How To Check UAN Status

How To Check UAN Status

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A universal account number is very vital. It helps one know what is current in relation to provident fund. The UAN unique digits are similar to the PAN card, the only difference comes in that, the Employees’ UAN is given to the employees by the provident fund organization. This article will in depth discuss the procedure one needs to follow so as to check the UAN status. Below are the steps to be keenly followed; 

Steps one needs to follow so as to check on his or her UAN status

  1. First of all, you are required to log onto the official website of universal account number
  2. However, you should note that there are different links established for both the employers and employees. The two are separated
  3. For the employees to log onto their site, they need to log onto the portal link below- http://uanmembers.epfoservices.in/
  4. On the other hand, the employers have a separate link. They need to log onto their own portal using the link below- https://employerclaims.epfoservices.in/
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Apart from the above steps, there are other several steps to follow

  • Once you have logged onto that specific website, you should then immediately click on UAN link
  • Next, click onto the option that states ‘know your UAN status’
  • Here you are needed to give your PF details such as your issued provident fund number. You should take note that the PF number needs to be keyed in properly so that you are able to acquire correct UAN status. If not keyed in properly, you might acquire the wrong information or no information at all
  • One should afterwards select the state in which the offices are registered
  • However, if you are unsure about the state, you can type in the first two letters of the PF number- the letters stand in for the specific state
  • Next, you are needed to make a selection on the PF office region
  • There are possibilities that a state has many regions and for you to know the exact region, the next 3 letters of the PF number will help you the exact region
  • Once you have keyed in the above information, the rest of the numbers will be filled in automatically. However it’s advisable for you to check it so as to ensure that the provided number is correct
  • Now key in the number of the organization. That is the first digit group in the PF
  • You are then required to fill in the extension
  • There are some cases where the PF numbers lack extensions. However, this is not an issue to worry about, the column can be left blank
  • Afterwards key in your provident fund number
  • Once the process has been completed, you can easily view your UAN status
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When you are not able to comfortably complete the above process so as to acquire your status, you can contact the universal account number help desk for further help and clarification. The help desk is available from 9:15 am to 5:45 pm all weekdays. They are very helpful and always willing to help.

Posted in EPF

UAN Activation

UAN Activation

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For one to activate the universal account number he or she needs to follow certain steps. They are quite simple and easily understood. An individual only requires to follow the instruction carefully and keenly. Sometimes back, for one to activate his or her UAN, they needed to log onto the EPFO official website. That was the only way available for activation.

However, due to the development in technology, the process has been made much easier and diverse. This is to mean that for you to be able to activate the number, you might decide to use the mobile application or even the SMS and quite recently the missed call services have been established and added to the available option of activation.

When you use any of the three available options, you can get your provident fund details easily and fast in a very short time. This article will discuss three available activation options.

  • Through the mobile application
  • Using an SMS
  • Missed call service so as to receive the PF details

UAN activation using the mobile application

For you to acquire the mobile application, you are first required to visit the Google Play store so as to download the activation app. This is the safest approach when you wish to use the app. However, there are other various apps or even links through which you can obtain the mobile app but they may not be so safe for your mobile device. They can cause device damage or transfer viruses  to the device.

The obtained app may be quite useful in the following ways;

  1. Pensioner can easily access the disbursement pension details
  2. Employee can obtain the PF balance details or the credit alerts
  3. The employer can keep track of the PF remittances
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One can download the mobile app for the activation process when they click on the below link. https://play.google.com/store/apps/details?id=com.phonegap.helloepfo

SMS based activation process

Members can use their mobile devices to send an SMS so that they can get their UAN activated. Use the below format when sending the SMS

Example

ACT, 012345678901, XXXXX 012345678901234567

And Send this SMS to 07738299899

It is important to note that when sending the sms there is no spacing before or after the commas.

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Missed call provision for the activation of UAN activation

The registered members can make a missed call to this phone number 011 – 22901406. After making the call, you will receive the latest details on the contribution as well as the PF balance if the UAN of that member is seeded on to the bank account number, Aaadhar number or PAN.

The above options are the ones available for the activation of the number. The processes are all quite simple to understand and carry out. The life of the citizens has been made much easier with the use of technology.

A person who is not so good with technology is advised to make use of the SMS activation method. It is quite easy and anyone can easily do it. It does not involved complex processes or steps.

