the company like PF is also being discussed.

But what is Gratuity? If you work for a long time in a company, then you get gratuity in addition to salary, pension and provident fund. It can be treated as a reward. If the employee meets the standards set by the company for a long time, then he is given gratuity. Its formula is predetermined. One very important thing to note here is that a small part of gratuity is also deducted from your salary. At the same time, the company gives the rest of the share. That is, if you leave the company before the completion of gratuity, then you do not even get the money deducted from your salary.

Which companies have to pay gratuity?

The provision of gratuity has been made under the Payment of Gratuity Act 1972. According to this, gratuity will be given to the employees of every institution where more than 10 employees work. Even if the employee retires or leaves the company even after fulfilling the rules of gratuity, he will still get its benefit.

There is a fixed formula for how gratuity is calculated . Your last salary*(15/26)*(years of work in the company). If you have worked in any company for 10 years then your last salary is Rs 80000. So your gratuity will be calculated like this- 80000*(15/26)*(10). Your gratuity will be Rs 461538. Here 26 is the number of working days in a month. At the same time, gratuity is calculated on the basis of only 15 days of the year. The sum of basic salary and dearness allowance is counted in the final salary. Another important thing to note is that if a person has worked for 6 years and 7 months, then it will be considered as a complete seven years. That is, after working for more than 6 months after 5 years, it will be considered as a full year at the time of gratuity calculation.

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EPFO Pension Rules: Big news! There is going to be a big change in the rules of EPFO pension, check the new rules immediately

Pravesh Maurya — Thu, 20 Oct 2022 20:05:23 +0000

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

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EPFO New Pension Plan: Good News! Now these people will get monthly pension of 3 thousand rupees every month! check details immediately

Pravesh Maurya — Fri, 07 Oct 2022 17:01:02 +0000

At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

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7th Pay Commission: Central employees will get Triple Bonanza, big amount will come in the account, PM Modi will announce!

Pravesh Maurya — Sat, 24 Sep 2022 03:57:05 +0000

7th Pay Commission Latest Update: This month is going to bring many good news for the central employees. Employees are going to get 3 big gifts in September. The first gift is about the Dearness Allowance ( DA ) of the employees , because it is going to increase by 4 percent once again.

Second gift, the decision can come on the ongoing talks with the government on the outstanding DA arrears. At the same time, the third gift is related to the Provident Fund (PF), under which the interest money in the PF account will come by the end of August or in September. That is, a big amount is going to come in the account of the employees this month.

Then dearness allowance will increase!

Actually, the increase in DA depends on the data of AICPI. Earlier, the increase in DA of employees was also fixed by the data of the AICPI index for the month of May. Even before the data of the fast-growing AICPI index after February, it was expected that the AICPI index of June would be higher than that of May. There has been a big jump in the numbers of the AICPI index in June. In May, it had gained 1.3 points and it had increased to 129 points. The June figure has reached 129.2. Now there is an expectation of 4 percent increase in dearness allowance in September.

Decision on negotiation on DA arrears

Significantly, for 18 months, the matter of Pending Arrears (DR) has now reached Prime Minister Narendra Modi, on which a decision can be taken soon. In such a situation, the central employees have full hope from the central government that soon they will get dearness allowance. Let us tell you that the Finance Ministry had stopped the DA hike in May 2020 till 30 June 2021 due to the Covid-19 epidemic.

PF interest money will also be available

The good news of interest can be found in the account of more than 7 crore account holders of Employees’ Provident Fund Organization ( EPFO ). Significantly, by the end of this month, interest money can be transferred to the bank account of PF account holders, because according to the information received so far, the PF has been calculated. It is being told that this time according to 8.1%, this time the interest of PF will come in the account.

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EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately

Pravesh Maurya — Fri, 23 Sep 2022 17:25:05 +0000

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

Pravesh Maurya — Fri, 16 Sep 2022 12:29:31 +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.

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EPFO Pension: Important news for private jobseekers, one mistake can drown all the money

Pravesh Maurya — Thu, 15 Sep 2022 14:57:42 +0000

Calculation Of Provident Fund: The rule of EPFO is that if you work in any company continuously for 10 years, then you become eligible to get pension, but often with private jobs. It is seen that they keep changing jobs.

During a critical situation, it also happens to them that they lose their job. It also takes a long time to get the next job. In such a situation, what will happen to the PF amount that he has deducted in the previous company. Will he drown or if he will get it then how will he get it, what are the conditions that will be applied after getting the PF amount. Many such questions must have come to the mind of the people. You are going to get the answer of these here.

How is PF deducted?

Wherever you work, 8.33 percent money is deducted from your salary and deposited in the Employees’ Pension Scheme. After 10 years of service, that money is given to you as a pension. PF account has its own UAN number. Always keep this UAN number with you. If you leave your first company and move to another company, then your money is transferred to the same account. Along with this, the number of days you have worked in the first company is also added to your new job. In this way your 10 years are counted.

If 10 years are not completed, then what if you are not able to complete the job for 10 years, then there is nothing to panic. You can deposit money in your pension account even before retirement, but you will not get any interest on premature withdrawal. The benefit of the pension scheme will be available only to those who complete 10 years in the job and get their PF amount deducted from the last salary. In the event of losing the UAN number, your PF will be counted anew, so it is important to always keep the UAN number with you.

