EPF ACCOUNT TRANSFER
EPFO undertakes multiple systemic reforms to enhance ease of doing business; improve ease of living
EPFO rules: At a review meeting, chaired by labour secretary Sumita Dawra, EPFO said the number of auto transfers generated by the retirement fund body has increased threefold from two lakh in April 2024 to six lakh in May 2024 while more than 25 lakh advance claims have been settled on auto mode.
Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts
The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.
Can you transfer EPF account from unexempted trust to EPFO, exempted trust?
EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund account either with EPFO or exempted trusts. However, what if you have an EPF account with unexempted trusts? Does EPF scheme rules allow an EPF member to transfer the unexempted trusts to EPFO or exempted trusts? Read on to know about it.
When will EPF interest be credited for FY 2023-24? Here’s what EPFO has said, 4 ways to check PF balance
EPF interest for FY 2023-24: The Employees' Provident Fund Organisation (EPFO) announced the interest rate for provident fund deposits for the 2023–2024 fiscal year in February of 2024. The interest rate for 2023–24 was raised by the EPFO from 8.15% to 8.25% from the previous year.
EPF withdrawal claim: How many days does it take to settle an EPF withdrawal claim?
Settlement of EPF withdrawal claim: Many Employees' Provident Fund (EPF) members experienced difficulties after submitting withdrawal requests from their EPF accounts. Some of them voiced concern, noting that there has been no news on the situation since making a withdrawal claim.
Automatic EPF account transfer from old to new job: How EPFO's facility works
Automatic EPF account transfer: Employees Provident Fund (EPF) members can now automatically transfer their provident fund accounts from their old employer to new employer. However, this facility is available to certain EPF members only satisfying certain conditions. Read on to know to whom automatic EPF account transfer facility is available and how it works.
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EPF joint declaration: List of acceptable documents required to make corrections, updations in UAN profile
Correction, updations to EPF account: The Employees' Provident Fund Organisation (EPFO) has made changes to the standard operating procedure (SOP) for collecting joint declarations to address inaccuracies in members' and employers' Universal Account Number (UAN) profiles. Here is a look at more details regarding making changes to one’s EPF account’s UAN profile.
How to avoid rejection of EPF withdrawal claim; Steps provident fund member should take
EPF Withdrawal claim rejection: Many individuals are struggling to get their EPF money at the time of withdrawal. The reason for rejection of their EPF claim is due to mismatch in the details available in the EPFO records as well as in the EPF account holders' PAN, Aadhaar or incomplete KYC records. Here is how the EPF claim rejection can be avoided.
EPF interest rate hiked to 8.25% for FY 23-24; 4 ways to check your EPF balance
EPF interest rate for FY2023-24: The interest rate will be formally announced in the government gazette if approved by the Ministry of Finance. EPFO will then credit the agreed rate of interest to its EPF subscribers' accounts.
Have multiple EPF account UANs? Here’s how to merge more than two UANs
The UAN is constant throughout your career; even if you change jobs over the years, your UAN will remain the same. With the use of the Universal Account Number, or UAN, one can merge their multiple EPF accounts.
EPFO Interest Rate Hike: EPFO declares 8.25% as EPF interest rate for FY 2023-24
EPFO Interest Rate Hike: The Employees Provident Fund is a mandated contribution for salaried employees. An employer is also obligated to make a matching contribution to the EPF account. On a monthly basis, an employee contributes 12% of his earnings to his EPF account. The employee's whole contribution is placed into the EPF account. In the case of the employer, just 3.67 percent is deposited into the EPF account. The remaining 8.33% goes to the Employees Pension Scheme (EPS).
Latest EPFO rules: How to unblock inoperative EPF account, settle claims
The EPFO has especially outlined the procedural complications involved in UAN generation/linking, KYC seeding, blocking, unblocking, and paying claims for transaction-less accounts and inoperative Accounts. Let us take a look at what the EPFO SOP had to say about inoperative accounts.
EPFO restricts credits, deposits into EPF accounts linked with Paytm Payments Bank from this date
The EPFO advised all its Field Offices to refrain from accepting claims associated with bank accounts in Paytm Payment Bank Limited with effect from next month.