Posted in EPF

UAN Registration

UAN Registration 

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The UAN was introduced by the employees provident fund organization of India. It’s a 12 digits unique number that is issued by the employee provident fund organization to the employees. The number is used to identify employees till their retirement time. It’s quite similar to the PAN number, however, there are certain differences. 

How the UAN is issued

The universal account number is given to each and every member of the provident fund and the same is provided to the employers so that they can easily download or pass it to their various employees.

A member can easily know his or her status once they have registered themselves successfully through the site.

Steps to followed when registering for the UAN

  1. After you get the universal account number from your employer, you should then visit or log on to the employees provident fund official website
  2. One can also use the below link so as to log onto the website  http://uanmembers.epfoservices.in/
  3. Thereafter click onto the UAN activate registration option
  4. There you will then be directed to a new page that reads activate UAN registration
  5. Here you are needed to enter your own UAN then followed by your mobile number and the member ID
  6. You should make a selection of state as well as the office from the menu presented on the site
  7. Thereafter enter the available characters presented in an image – note that these characters are very important and sensitive
  8. Finally, you should click on get the PIN, this is needed so as to get authorization PIN on your mobile device number, which was submitted during the time of application

Once you have completed the above process, you will then immediately be directed to another page that will display important information such as the validation that the members credentials have been verified. On this page, you can easily come up with a password so as to login into this portal. Take note that the password should not be forgotten, it is very important.

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This way you can access facilities which have been mentioned in the member portal. It is also important to take note that the UAN will be used throughout your working career.

You never forget your username as well as you issued password. You will afterwards receive a message immediately after registration.

Once you have logged onto the site there are several other options available for you to look at. Below are some of the options

  • File transfer claim
  • View status linking
  • Edit email ID
  • Change password
  • View FAQs
  • Help desk E-mail ID
  • Helpdesk number for the EPFO official website
  • Enter details that are personal
  • List of previous member ID
  • Transfer status claim system generated
  • Download UAN card or passbook
  • Once you have updated or actually edited or made the necessary changes or checked on the current UAN status
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Registration is quite easy and simple to accomplish. You are only required to follow the outlined above process carefully and keenly and you will comfortably access the kind of information you need

Posted in EPF

UAN- Universal Account Number

UAN- Universal Account Number

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Many people have heard about the UAN especially in association with employees’ provident fund. This article will clearly explain to you what exactly UAN is. The word UAN is an acronym meaning universal account number and it’s given to individuals who are employees as well as employers. They contain multiple member IDs, which are issued to people by various organizations.

The main reason as to why the linking of multiple numbers of identification for members is done is to enable the members view the details linked to the identification number. If you already possess the identification number, it’s advisable for you to provide it to your potential employer. This is because he or she can easily access your information and link up member number of identification to the issued universal number of identification. The UAN has numerous benefits. They include;

  1. The use and transfer of the PF balance in the account is much easier that it was before
  2. The UAN will remain unchanged even if you decide to change jobs throughout your career lifetime
  3. The employees can easily view, withdraw or even transfer the EPF balance, check on the transfer status for the claim, download the UAN card or KYC documents’ update
  4. The members are able to receive an SMS on the phones when the provident fund are deposited
  5. One can easily apply for the transfer of the provident fund on line if you have an UAN
  6. The transfer or even withdrawal of PF does not take so much time. However for those processes to be fast, you need to have the UAN.

How to access your universal account number details

You can easily be able to access your UAN details when you log onto the member UAN portal website and the steps are quite simple. For you to be redirected to the page, you can easily click onto the below link- http://uanmembers.epfoservices.in/

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How to easily download the UAN card

  • Log into http://uanmembers.epfoservices.in/ using your issued username and password
  • Click on the download option
  • You can decide to print out the hard copy of the card or save the document as a soft copy onto your computer

It is vital for everyone to make sure that they have the Universal Account Number since there are a number of things that are only accessible to a person with that number. This number is gaining a lot of popularity in the country and so many types of information are being linked to it. In the future, this card will be a necessity for every working citizen to possess. Therefore it is important for one to acquire it now before the process becomes accessed by so many people making it becomes difficult for you to acquire the number.