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New Pension Plan: Just cut PF for so many years, after that you will get pension for life, check details immediately

Pravesh Maurya — Mon, 12 Sep 2022 09:28:27 +0000

EPFO Pension: Provident fund is the best way to get pension for those working in private sector. Because in this scheme you do not have to deposit even a single rupee for pension. Yes, money is given for your pension by the institution or company in which you work. Because the 12 percent PF that you deduct is deposited in your PF account. A

t the same time, the 12 percent amount that the company deposits, most of it is deposited in your pension account. But this pension is not available to any account holder. There are certain criteria which you have to fulfill for this. Through this news, you have been told about the rules of PF pension.

Who is entitled for pension

1. The first condition for getting pension is that you should be a member of EPFO.

2. Apart from this, it is mandatory for you to work in any company or institution for at least 10 years. It is not necessary that you do this for the whole 10 years in the same company. That is, in total you have to work for 10 years.

3. There are two options for getting pension. The first option is that you have completed 58 years of age, the second option is that you can get pension even after completing 50 years of age. But let us tell you that for this you have to fill Form 10D and if you take pension after 50 years, then the pension is also less.

4. After the death of the employee, the family members get the pension. But the pension amount changes.

5. If you want, you can also postpone the pension for two years till the age of 60 years, after which you will get pension at the rate of 4 percent per annum.

Who deposits money in pension account?

In the PF account, 12 percent of the basic salary and DA of the employee is deposited. The contribution of the employer is also the same. But, a part of the contribution of the employer is deposited in the EPS ie Pension Fund. Let us tell you that 8.33% contribution is deposited for pension. However, the maximum limit for PF to be merged by the company is Rs 15,000. In such a situation, only a maximum of Rs 1250 can be deposited in the pension fund every month.

Pension is available up to Rs 7500

According to the rules, if the basic salary and DA of an employee is Rs 15,000 or more, then Rs 1250 will be deposited in the pension fund. If the basic salary and DA is 10 thousand rupees, then the contribution will be only 833 rupees. If understood in simple language, 8.33 percent of your basic salary and DA will go to the pension account. In such a situation, after retirement, the employee can get a pension of Rs 7,500 as per the rules.

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EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately

Pravesh Maurya — Sat, 10 Sep 2022 09:28:06 +0000

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Big News for EPFO employees ! Big changes are going to happen regarding these rules of EPFO, check all details

Pravesh Maurya — Wed, 31 Aug 2022 14:27:03 +0000

EPFO to remove wage and headcount limit: Employees’ Provident Fund Organization (EPFO) is now going to change the rules to secure the future of the low-salary employee class. EPFO is preparing to remove the limit on salary and employee number with the intention of giving benefits of pension scheme to those getting less than the prescribed salary limit. In this regard, EPFO has sent information to the stakeholders and states for consideration.

According to the Employees’ Provident Fund Organization, under the current rules, only those employees whose salary is more than 15,000 have the right to join the pension scheme. At the same time, only the company which has more than 20 employees is allowed to join the EPF scheme. With these rules EPFO currently has more than 55 million subscribers.

The Employees’ Provident Fund Organization is contemplating to change the rules and obligations under the EPF and Miscellaneous Provisions Act 1952. To give convenience to those doing their own business, EPFO also wants to make the rules flexible so that such people can also be added to the pension scheme and they can also get its benefits.

The senior official said that to give the benefit of EPFO’s pension scheme to the employees of every salary category, it is being considered to eliminate the requirement of 15,000 salary. Apart from this, preparations are on to bring their own business or self-employed people under the purview of the scheme. Along with this, the limit of more than 20 employees on companies is also being considered to be removed.

The Employees’ Provident Fund Organization (EPFO) has sent information regarding this change to the stakeholders and the states for consideration. It is believed that the employees are going to get maximum benefits if this change process of EPFO is implemented. EPFO anyway works only to secure the future of the employees and this step will prove to be a big one. At the same time, the equity investment prospects of EPFO will also get a boost.

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Employee’s Pension Scheme: Now pension will be increased on this basis, understand the formula of increase

Pravesh Maurya — Fri, 26 Aug 2022 11:02:32 +0000

Employees pension scheme EPS-95: Private sector employees can get big relief. There can be a manifold increase in the pension of a salaried person who contributes to the Employees’ Provident Fund (EPF). The EPFO board can take a decision on this soon. It is believed that under the Employees’ Pension Scheme-95, the pension can increase by 333%.

In the Employees’ Pension Scheme, the maximum pension is fixed at Rs.15 thousand. After this it is sealed. Meaning, even if the basic salary is more than Rs 15,000 per month, your pension will be calculated on the maximum salary of Rs 15,000.

EPS Pension can increase manifold!

The ceiling of pension matter is pending with the Supreme Court bench. It has been heard at many levels. The union is continuously demanding that the capping on pension should be abolished. If the decision is in favor of the employees, then the calculation of pension (Employee’s Pension Scheme) can also be done on the last salary i.e. high salary bracket.

With this decision, it is possible to increase the pension of employees up to 300%. The condition for getting pension under EPS is that it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, the weightage of 2 years is available on completion of 20 years of service. Removing the ceiling will make a big difference.

How will your pension increase in EPS-95?

According to the existing rules, if an employee is doing a job from June 1, 2015 and if he wants to take pension after completing 14 years of service, then his pension would be calculated at Rs 15,000 only. Whether the employee is in basic salary of 20 thousand rupees or 30 thousand rupees.

According to the old formula, the employee will get a pension of about Rs 3000 from June 2, 2030, on completion of 14 years. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the ceiling of pension is abolished, then the pension of the same employee will increase.

