EPF CHANGES
EPS withdrawal rules changed; lakhs of EPF subscribes to benefit; check if you stand to benefit
The government has changed the Employees’ Pension Scheme (EPS) of 1995 to enable members with fewer than six months of employment to receive a withdrawal benefit. Additionally, the government amended Table D to ensure that withdrawal benefits are paid fairly; this change would benefit over 23 lakh members.
EPFO made these four major changes to the EPF account, claims process
Recently, the Employees' Provident Fund Organisation (EPFO) has relaxed several regulations to make life easier for Employees' Provident Fund (EPF) members. While, it has also withdrawn one of the benefits offered before.
Change in EPS rule for calculating lump sum withdrawal amount on early exit: Who benefits, who loses?
Pension amount in EPS: The government via notification dated June 14, 2024 has revised the table used for calculating lump sum withdrawal amount. A member of Employees' Pension Scheme (EPS) can withdraw lump sum amount if he/she exit the scheme before completion of 10 years. Read on to know who gains and who loses from the new pension scheme rule.
EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility
During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
EPF account: Want to change your name in UAN? A step-by-step guide on how to change, documents required
When an employee withdraws from their EPF account, inaccurate information submitted or mistakenly entered might lead to several issues. Many EPF members are facing problems in seeding Aadhaar with their UAN as there is a mismatch in the Name. It's possible that the name needs to be spelled correctly or that the individual had it changed. EPF members can make changes accordingly online and offline as well.
New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024
New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes.
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Faster EPF claim settlement: EPFO multi-location claim settlement to speed up member claims
Faster EPF claim settlement: By allowing for multi-location claim settlement, this feature will speed up member claims processing and replace the current geographical jurisdiction structure along with productivity in offices nationwide.
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.
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.
EPF members can do KYC, correction in provident fund account online: Here is a step-by-step guide to do it
Correction in EPF details online: It may happen that an employee details such as name, gender, date of birth, father/mother's name etc. in the EPFO records are wrong. This may be due to spelling errors or wrong details mentioned in the EPF records. The EPFO has launched an online facility to correct KYC details online. Here is a step by step guide on how to use online KYC facility to correct details.
EPF joint declaration: How many times can you make changes to member name, date of birth, marital status in EPF account
Making changes to EPF account: 11 parameters can be changed by an employee during his or her employment to their EPF account. Here is a look at how many times one can make changes to each of these parameters.
EPFO gives relief to these EPF members from submitting joint declaration form
EPFO Joint declaration form submission: EPF scheme rules require mandatory submission of this form if an EPF member wants to contribute on basic pay exceeding statutory limit of Rs 15,000 per month. The EPFO has also started sending SMSes to the EPF members to submit the joint declaration form as soon as possible.
How NPS investment of Rs 50,000 can help you save more income tax
NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With full utilisation of Section 80C and additional NPS investment, an individual can claim total deduction of Rs 2 lakh in a financial year.
Women changing surname legally after marriage: Advantages, disadvantages
International Women's day 2024: Women in India commonly change their surnames after marriage. However, while making a change legally in all their official and other documents, there are certain pros and cons that must be considered. Changing surname in official documents entail huge one-time effort while providing lots of documents and affidavits. Read on to know the advantages and disadvantages of legally changing surname after marriage.
EPF claim rejections: 8 reasons your EPF withdrawal claim can get rejected, how to avoid it
EPF withdrawal: Here are some of the common reasons why your claim could be rejected and solutions to avoid the rejection.
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.
Retirement planning: How to earn monthly income of Rs 1.5 lakh
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 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.
Which mutual fund schemes should I invest in for maximum wealth creation?
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.
How old income tax regime can help save Rs 52,000 tax
As a first step, you should inform his company that he wants to opt for the old tax regime. Several deductions available to you will not be considered under the new regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
EPF Diwali gift for you: Govt starts crediting EPF interest for FY 2022-23 into provident fund accounts; how to check EPF balance
The Employees' Provident Fund Organisation (EPFO) has begun crediting interest into provident fund (PF) accounts, according to a PIB statement from November 1, 2023.
Formal employment rises, but youth and women lose out
Women and the youth of India lose out when we talk about better-paying jobs in the formal sector, an ET analysis as shown based on data from Employees' Provident Fund. The Share of women in the net enrollment to the EPF scheme declined to 20.4%, data shows, even as enrollment in the ESIC increased for both the younger group and women.
EPF account: How to link your new mobile number with EPF UAN
Employees PF balance and notifications regarding employer contributions will be sent to the registered mobile number. If you don’t have your previous number with you, in that case you will have to register mobile number with Aadhaar.
Is nomination mandatory in EPF account for withdrawal or death claim?
The employer’s approval is not required to change nomination details, members can use Aadhaar based e-sign to file the nominations. Nomination cannot be changed after the death of the EPF member.
EPFO issues new process for EPF accounts updation to correct name, Aadhaar, date of birth, 8 other details
The Employees' Provident Fund Organisation (EPFO) has issued a new circular on August 23, 2023, to standardise the process of correcting details in the EPF account. As per the new process, an EPF member can correct 11 details in her profile. The new circular has put the restrictions on number of times these 11 details can be corrected or updated.
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.
How to download EPFO’s Excel calculator for higher EPS pension
Employees can now determine how much they must contribute in order to obtain a higher pension from the Employees' Pension Scheme (EPS).
Some EPF subscribers are yet to receive interest: How to check EPF interest credit status
Time and again the EPFO has assured its subscribers that its interest credit is an ongoing process. EPF who have not received their interest took it to twitter to complain.
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