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The number will serve you as an employee till your retirement age. It has so many advantages that accompany it; employees should be able to easily adapt to the changes in terms of the universal account number introduction.

Posted in EPF

What is UAN and How to Get It?

What is UAN and How to Get It?

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UAN remains for Universal Account Number. The UAN is issued by Ministry of Labor and Employment, Government of India. This number will go about as a character for numerous part IDs apportioned to an employee by various establishments. This would be one more expansion to every single other number one might as of now have! The thought behind concocting one more number is to link different distinguishing proof numbers allocated by numerous businesses to a person under a solitary Universal Account Number (UAN).

To comprehend it better, how about we proceed with a few samples of different PF account numbers gave by different employers to a person amid the employment residency. Each time an individual stops the employment with one association and joins another, another PF is relegated. With this UAN, an individual can connect all the past EPFO accounts and guarantee a smoother exchange/withdrawal of PF sums as required. If a part is as of now assigned UAN, then he/she is required to give the same on joining new establishment to empower the employer to thoroughly check the new apportioned Member Identification Number (Member Id) to the officially allocated UAN.

At first UAN is assigned just to an employee who is in dynamic administration with an employer between 01-Jan-2014 and 30-Jun-2014. This recently created UAN for an employee is conveyed to employers alone and won’t be specifically accessible/imparted to a person by the Ministry of Labor and Employment. Employees ought to contact their individual employer to get UAN.

Highlights of Universal Account Number:

  • Employees will have only one universal account number
  • You will have same UAN in various employments inside of the country
  • Change employments as much as you need the EPF will tail you.
  • This number would be connected to your character.
  • The KYC archives would be utilized for confirmation of the universal account number.
  • The EPFO portal will issue the UAN. Employers will offer these to the employees.
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10 advantages of Universal Account Number (UAN) To the Employee:

  • You can link the greater part of your past PF account at one spot.
  • EPF Transfer would turn out to be simple. It should be possible naturally.
  • EPF balance from the majority of the account would be exchanged consequently.
  • You can without much of a stretch check and download your PF passbook at whatever time.
  • Employer couldn’t extort you in view of the EPF. He would not have the capacity to withhold the PF of an employee.
  • In future there would be no need of check from the employer at the season of PF withdrawal or transfer.
  • An employer can’t suppress the provident fund of the employee.
  • You can undoubtedly take loan from the PF account. The procedure would be online soon.
  • You can overhaul your own subtle elements online.
  • You will get month to month SMS upgrade of PF commitment. You will become more acquainted with whether your company is keeping PF on time or not.
  • There are various types of organizations which postpone in EPF commitment.
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Posted in EPF

The Rules Required for the Provident Fund

 Rules Required for the Provident Fund:

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Employees’ Provident Fund is a little sparing scheme that is offered to Indian workers and also global workers through the EPFO of India. The scheme permits gathering of funds and in addition collection of enthusiasm on the amassed funds. The funds in this manner gathered are made of commitments somewhat from employees and halfway from their managers. A Universal Account Number framework was begun in October 2014 to permit convenience of provident fund accounts of employees in the event of progress of employment. The 12-digit UAN is likewise useful in monitoring the provident fund account points of interest and permits a centralized login to direct numerous extra capacities identified with a provident fund account.

The EPF is one of the principle stages of savings for all employees working in Government, Public or Private Segment Organizations. It appeared with the proclamation of the Employees’ Provident Funds Ordinance on the fifteenth November, 1951. It was supplanted by the Employees’ Provident Funds Act, 1952. The Employees’ Provident Funds Bill was presented in the Parliament as Bill Number 15 of the year 1952 as a Bill to accommodate the foundation of provident assets for employees in factories and different establishments. Since its enactment in 1952, the Act has been corrected 15 times till now.

Provident fund rules have experienced numerous progressions after some time and as needs be: –

Correction of least salary limits– Prior, an employee having salary underneath INR 6500 every month needed to compulsorily contribute towards EPF. The base salary limit has been updated to INR 15000. Along these lines, employees with month to month pay rates not exactly or equivalent to INR 15000 now need to contribute obligatorily towards EPF.

Changes to pension sum– The base month to month pension sum has been presently set at INR 1000 for the dowager of an individual from the Employees’ Provident Fund. For youngsters and vagrants, it has been set at INR 250 and INR 750 every month separately. The pension sum from now on will be figured according to the normal salary of the most recent 60 months, rather than 12 months.