Example No.1

Suppose the salary (Basic Salary + DA) of an employee is at 20 thousand rupees. Calculating from the formula of pension, his pension will become Rs.4000 (20,000X14)/70 = Rs.4000. Similarly, the higher the salary, the more he will get the benefit of pension. There can be a 300% jump in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, the calculation of pension would have been done only on the maximum salary of 15 thousand rupees. In this way (Formula: 33 Years+2= 35/70×15,000) the pension would have been Rs 7,500 only. This is the maximum pension in the current system. But, after removing the pension ceiling, adding pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years+2= 35/70×50,000= Rs 25000).

According to the rules of EPFO , if an employee contributes to the EPF continuously while working for 20 years or more, then two more years are added to his service. In this way, 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

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DA and arrears Increased: Decision came regarding c and arrears of employees! Money will come in the account on this date

Pravesh Maurya — Thu, 25 Aug 2022 16:03:34 +0000

7th Pay Commission Latest Update : The month of September is going to bring three good news together for the central employees. Central employees are going to get three gifts in August-September. On their announcement, a huge amount will come in the account of the employees.

The first good news is about the dearness allowance (DA) of the employees, the government is expected to announce a 4 percent increase in dearness allowance in the first week of September. The decision can come on the ongoing talks with the government on the second c. The third gift is related to the Provident Fund (PF), under which the interest money in the PF account can come by the end of September.

Then dearness allowance will increase!

With the June AICPI index coming to 129.2 points, the way has been cleared to increase the dearness allowance by 4 percent. With an increase of 4 percent in the DA of the employees, it will increase to 38 percent. The AICPI index has jumped since February. According to the figures in June, it increased to 129. The government can make an announcement on dearness allowance in the first week of September, which will be effective from July 1. DA arrears will also come along with the September salary of the employees.

Decision on DA arrears

The matter of pending arrears of 18 months has reached Prime Minister Modi. A decision on this too is expected soon. Central employees expect from the government that soon they will get the outstanding dearness allowance of 18 months. Let us tell you that the Finance Ministry had stopped the DA hike in May 2020 till 30 June 2021 due to the Kovid-19 epidemic.

More than 7 crore subscribers of the Employees’ Provident Fund Organization ( EPFO
) can get the good news of interest coming in the account. In September, interest money transfer is expected in the account of PF account holders. According to the information received from the sources, the interest on PF has been calculated. This time the interest of PF will come in the account at the rate of 8.1 percent.

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7th Pay Commission: Good News! Employees are going to get 3 big gifts, big amount will come in the account, check details

Pravesh Maurya — Wed, 24 Aug 2022 06:29:29 +0000

7th Pay Commission: In September, the employees are going to get 3 big gifts. The first gift is about the dearness allowance of the employees, because it is going to increase by 4 percent once again.

Then DA will increase!

Actually, the increase in DA depends on the data of AICPI. Earlier, the increase in the DA of the employees was also fixed by the data of the AICPI index for the month of May.

Even before the data of the fast-growing AICPI index after February, it was expected that the AICPI index of June would be higher than that of May.

There has been a big jump in the numbers of the AICPI index in June. In May, it had gained 1.3 points and it had increased to 129 points. The June figure has reached 129.2. Now there will be a 4 percent increase in dearness allowance in September.

Decision on talks on DA arrear

It is worth noting that the matter of pending arrears (DR) for 18 months has now reached Prime Minister Narendra Modi, on which a decision can be taken soon.

In such a situation, the central employees have full hope from the central government that soon they will get dearness allowance.

Let us tell you that the Finance Ministry had stopped the DA hike in May 2020 till 30 June 2021 due to the Kovid-19 epidemic.

PF interest money will also be available

The good news of interest can be found in the account of more than 7 crore account holders of Employees’ Provident Fund Organization.

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EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately

Pravesh Maurya — Tue, 23 Aug 2022 15:01:47 +0000

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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.

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EPFO Members Good News! These employees will get the benefit of Rs 81000, know the date and method of checking

Pravesh Maurya — Tue, 09 Aug 2022 21:58:58 +0000

The Employees’ Provident Fund Organization may soon give great news for the PF account holders across the country. The central government can soon transfer interest money in the account of central employees.

The Employees’ Provident Fund Organization can soon give great news for PF account holders across the country. The central government can soon transfer interest money in the account of central employees.

According to many media reports, this interest amount can be transferred to the account of employees till 30 August 2022. However, no official information has been shared by EPFO in this regard.

This amount will be credited to the account

EPFO will soon release interest amount at the rate of 8.1 percent in the account of central employees. In this sense, if you have Rs 10 lakh in your account, then Rs 81,000 will be transferred to your account as interest.

On the other hand, if you have Rs 5 lakh in your account, then Rs 40,500 will be transferred to your account as interest. On the other hand, if you have Rs 1 lakh in your account, then Rs 81,00 will be transferred to your account as interest.

How to Check Your PF Account Balance

First of all you have to go to epfindia.gov.in.
You have to go here and click on the option ‘Click here to know your EPF balance’.
After this you will be redirected to the page of epfoservices.in/epfo/ through a redirect link.
After this you have to click on the option of ‘member balance information’.
After this you have to select your state and click on the website link of EPFO office of your state.
After this you have to enter your ‘PF Account Number’, Name and Registered Mobile Number.
Once this process is completed, your PF account balance will be visible on your website.