EPFO removes Aadhaar from list of acceptable documents for proof for updation/correction of date for birth; check details
EPFO update: EPFO has announced that Aadhaar has been removed from the list of acceptable documents for proof of date of birth (DoB) for correction, updation purposes.
Employers can log in to EPF portal to check on liabilities
The Employees' Provident Fund Organisation (EPFO) in India has introduced automated solutions for damages and interest calculations to improve the ease of doing business for employers. This will enable employers to check their liability towards the retirement fund body every time they log in to their EPF portal.
I have an EPF corpus of Rs 85 lakh; is it tax efficient to transfer it to NPS tier 1 account after retirement?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
EPFO disburses Rs 48,000 crore Covid advance to over 22 million subscribers in 3 years
As per the draft Annual Report 2022-23, EPFO disbursed Rs 17,106.17 crore in 2020-21 benefitting 6.92 million beneficiaries, Rs 19.126.29 crore in 2021-22 to 9.16 million beneficiaries and Rs 11,843.23 crore to 6.20 million beneficiaries in 2022-23.
When will EPF interest for FY 2022-23 be credited, how to check EPF account balance
EPF interest rate for FY 2022-23: Salaried workers are required to make a contribution to the Employees Provident Fund. Additionally, an employer is required to contribute in a matched manner to the EPF account.
How to make changes to EPF account details: Documents required to update, correct name, gender, date of birth, marital status
The Employees’ Provident Fund Organisation (EPFO) has issued new standard operating procedure (SOP) via a circular. The new SOP will allow the EPF member to update 11 profile-related parameters.
Is EPF e-nomination mandatory to partially withdraw money from EPFO accounts?
The Employees' Provident Fund (EPF) Advance Form, also known as Form 31, is typically used to submit a claim for a partial withdrawal or advance from the EPF account.
EPF withdrawal, transfer claim: How many days does it take to settle a claim or release EPF amount
EPF members can submit their withdrawal or transfer claims both online and offline. Individuals can check the progress of their EPF claims online regardless of how they submitted their application.
Will your EPF account earn tax-free interest even after you leave job?
Many salaried workers make monthly contributions to the Employees' Provident Fund (EPF) account knowing that the account will mature at the time of retirement. However, not many people are aware of the finer details of the scheme. How long money can be kept in the EPF account after leaving job? If an interest will be earned on those EPF accounts.
Does eligible employee have an exit option to get out of higher EPS pension application?
The circular issued by the Employees' Provident Fund Organisation (EPFO) on May 11, 2023, clarifies that how dues will be calculated to be paid for higher EPS pension. Further, a written consent is mandatory for diversion or depositing funds for higher pension from EPS. However, what will happen if written consent is not provided by the EPFO?
Higher EPS pension: How missing dues will be calculated, time limit and method to pay - clarifies EPFO
The latest EPFO circular issued on May 11, 2023, informs pensioners/employees about the method of calculating past dues that must be deposited into the EPS account if they are opting for a higher pension. The circular also informs how the additional dues are to be deposited to the EPS account. Read on to know more about it.
How employees can submit joint application for higher EPS pension sans documents post Kerala High court order
Employees who are eligible to apply for higher pension under the Employees' Pension Scheme (EPS) are confused about how they can submit joint application form on the Member Sewa portal if they do not have necessary documents. The Kerala High Court judgement dated April 12, 2023 has asked EPFO not to insist on the proofs. Here's how an employee can submit the form to apply for higher pension.
How to transfer EPF account from EPFO to employer’s EPF trust and vice versa
While changing jobs, it may happen that your new employer runs a private EPF trust whereas old employer used to deposit the EPF money with EPFO. In such a scenario, can you transfer the EPF account?
Don't forget to take this EPS pension certificate after leaving your current job
When an employee switches or leaves his/her current job, then one should transfer their exisitng EPF account with the new employer (provided new employer is covered under the EPF Act). While leaving the job, an employee should also get the this pension certificate for their records. Read on to know what this pension certificate is, why you should get it and how to get it.
Transferring EPF account: What is Annexure K?
Annexure K, an EPF document, contains the member's information, PF accumulations with interest, service history, joining and leaving dates, and job information.
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