Insurance Coverage – The underlying scope amount under EPS had been INR 156,000. According to the late changes, this amount has now been expanded to INR 300,000 for every member.

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Business Contribution towards EPS– Because of the adjustment in the base salary sums, business commitment has expanded to INR 1250 every month towards EPS independent of if the salary is beneath or above INR 15000 every month.

Change in edge limit– Rather than 20 employees for each association as the base gathering size, 10 employees in an association will be viewed as qualified for EPF commitment.

Withdrawals – Withdrawals can be produced using an EPF account through case forms for financing an insurance strategy, purchasing or building a house and a couple of other adequate circumstances according to the EPFO.

All employees are qualified to end up an individual from provident Fund from the date of joining the establishment as per the provident fund rules. On turning into a part, an employee is qualified for provident Fund advantages, pension advantages and Insurance advantages. Each employee at the season of joining the PF Scheme ought to execute a nomination. A part can likewise register himself/herself on the Member Portal and download his/her e-passbook having transaction insightful points of interest in PF Account.

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Provident fund rules is made with a motivation behind giving money related security and soundness to employees. A man begins his commitment in the PF fund once he joins a company as an employee. The commitments are made all the time. The main role of PF fund is to offer employees some assistance with saving a small amount of their salary consistently so he can utilize the same in an occasion that the employee is briefly or didn’t really fit to work or at retirement.

Posted in EPF

The Exact Process for the EPFO portal login

The Exact Process for the EPFO portal login

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The Employees’ Provident Fund Organization (EPFO) is a statutory body under the Ministry of Labor and Employment, Government of India. The administrations offered by the Employees’ Provident Fund Organization are recorded beneath:

  • Representatives’ Provident Fund Scheme, 1952
  • Representatives’ Deposit Linked Insurance Scheme, 1976
  • Representatives’ Pension Scheme, 1995

EPFO Member Portal

The EPFO member portal at http://members.epfoservices.in gives all data and administrations identified with your Employee Provident Fund (EPF). You need to sign into the portal to check your EPF parity by getting to your online Employee Provident Fund (EPF) Account Passbook. The portal, in this manner, deters the need to anticipate your year-end EPF receipts for knowing your current EPF equalization. The site is helpful in that you can sign into the member portal whenever by enlisting your details, taking after which you can without much of a stretch view every one of your accounts online. Besides, will likewise get a SMS when your e-passbook is accessible.

Step by step instructions to sign into EPFO Member Portal

The accompanying steps should be taken to sign into the EPFO Member Portal.

  • You need to open the member of Employee Provident Fund.
  • Fill in the required details in the fundamental page for enlistment.
  • You need to guarantee that you enter the right document sort since you will need to sign into the portal utilizing the same details gave by you. After you are registered, you can sign into the EPFO member portal. Case in point, in the event that you wish to enroll into the portal by utilizing your PAN Card, you need to choose PAN Number in the tab ‘Select Any One Document’ and enter your PAN Card number.
  • Please check the details before submitting them to get your PIN number.
  • After presenting your details, you will get an approval PIN.
  • You ought to then enter the approval PIN, taking after which, you will be registered.

By taking after the previously stated steps, you can open the member portal by entering particular details specifically, versatile number, document sort and document number and effectively download your EPF Passbook from the site.

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EPFO Member Portal

You would do well to remember the accompanying apropos focuses

  • You can utilize one and only versatile number for enlistment purposes.
  • While you can include different id numbers, you can utilize any one with your versatile number to sign into the EPFO member portal.
  • You can see your EPF account passbook in the wake of enlisting yourself. Note that you can profit of this office just if your boss has transferred the electronic challan cum come back from (compensation month) May 2012 onwards.
  • As a registered member, you can see one and only record under one business. In the event that you have more than one record under a solitary business, you ought to apply for a move by filling in the required details in Form 13.
  • You can see up to 10 accounts under various associations (foundations). There is no limitation on the quantity of times you can see every one of the accounts.
  • You need not make any client id and secret word. You just need to utilize your portable number and any one recognizable proof, for example, Aadhar, PAN, National Population Register, Voter ID, driving permit and identification to enlist and login.
  • If you wish to see your defective accounts, you need to make an official solicitation in that the office to show out of commission accounts might be given after a solicitation to the same is made through official channels. It is, in any case, vital to note that the said office is not accessible for current members of associations (foundations) which have exclusion according to EPF Scheme 1952.