You Can Also Check PF Account Balance Through Missed Call

If your UAN number is activated then you can also check your account balance by logging in with UAN number. Apart from this, you can also check your PF account balance by sending EPFOHO UAN to 7738299899 from your registered mobile number under EPFO’s SMS service.
You can also check your PF account balance by giving missed call 011-229014016 from your registered mobile number.

You can also check balance through SMS like this

You can also check your PF account balance by SMS from your registered number. EPFO UAN LAN Number 7738299899. You can check your account balance via SMS by sending

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EPFO Interest Transfer : 81,000 rupees will come in this account on August 30, you can check your balance like this

Pravesh Maurya — Thu, 04 Aug 2022 04:15:05 +0000

EPFO: Salaried people are waiting for the interest to be received on PF. The central government is soon going to transfer interest money in his PF (Provident Fund – PF) account. If media reports are to be believed, then the interest money on PF can come on August 30. However, no information has come from EPFO about when the interest will be transferred. Last year, the government transferred the interest money on PF at the end of the year.

so much interest

The Central Government has already announced 8.1 percent interest for PF employees. This is the lowest interest rate in 40 years. Earlier, the government has given an interest of 8.5 per cent. More than 6 crore people will benefit from getting interest on PF.

so much interet money can come

Now EPFO will soson transfer interest to PF account at the rate of 8.1 percent. Here we are telling you by calculating interest on average money. The government transfers interest money to your PF account every year.

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 5 lakh rupees in your PF account then 40,500 rupees of interest will come.

If you have one lakh rupees in your account then 8,100 rupees will come.

PF balance check can be known in these four ways

You can check balance through SMS

To send EPFO UAN LAN (Language) to 7738299899 from mobile number registered with EPFO. LAN stands for your language. If you want information in English, you have to write ENG instead of LAN. Similarly HIN for Hindi and TAM for Tamil. To get information in Hindi, you have to message by writing EPFOHO UAN HIN.

You can know details through missed call

If you want, you can also know your EPF balance through a missed call. For this, you have to make a missed call on 011-22901406 from your registered mobile number.

via website

To check your balance online, visit the EPF passbook portal. Log in to this portal using your UAN and password. In this, click on Download / View Passbook and then the passbook will open in front of you in which you can see the balance.

Via Umang app

If you have a smartphone, you can check your EPF balance whenever you want through the app. For this, open UMANG AF and click on EPFO. In this, click on Employee Centric Services and after that click on View Passbook and enter UAN and Password. OTP will come on the registered mobile number. After entering it, you can see the EPF balance.

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Good News EPF Pensioner ! Lakhs of people will benefit from this new facility of EPFO, know details

Pravesh Maurya — Wed, 03 Aug 2022 11:15:50 +0000

Employees’ Provident Fund Organization (EPFO) has started a special facility for pensioners. More than 73 lakh pensioners will benefit from this facility.

Pensioners will now be able to submit a digital life certificate from anywhere in the country using face authentication technology. The facial recognition verification will help the elderly pensioners who face difficulties in collecting their biometrics such as finger print and eye recognition due to old age for filing life certificates.

Now pensioners will not have to make rounds of banks for digital life certificate. All the work related to this will be done at home, that too from your mobile phone. Face authentication technology ie Facial Recognition Technology can be used in mobile phones.

EPFO’s decision

Labor and Employment Minister Bhupendra Yadav, chairman of the Central Board of Trustees, the decision-making body of EPFO, has started this facility. Earlier, the CBT in its 231st meeting gave in-principle approval for centralized distribution of pension to further improve EPFO services for pensioners.

Now we know what is face authentication technology which is completely based on facial recognition technology. This facility will help in verification of people whose biometric authentication is facing problems due to fingerprint issues, old age or hard work. Under this, UIDAI has launched the FaceRD app to verify the identity of Aadhaar users.

This app easily verifies your identity by capturing your face using face authentication technology.

What is EPFO

Now let’s also know about EPFO. EPFO i.e. Employees’ Provident Fund Organization is the largest social security organization in the world and is currently maintaining more than 24 crore accounts related to its members.

The Employees’ Provident Fund was established on 15 November 1951 with the issuance of the Employees’ Provident Fund Ordinance. Here, the CBT has also approved the appointment of Citibank as the custodian of securities of EPFO for a period of three years.

A proposal to extend the tenure of the existing custodian Standard Chartered Bank till a new custodian takes over was also approved.

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PF Withdrawal New Rules: How many times PF can be withdrawal before retirement, check EPFO rule

Pravesh Maurya — Mon, 01 Aug 2022 10:50:51 +0000

Advance PF Withdrawal: The rules of EPFO say that money can be withdrawn from the PF account many times before retirement, but the reason will have to be given for that.

For example, if there is a marriage of a son or daughter in the house, then you can easily withdraw money from PF but not more than 3 times. We all know that while in job, Advance PF can be withdrawn . But do we know when and how many times we can withdraw. Provident Fund ( PF ) is our future deposits, which by law should be kept in reserve for retirement only.

But what to do when a difficult situation comes on the forehead. For the same time, the rule of advance withdrawal or advance withdrawal of PF has been made. Employees Provident Fund Organization ( EPFO ) helps you in this. All you have to do is to tell the reason for withdrawing money. Only then does the withdrawal process begin. If the job is lost and there is no money in hand, then this can also be a reason for PF withdrawal.

Apart from this, you can withdraw money in advance for marriage, higher education, building a house to live in, purchase of land to build a house, etc. Now it comes to how much money you can withdraw and how many times you can withdraw money.

If you open your PF account on the website of EPFO, then both the company’s money and your deposited money are visible there. That is, the company and your share appear together in the passbook.

EPFO rules

The rules of EPFO clearly state that the reason you choose for withdrawal decides how much money you will get. If for the reason you have chosen unemployment and did not get salary for two consecutive months, then whatever money you have deposited in PF, you can withdraw it. The second reason is natural disaster.

In this, you will get 75% plus interest of the total amount deposited in PF. OR 3 months salary plus DA. Whichever is less of these two, you will get. Exactly the same rule is for advance withdrawal of PF at the time of Kovid-19. PF advance can be withdrawn only once in the name of Covid-19. The question is that you can apply to withdraw money from PF account many times before retirement and how many times you can get money.

EPFO rules say that money can be withdrawn from PF account many times before retirement, but reason has to be given for that. For example, if there is a marriage of a son or daughter in the house, then you can easily withdraw money from PF but not more than 3 times.

When can you withdraw money

If you want, you can withdraw money 3 times for the education of son or daughter after 10th. If you are buying or building a house or land for it, then you can withdraw money just once.

Any number of times you can withdraw money from EPF account for medical emergency before retirement. There is no prohibition in withdrawing money, but you should also take care of its tax rules. If you withdraw PF money before 5 consecutive years of service, then TDS will be deducted at the rate of 10%. This rate is the same as when giving PAN while withdrawing money.

If PAN number is not given then TDS will be deducted at the rate of 30%. If you withdraw PF money after 5 years of continuous service, then no tax will be levied on it. If an employee transfers his EPF money to the National Pension Scheme or NSC, then he will not have to pay any kind of tax.

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Good News EPFO employees: About 1 lakh rupees will come in the account of EPFO employees, check this way

Pravesh Maurya — Fri, 29 Jul 2022 11:15:53 +0000

Good News EPFO customers: If you are also an EPFO ie Employees’ Provident Fund Organization account holder, then you can get great news. 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. Let us know its complete information.

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, 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 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.
Know balance by missed call

To check 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.

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EPFO Rule Changed: Tax rules of EPFO changed, EEE means completely tax free

Pravesh Maurya — Fri, 29 Jul 2022 08:05:07 +0000

EPFO Rule Changed: Tax rules of EPFO have changed. Explain that if you contribute more than Rs 2.5 lakh per year to the Employees’ Provident Fund (EPF), it is necessary to pay tax on the interest income from it. For your information, let us tell you that in the Union Budget 2021, the government announced that it will reduce tax benefits for high-income people benefiting from the EEE (Exempt-Exempt-Exempt) scheme.

EEE Tax Free

EEE or Exempt-Exempt-Exempt Tax Category makes all investments falling under this category completely tax free. EEE grouped investments are governed by various sections of the Income Tax At of 1961. Here exemption-exempt-exempt means investment amount, interest received and maturity amount all three things remain tax free.

These streams will also be exempted

The most popular sections under which a person is eligible to claim tax exemption include section 80B, section 80C, section 80D, section 80DD, section 80E, section 80EE and section 80GG.

Here, a discount of up to 5 lakhs

If the employer has no contribution in EPF, then high income earners can claim exemption on contribution up to Rs 5 lakh in their EPF. The Central Board of Direct Taxes (CBDT) had incorporated Rule 9 of the Income Tax Rules, 1962 in the financial year 2021-22 to give effect to this declaration.

Know about the taxation system

Experts say that according to this rule, an EPFO subscriber with a contribution of more than Rs 2.5 lakh in a financial year will have two EPF or PF accounts, where PF contribution up to Rs 2.50 lakh will be deposited in one account, while Rs 2.5 lakh will be deposited in one account. The amount exceeding one will be kept in another. Hence, the interest earned in the EPF/PF-1 account will be kept exempt from tax. But the interest earned in PF/EPF-2 account will be taxable only. This means that the excess contribution of the employee will not be taxed.

Understand from these examples

For example if an employee is contributing Rs 2.7 lakh in a financial year and the same amount is being contributed by an employer, then Rs 2.5 lakh is deposited in the first PF account and Rs 20000 in the second PF account are deposited. The interest income from Rs 20,000 will be taxed only on that. The exemption limit on contribution for government employees is up to Rs 5 lakh. In this case also, two separate accounts will exist. The additional contribution and the interest earned thereon will be kept in a separate account with EPFO. Employer’s contribution to PF, National Pension System (NPS) and retirement is tax free up to a total of Rs 7.5 lakh in a year.

Invest more in equity

The EPFO may this month approve a proposal to increase its investment in equities to 20 per cent from the existing 15 per cent limit. The proposal is expected to be considered and approved during the EPFO trustees’ meeting to be held on July 29 and 30.

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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?

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.

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EPFO Pension Plan: Now money will reach the account of 73 lakh pensioners simultaneously, know what EPFO is preparing

Pravesh Maurya — Wed, 27 Jul 2022 10:28:02 +0000

EPFO Pension Plan: EPFO will consider the Central Pension Distribution System in its meeting to be held on July 29-30. At present, 138 regional offices of EPFO transfer pension to the accounts of the beneficiaries of their area. After the new system is made, 73 lakh pensioners will get their pension in one go. The details of regional offices will be transferred to the central database in a phased manner.