UAN Portal

Leader Narendra Modi reported an all inclusive record number (UAN) to encourage Provident Fund (PF) number versatility. EPFO’s Universal Account Number (UAN) member portal

available at http://uanmembers.epfoservices.in/index.php offers a few offices by means of a solitary window.

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UAN Umbrella

The UAN is an umbrella for a few member IDs of an individual given by various associations (foundations). UAN, along these lines, connects numerous Member Identification Numbers of one member. In the event that you have as of now been designated a Universal Account Number (UAN), you need to give the same to your new manager so the last can stamp the new Member ID to the apportioned UAN. Firstly, you should contact your association (foundation) to get your UAN. You ought to then initiate your enrollment to use a few offices, for example, download of UAN card, overhauling of KYC related data and member passbook among others. At present, dynamic members (commitment got from October 2013 onwards) can just enroll (your portable number is required to initiate enlistment).

Posted in EPF

Know More about EPF Contribution

Know More about EPF Contribution

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A ton of Indians are hit with the basic issue of representatives not being given their entire pay sum, as it got to be mandatory for EPF commitment for their own plan. It is said to be a significant issue for individuals who were winning in the lower section of pay as the last pay every month came down to be not adequate for their month to month costs, often driving them to obligation. India is similarly cognizant about obligation yet has not helped in such circumstances.

In any case, new Indian Budget for 2015 was discharged conveying help to a few. Prior, the EPF worked taking into account contributing 12% of their month to month compensation towards the Employees Provident Fund, while the business too needed to make the same commitment consistently. Other than the EPF, businesses needed to contribute 8.33% on the annuity for each individual representative.

The Relief in EPF Contribution

The new spending plan has brought a considerable measure of alleviation especially for the workers relating to their pay rates. This division prior has a few issues particularly managing the measure of lawful bothers and in addition formality made, making it verging on inconceivable for representatives to get into. The 2015 spending plan saw, numerous stresses leave, with the expectation that both the business and their representatives will enormously profit by it. One of the fundamental highlights incorporate the discretionary element to not make assess installments if the month to month salary is lower than Rs. 30,000. This will likewise be relevant for senior residents, which is entirely reasonable since it would deal with their accounts at their age. Senior natives prior needed to pay a sum each month towards their Provident Fund prompting bothers of getting to it for lawful complexities did not bode well. With the coming of the new spending plan, the Government in India has taken unmistakable activities to lessen the weights of the regular workers, and additionally making things less demanding for all gatherings in the scene.

Another suggestion that was exhibited was to permit representatives to settle on a decision on how they might want to get their pay. While the proposition still stands at a phase of advancement, and would require the suppositions of the organizations alongside their partners for assessment before settling on an official choice, on the off chance that it gets to be expressed it will be useful for the representatives. This is on account of, it would then permit them to pick between the Employee’s State Insurance Corporation (ESI) or the Health Insurance item that they pick. Additionally it would permitted the salaried to pick the alternative more suitable to their necessities and settle on some essential choices in relating to their commitments in their compensation other than the routine and less available EPF commitments.

With such remarkable recommendations being made the country’s Government has made it less demanding for working for associations and organizations significantly more lucrative the adolescents who add to being one of the biggest populace any nation has, of its kind. With such activities there will be lesser re locations to different nations as individuals will spare progressively and have a genuine feelings of serenity in their nation. Starting now i.e. October 2015, one needs to know the commitments that can be made towards EPFO.

We definitely realize that representatives need to pay 12% of their fundamental month to month compensation towards EPF, however shouldn’t something be said about the businesses?