Employees’ Provident Fund Organization (EPFO) in its meeting to be held on July 29 and 30 will approve it after considering the proposal for setting up of Central Pension Distribution System (EPFO Pension Plan). With the establishment of this system, pension will be transferred in one go to the accounts of 73 pensioners across the country. At present, 138 regional offices of EPFO transfer pension to the accounts of the beneficiaries of their area. In such a situation, pensioners get pension on different days and times.

A proposal to set up a central pension distribution system would be taken up in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a source said. The source said that after the installation of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously.

The source said that all the regional offices deal with the needs of the pensioners of their area differently. This allows pensioners to be paid pension on different days. In the 229th meeting of the CBT held on November 20, 2021, the Trustees had approved the proposal for development of a centralized IT based system by C-DAC.

The Labor Ministry said in a statement after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

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PF Account withdrawal Rules Changed: Money is to be withdrawn from PF account – first know these rules, otherwise so much tax will be deducted

Pravesh Maurya — Wed, 27 Jul 2022 08:52:06 +0000

PF Account withdrawal Rule: Money should be withdrawn from PF account only in emergency. There are also terms and conditions for this. If you withdraw money without following the terms and conditions, then you may have to pay tax on it. That’s why we are giving you all the information.

Employees have the option to withdraw money from their Provident Fund (PF) when needed. Many times people withdraw money from PF account. But there are some terms and conditions for this also. If money is withdrawn from the PF account prematurely and the rules are not followed, then tax may have to be paid. Therefore, it is important to know the rules related to PF. Know about the rules related to PF account.

When to withdraw money from PF If it is necessary for you to withdraw money from PF account, then it should be done only after 5 years. If you withdraw more than 50 thousand rupees before 5 years, 10 percent TDS has to be paid. That’s why it is important that you keep the money in PF for 5 years.

Why does it take TDS to withdraw money from PF account before 5 years, the employer’s contribution comes under the income from salary category. At the same time, the contribution of the employee comes in income from other sources. The interest earned on these two is taxed. If someone’s income is less than Rs 2.5 lakh and he withdraws money from PF account, he should submit Form 15GH. TDS is not deducted on doing so.

Keep these things in mind that tax is levied on withdrawing money from PF account before 5 years. 10% TDS is deducted on withdrawal of more than Rs 50,000. To avoid TDS, one should withdraw money from PF account after 5 years. Interest is earned on the deposited amount.

When withdrawal of money is not taxed , in some situations, tax is not levied on withdrawing money from PF account. If the employee has lost his job and he is withdrawing money, then there will be no tax. Withdrawal from PF account will not attract tax even in the event of company closure. After the death of the employee, there is no tax on withdrawing money from PF. At the same time, there is no tax on transfer of PF along with joining in a new company.

According to the rules of EPF, a member can withdraw 75 percent of the total amount deposited during the job after one month of job loss. At the same time, if the person remains unemployed for more than two months, then he can withdraw the entire amount from the PF account.

When to pay tax on PF, there are four components of contribution in PF – the contribution of the employee, the amount deposited by the employer and the interest received on both. Of these four, three have to be taxed. This tax is levied on the contribution of the employee and the interest earned on them.

Tax Basis The calculation of tax on investment in PF also depends on whether the employee has availed deduction under section 80C of the Income Tax Act at the time of filing ITR or not. According to the Income Tax Act, if the employee deposits the amount in PF, then his contribution is exempted from income tax.

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EPF Interest Rate: Will the interest rate on EPF increase? Government gave big information in Parliament

Pravesh Maurya — Tue, 26 Jul 2022 05:50:53 +0000

EPF Interest Rate: EPFO invests the money deposited in the account of PF account holders at many places. A part of the earnings from this investment is given to the account holders in the form of interest. In March, the EFPO had reduced the interest rate for the financial year 2021-22 from 8.5 percent to 8.1 percent. The government has made its stand clear regarding the change in interest rate.

A big update has come regarding Employees’ Provident Fund (EPF). It was being said that the government may soon change the interest rate on EPF. Last month itself, the central government had approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. Now the Minister of State for Labor and Employment, Rameswar Teli in Parliament has cleared the government’s stand regarding the change in interest rate. He has given information to the Rajya Sabha in a written answer to a question.

no proposal for change

Rameshwar Teli was asked whether the government would reconsider increasing the rate of interest on the amount deposited in EPF. Responding to this, he made it clear that there is no proposal to reconsider the interest rate. Also, Rameshwar Teli told that the interest rate of EPF is higher than the interest rate available on many government schemes. He told that the interest rate of EPF (8.10 percent) is higher than the interest available on Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

Based on the recommendation of the CBT, the Center in June this year had approved an interest rate of 8.1 per cent on PF deposits for 2021-22. The Minister of State said that the interest rate is dependent on the income received from the investment of EPF. It is distributed only as per the EPF Scheme, 1952.

lowest interest in four decades

Right now the interest rate on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.

Where would the PF money be 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. The remaining 15 per cent is invested in ETFs. The interest of PF is decided on the basis of earning from debt and equity.

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Important news for PF account holders, new update came on increasing interest rate

Pravesh Maurya — Sun, 24 Jul 2022 08:50:30 +0000

If you are also an EPFO account holder, then there is important information for you. The government has given a big statement regarding increasing the interest rate on PF account. Minister of State for Labor and Employment, Rameshwar Teli has asked the House not to make any changes in the rate of interest on Employees’ Provident Fund (EPF) deposits for the financial year 2021-2022. Spoke of. Rameshwar Teli (Minister of State for Labor and Employment) has said this to the Rajya Sabha in a written reply to a question.

no motion to reconsider

Rameshwar Teli was asked in the Rajya Sabha whether the government is reconsidering increasing the interest rate on Employees’ Provident Fund deposits. Giving a written reply to this, the Union Minister clarified that no proposal has come to reconsider the interest rate. That is, there will be no increase in the interest rate available on PF accounts.