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Boss’ EPF Contribution

  1. The Employees’ Provident Fund Scheme: This is payable for all foundations that have or are utilizing 20 or more individuals and are occupied with an industry recorded under one of the 180 commercial enterprises under Section 6 of Act, with 12% of the fundamental pay, Daily Allowance, sustenance concession alongside holding remittance, if there are any, up to a greatest of Rs.15,000 every month. Some willful commitments that are higher are satisfactory with a joint solicitation from the business and the worker. Be that as it may, the rate of commitment must be 10% for a few classes of foundations that include:
  • An foundation that has been secured before September 22, 1997 for a situation where under 20 individuals are utilized.
  • A wiped out mechanical organization in light of the definition, gave in the Clause (0) of Sub-Section (1) of Section 3, which is a part of the wiped out modern organizations under the 1985 Act. They likewise should be proclaimed the same, by the Board for Industrial and Financial Reconstruction.
  • An foundation whose misfortunes toward the end of a budgetary year that has been gathered, signifies the whole total assets or surpassing it.
  • A organization or association included in assembling Jute, Beedi, Bricks, Coir barring the turning part) and Guar Gum Industries or plants.
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  1. The Employees’ Pension Scheme: 8.33% from the business’ offer of Provident Fund commitments of the aggregate pay rates that is restricted to Rs. 15,000 every month is segmented and contributed towards the Employees’ Pension Fund in the A/C No. 10 that has been as a result since September 1, 2014. Additionally Central Government of India contributes 1.1 or 6% of aggregate wages.
  1. Employees’ Deposit Linked Insurance Scheme: For this plan no sum is taken from worker’s pay. Be that as it may, the business needs to make an installment of 0.5% of the aggregate wages adding up to a most extreme of Rs. 15,000 consistently since September 1, 2014. The most extreme advantage can sum up to Rs. 3,60,000, under this plan.
Posted in EPF

How the PF Interest Calculator Can be Benefitting

Benefits of PF Interest Calculator:

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Do you have any thought what PF is? Have you ever put resources into PF? Indeed, PF remains for the necessary commitment both you as a representative and your manager make towards the future advantages of you and your gang. PF is fundamentally intended to defend you and your wards from monetary obstacles in the post-retirement period. A worker needs to make 12% of his/her fundamental pay as month to month commitment towards PF account. PF commitment is required for a business/association which has more than 20 representatives. PF commitment goes under the ambit of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and is taken care of by the Employee Provident Fund association (EPFO), a statutory body of the Government of India.

PF is one of the best speculation instruments all representatives working in government, open and private area associations can put resources into. In the event that you need to experience your retirement days in solace, it’s critical you make standard commitment towards your provident asset account.

What is a PF Calculator?

A provident asset number cruncher is an online device by which you can ascertain your EPF interest which you would get from the focal government at the season of your retirement. Fundamentally, a PF adding machine is a venture appraisal instrument that offers you some assistance with assessing your interests in representative provident asset plans. PF sum adding machine won’t just offer you some assistance with knowing the enthusiasm on your PF stores, it will likewise give you an evaluation of the amount of parity you would have in your representative provident asset account when you resign.

Key data to be placed in PF interest adding machine

A representative ought to enter the accompanying data in a PF interest number cruncher to know his/her PF interest:

  • Current age of a representative.
  • Current EPF equalization.
  • Age of retirement.
  • Monthly fundamental pay.
  • Monthly dearness recompense.
  • Monthly EPF commitment in rate
  • Expected compensation climb.

When you put all the above data in the PF adding machine, it will uncover the aggregate interest you would get at the season of retirement. EPF computation is, hence, made less demanding by EPF mini-computer.

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Provident asset loan fee

Before heading towards EPF count, a representative ought to know about the accompanying things:

  • Usually, the focal government occasionally advises the rate of EPF loan cost. The EPF loan cost notification is accessible on the official site of EPFO, India. The accompanying are the financing costs of the last 3 monetary years:
  1. Fiscal Year 2012-13 – 8.5%.
  2. Fiscal Year 2013-14 – 8.75%.
  3. Fiscal Year 2014-15 – 8.75%.
  • Based on a representative’s month to month normal equalization, EPF interest sum is computed. Worker provident asset supporters will get enthusiasm on their PF commitment and also boss’ commitment towards the same.
  • Although, PF hobby is computed on a month to month premise, the aggregate interest sum is credited on a yearly premise.
  • The credit payout is generally done toward the end of March.
  • EPF bookkeeping year begins from February and closures in March.

Tax breaks on EPF commitments

A representative can get tax reductions for adding to provident asset accounts under area 80 C of the Indian Income Tax Act, 1961. This advantage can be profited for contributing up to Rs. 1 lakh to a PF account. In the event that you contribute for a representative provident asset represent 5 years, you will escape impose reasoning on the sum you have contributed. In any case, if the length of time of your EPF commitment is under 5 years and your pull back your PF commitment before it finishes 5 years, pay expense will be deducted at source (TDS).

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Essential things you ought to think about EPF and EPS counts

  • EPFO has made PF conclusion compulsory, if your month to month pay is less Rs.15,000.
  • You as a worker contribute certain measure of your month to month compensation towards Employee Pension Scheme (EPS) which you would get as annuity after retirement. A base commitment of Rs.1000 has been chosen as month to month benefits sum for EPF account holders. You can likewise compute your provident asset benefits commitment by utilizing a PF Pension Calculator.
  • An EPF account giver can name any of his relatives as candidate. In the event that, something lamentable happens to the EPF patron, the candidate will get a protection scope up to Rs. 3,00,000. Prior, Rs.1.56 lakh was designated as protection scope. A representative ought to ensure he/she illuminates the chosen one about this procurement.
  • The least commitment made by a representative towards his/her provident asset record ought to be 12% of his fundamental pay. Prior, the base compensation limit for EPF commitment was Rs. 6,500. In any case, now, it has been raised to Rs. 15000. For instance, if your month to month compensation is Rs.15000 and you contribute 12% of your fundamental pay towards your provident asset account, your month to month PF store will be Rs.1,800. Your manager will be contributing Rs.550 and Rs.1,250 towards EPF and EPS individually on a month to month premise.
Posted in EPF

Getting the PF withdrawal Rules

Rules for Withdrawal of PF:

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The Employee Provident Fund (EPF), directed by EPFO (Employee Provident Fund Organization, a statutory body under the work service, service of money), offers representatives some assistance with saving a little portion of their compensation consistently and along these lines, construct a corpus which is assessment absolved for use in the fag end of their lives or retirement. Though, EPFO is a long haul funds apparatus, basically went for an anxiety free retirement, salaried representatives might pull back their cash in their EPF record to take into account diverse money related necessities or at the season of any real life occasions, for example, weddings, home remodel/change and restorative treatment among others. All associations which have utilized more than 20 representatives ought to obligatorily enroll with EPFO. To make the ideal utilization of the EPF account, salaried representatives must know about what a provident asset account involves and how it is worked.

Representative Provident asset (EPF)

It is vital to note that 12% of the essential pay of a salaried representative (notwithstanding dearness remittance and money estimation of sustenance recompenses, if any) is deducted from his or her compensation on a month to month premise as commitment towards an EPF account. Be that as it may, from the business’ commitment, 8.33% is stored in the Employee Pension Scheme (EPS) while just 3.67% is kept in the EPF account. The present rate of enthusiasm (for monetary year 2015-16) for an EPF record is 8.7% p.a. The rate of hobby is liable to change each year, as reported each year by EPFO.

EPF account withdrawal: Procedure

In the event that salaried persons wish to pull back their EPF accounts, they need to submit structure 19 to their ex-businesses, who thus, need to sign and confirm it. To finish the withdrawal methodology, members need to submit different documents, to be specific, acquiescence letter and a drop check notwithstanding shape 19 to the EPFO.

EPF withdrawal rules

Note that withdrawal of the EPF account by a salaried worker between exchanging occupations his or her employments is illicit. According to PF withdrawal governs, a salaried representative can pull back a provident asset account on two checks; initially, in the event that he or she has no occupation and second, if two months have passed since his or her last business (not appended to any association or unemployed for 2 months). All things considered, there are cases wherein representatives – expecting an awkward cases procedure might pull back their EPF account at the season of leaving an association. In any case, aside from the lawful point, specialists don’t suggest taking after the previously stated practice from the viewpoint of budgetary administration too in that a salaried representative can’t profit of a few advantages of keeping up a provident asset account including charge free intrigue, yearly intensifying and necessary long haul reserve funds among others. Specialists, along these lines,, guidance workers to rather exchange the EPF parity in their past manager’s record into the record of their present boss. In any case, the administration of India’s Unique Account Number or UAN streamlines the strategy (administration and exchange) given that it is apportioned to every single salaried representative and won’t change all through their vocations. Salaried workers will, along these lines, not be given another record number when they bounce employments or organizations.