Now getting so much interest (interest on PF)

Rameshwar Teli (Minister of State for Labor and Employment) also said that the interest rate of EPF is applicable to other schemes like General Provident Fund (7.10 percent), Senior Citizen Savings Scheme (7.40 percent) and Sukanya. More than the Sukanya Samriddhi Account Scheme (7.60 percent). According to Rameshwar Teli, the rate of interest on pf from small savings schemes is still high. In such a situation, the eligible government will not consider the interest rate hike. Let us tell you that it has been approved to give 8.10 percent interest on EPF.

CBT had demanded such interest rate

The Minister of State for Labor and Employment has said that the interest rate on PF depends on the income received by the EPF from its investment and such income is distributed only according to the EPF Scheme, 1952. Also said that CBT and EPF had recommended 8.10 percent interest rate for 2021-22, which has been approved by the government.

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PF account : Check Before terms and conditions for withdrawing money from pf account, otherwise so much tax will be deducted

Pravesh Maurya — Sun, 24 Jul 2022 07:35:35 +0000

Money should be withdrawn from PF account only in emergency. There are also terms and conditions for this. If you withdraw money without following the terms and conditions, then you may have to pay tax on it. That’s why we are giving you all the information.

When
to withdraw money from PF If it is necessary for you to withdraw money from PF account, then it should be done only after 5 years. If you withdraw more than Rs 50,000 before 5 years, 10% TDS has to be paid. That’s why it is important that you keep the money in PF for 5 years.

Why does it take TDS
to withdraw money from PF account before 5 years, the employer’s contribution comes under the income from salary category. At the same time, the contribution of the employee comes in income from other sources. The interest earned on these two is taxed. If someone’s income is less than Rs 2.5 lakh and he withdraws money from PF account, he should submit Form 15GH. TDS is not deducted on doing so.

Keep these things in mind
that tax is levied on withdrawing money from PF account before 5 years. 10% TDS is deducted on withdrawal of more than Rs 50,000. To avoid TDS, money should be withdrawn from PF account after 5 years. Interest is earned on the deposited amount.

When withdrawal of money is not taxed
, in some situations, tax is not levied on withdrawing money from PF account. If the employee has lost his job and he is withdrawing money, then there will be no tax. Withdrawal from PF account will not attract tax even in the event of company closure. After the death of the employee, there is no tax on withdrawing money from PF. At the same time, there is no tax on transfer of PF along with joining in a new company.

According to the rules of EPF, a member can withdraw
75 percent of the total amount deposited during the job after one month of job loss. At the same time, if the person remains unemployed for more than two months, then he can withdraw the entire amount from the PF account.

When to pay tax on
PF, there are four components of contribution in PF – the contribution of the employee, the amount deposited by the employer and the interest received on both. Of these four, three have to be taxed. This tax is levied on the contribution of the employee and the interest earned on them.

Tax Basis
The calculation of tax on investment in PF also depends on whether the employee has availed deduction under section 80C of the Income Tax Act at the time of filing ITR or not. According to the Income Tax Act, if the employee deposits the amount in PF, then his contribution is exempted from income tax.

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EPFO Pension: There is going to be a big change in the pension received from EPFO, good news will be available on this date!

Pravesh Maurya — Sun, 24 Jul 2022 06:09:37 +0000

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this. Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30.

The proposal will be placed in the meeting to be held soon.
With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country. At present, 138 regional offices of EPFO transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made.

73 lakh pensioners will get the pension together
, the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

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Good News EPF Pensioner: Now pension will be transferred in one go, 73 lakh people will benefit

Pravesh Maurya — Sat, 23 Jul 2022 10:45:05 +0000

EPFO Pension: Employees’ Provident Fund Organization i.e. EPFO in its meeting to be held on 29th and 30th July will approve it after considering the proposal for setting up of Central Pension Distribution System. The special thing is that with the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

A source told news agency PTI- Bhasha that a proposal for the formation of a central pension distribution system will be proposed in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30.

Further quoting the source, the report said that after the installation of this system, the distribution of pension will be done on the basis of the database of 138 regional offices, so that 73 lakh pensioners will be given pension simultaneously.

It was also informed that all the Regional Offices deal with the needs of the pensioners of their area differently. This allows pensioners to be paid pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the Trustees approved the proposal of C-DAC to develop a centralized IT based system. The Labor Ministry had said in a statement after the meeting that thereafter the details of regional offices would be shifted to the central database in a phased manner. This will facilitate the operation and delivery of services.

At present, 138 regional offices of EPFO transfer pension to the accounts of the beneficiaries of their area. In such a situation, pensioners get pension on different days and times.

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EPF Interest Rate Increase : Will the interest rate on EPF increase? Government gave big information in Parliament

Pravesh Maurya — Fri, 22 Jul 2022 09:50:04 +0000

No proposal for change

Lowest interest in four decades

Right now the rate of interest on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.

Where would the PF money be invested?

The post EPF Interest Rate Increase : Will the interest rate on EPF increase? Government gave big information in Parliament first appeared on Rightsofemployees.com.

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provident fund - Rightsofemployees.com

EPFO New Scheme 2025! This new EPFO ​​scheme benefits employees, makes enrollment easy, and deposits deducted funds.