EPF withdrawal rules: Purposes

Salaried representatives might pull back cash from their EPF accounts for different purposes, subject to specific conditions. People need to outfit a few documents notwithstanding meeting the qualification criteria according to epf withdrawal rules. The rundown of purposes and quantum of commitment which can be pulled back are recorded underneath:

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  • Marriage A salaried individual can pull back for self, kin and kids. He or she ought to, nonetheless, have finished at least seven years of administration to pull back half of commitment (thrice in a profession).
  • Medical treatment A salaried individual can pull back up to either six times of his or her month to month pay or aggregate corpus towards medicinal treatment of self, folks, life partner and youngsters.
  • Construction/Purchase of plot If a salaried individual wishes to pull back from an EPF represent the reason for either development or buy of a plot, the property must be registered in his or her name, life partner or be mutually held. At least five years of administration is required to pull back a sum which is 24 times the pay of the record holder. For development of a house, 36 times of the pay of a record holder can be pulled back. Note that withdrawal for said reason should be possible just once amid the administration of a record holder.
  • Home Loan Repayment If a salaried individual wishes to pull back from an EPF represent the motivation behind home advance reimbursement, the house ought to be registered in his or her name, life partner or be held together. At least 10 years of administration is required to pull back up to 36 times of the compensation of a record holder.
  • House remodel/change If a salaried individual wishes to pull back from an EPF represent the reason for house redesign or modification, the house ought to be registered in his or her name, life partner or be held together. At least five years of administration is required to pull back around 12 times of the month to month compensation of a record holder.
  • Retirement An individual must be 54 years of age to pull back up to 90% of the corpus of his or her provident asset account.
  • Miscellaneous Individuals can pull back from their EPF represent different reasons, for example, untimely retirement as an aftereffect of any physical or mental handicap, moving abroad for the purpose of better occupation or settling down in an outside nation.

EPF withdrawal sum: Taxation

On the off chance that a salaried representative picks withdrawal after nonstop administration of five years or above, there will be no TDS derivation on the sum. It is essential to note that if withdrawal is made before the fruition of five years of consistent administration, the sum pulled back will be assessable. As indicated by new EPF rules reported by the account clergyman in spending plan for monetary year 2015-16, EPF withdrawal (assessable) will pull in TDS finding at the rate of 10% (in instances of registered PAN) or up to a greatest of 30% (in instances of unregistered PAN). In any case, no TDS will be deducted if the withdrawal sum is under Rs.30,000. Note that an individual can submit frame 15G amid the season of withdrawal if his or her wage is not exactly the fundamental exclusion restrain even after the expansion of the provident asset withdrawal sum. On the off chance that a supporter does not present his or her PAN, TDS will be deducted at 34% on his or her pulled back sum. On the off chance that salaried persons need to stay away from TDS, they can submit frame no. 15H (senior nationals) or 15G for sum up to Rs.3 lakh and Rs.2.5 lakh separately (both the said structures are announcement shapes which can be utilized by workers whose wage is not exactly the assessable sum). It is essential to note that there will be no TDS reasoning in instances of exchange of a provident asset record and end of a job contract as an aftereffect of falling flat wellbeing (representative), end/suspension of a business wander (boss) or some other cause which may not be in the space of a worker.

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EPF account withdrawals: Grievances

The Consumer Protection Act incorporates a nitty gritty strategy to determine different grievances of EPF record holders. An individual or member can sign on to the official site of EPFO at www.epfigms.gov.in and snap the tab ‘register grievance’. A member can enlist a wide range of grievances versus withdrawal of EPF record, protection advantage (installment), plan endorsement, exchange of the record, check removal and PF equalization issuance among others.

EPF online direct withdrawal office

All lumbering printed material identified with withdrawal of EPF record might be a relic of times gone by. EPFO expects to dispatch an online office for PF withdrawal in 2016. EPFO, which presently has more than five crore members, is wanting to settle PF claims in three hours after receipt of a withdrawal application (online application will be exchanged to the ledgers of endorsers). To the end, EPFO has turned into UIDAI’s enlistment center. While around 92 lakh endorsers gave their Aadhaar numbers, EPFO confirmed around 64 lakh numbers as such (as of October 2015) for connecting it with UANs.

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