EPFO Subscribers Rejoice: Simplified Withdrawal Rules You Need to Know!

The central government is preparing to lighten the pockets of employees. If you also contribute a portion of your salary to a Provident Fund (PF), withdrawing your money may now be easier than ever.

Difficulties with current rules:

What could change?

What do experts say?

EPFO 3.0 platform is going to be launched, now you can withdraw PF money from ATM and UPI too

Online claim and correction facility will be available

User Friendly Experience

PF Withdrawal from ATM

Instant withdrawal facility will also be available through UPI

EPFO’s big decision! Now UAN will be generated in a new way, Aadhaar card will be used

What is UAN and why is it important?

How was UAN made till now?

What is the new system of EPFO?

For whom will the old process remain?

EPFO New Rule: New PF rule for everyone, rules for claiming money have changed

Till now this was the rule

Government’s big decision on PF – you can get up to 5 lakh

What is the change?

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PF Withdrawal: EPFO claims that small claims up to Rs 1 lakh are now being settled within 72 hours

When can the money be withdrawn

Tax rules on PF withdrawal

PF withdrawal: Now PF money will be withdrawn in minutes, the government will make this big change this month

EPFO Interest Rate: 8.25 percent interest will be available on PF this year too, government has approved

EPFO Interest Rate: The central government has approved an interest rate of 8.25 per cent on Employees’ Provident Fund (PF) deposits for the financial year 2024-25.

EPF Interest Rate 2024-25: Government approves 8.25% interest on EPF, know when will you get the interest?

Provident Fund EPF Interest Rate : The central government has approved giving 8.25% interest to EPF account holders for the financial year 2024-25. After this decision, EPFO ​​can now start the process of depositing interest in EPF account.

How much interest will you get on EPF?

When will EPF interest be credited to the account?

What is the loss due to delay in EPF interest?

How to check EPF balance?

EPF Advance Rules 2025: When can you withdraw money from your PF account during your job? Know the new rules

1. PF advance for marriage

2. PF withdrawal for education

3. EPF advance for buying/constructing a house

4. Withdrawal for house repairs

5. Withdrawal from PF for treatment

6. Withdrawal one year before retirement

7. PF Advance for Disability

8. PF withdrawal in case of unemployment

9. Withdrawal for Senior Pension Insurance Scheme (VPBY)

10. PF advance in case of power cut

11. Withdrawal to repay home loan

12. PF advance in case of dismissal

EPFO New edition launch soon faster claims atm withdrawals and more

EPFO News: If you are employed then this news may be useful for you. Actually, the Employees Provident Fund Organization ( EPFO ) will launch Edition 3.0 by June. Union Labor and Employment Minister Mansukh Mandaviya gave this information.

What are the facilities

27 lakh crore fund

Related Articles:-

Why PF claims get rejected and how to fix it

For salaried employees in India, Provident Fund (PF) is not just a retirement fund but also an essential support in times of career transition or emergency. But, sometimes it becomes very difficult to withdraw PF money at the time of need.

Why is there a delay in withdrawing PF money?

There is confusion while filling the form

Technical difficulties and compliance burden

What to do if PF claim gets stuck?

Pay attention to these things before claiming PF

EPFO Claim Update: No need for cancelled cheque and verification to withdraw money From PF A/c

EPFO (Employees’ Provident Fund Organisation) has given a big relief to its crores of members. Now if you apply for online PF withdrawal, then neither will you have to upload a cancelled cheque nor will there be any need for employer verification for the bank account.

Now you don’t need a copy of check leaf or passbook for online claim

Employer’s approval will no longer be required to link bank account with UAN

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

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EPF Interest Rate: Big news…! Government may announce a cut in PF interest rates, Know the reason here

The government may announce a cut in the interest rate on money deposited in EPFO, which will affect the retirement savings of 30 crore members. EPFO ​​is facing pressure from increasing claim settlement and falling bond yields, which may lead to a reduction in interest rates.

The decision on interest rate will be taken tomorrow (28 February)

Why might interest rates be reduced?

Increasing demand for claim settlement

EPFO New Scheme 2025! This new EPFO scheme benefits employees, makes enrollment easy, and deposits deducted funds.

Provident Fund EPF Interest Rate : The central government has approved giving 8.25% interest to EPF account holders for the financial year 2024-25. After this decision, EPFO can now start the process of depositing interest in EPF account.

The government may announce a cut in the interest rate on money deposited in EPFO, which will affect the retirement savings of 30 crore members. EPFO is facing pressure from increasing claim settlement and falling bond yields, which may lead to a reduction in interest rates.

EPFO : The Employees’ Provident Fund Organization (EPFO) will soon decide the interest rate on Provident Fund. The 237th Central Board of Trustees meeting of EPFO is going to be held on 28 February 2025.

PF Funds: Central govt may give the option to EPFO employees to convert their PF funds into pension

Budget Expectations: Several steps may be announced to provide relief to EPFO members. Under this, employees associated with the Employees’ Provident Fund Organization (EPFO) may be given the option to convert their PF funds into pension.

Pension : Pensioners of the Employees’ Provident Fund Organization ( EPFO ) will now be able to withdraw pension from any bank. EPFO has completed the implementation of the Centralized Pension Payment System (CPPS) in all its regional offices across the country.

EPFO News: The Government of India is going to launch new initiatives through EPFO (Employees Provident Fund Organization) and ESIC (Employees State Insurance Corporation) for the convenience of employees and workers.

Benefits to EPFO members