UNEXEMPTED EPF TRUST
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.
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
Kerala HC's EPFO order a relief, but EPF subscribers' worries remain
EPFO had also promised to issue a detailed explainer, which is awaited. The extended deadline for opting for higher pension is May 3
EPFO circular on higher pension under EPS; read the full guidelines here
EPFO issued a circular on February 20, 2023, with guidelines on how eligible employees who missed out on opting for a higher pension under the EPS can now apply for it. Here is the circular issued by EPFO on February 20,2023
EPFO issues guidelines for higher pension from EPS: Know where, how to apply
The EPFO on February 20 released a circular providing guidelines how eligible employees can apply for higher pension under the Employees Provident Scheme (EPS). The last date to apply for higher pension is March 3, 2023 as mandated by the Supreme Court judgement.
EPFO clause makes opting for higher pension nearly impossible
Responding to an RTI query on February 3, the retirement fund body said it had not received a single application, since the inception of the scheme in March 1996, for permission under a clause now made mandatory to claim the benefit of higher pension.
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EPFO clause makes opting for higher pension nearly impossible
Over the years, the government has been raising the PF contribution ceiling, which was Rs 5,000 until June 2001, before being raised to Rs 6,500 and further to Rs 15,000 from September 2014. This means that despite the ceiling you could contribute 12% of your actual basic salary towards PF with a matching contribution by the employer.
How will employees opting for higher EPS 95 pension compensate for lower contributions earlier?
All eligible EPS 95 members who wish to apply for higher pension will have to make a higher contribution towards EPS 95 from the employer’s share on the basis of the actual wages till the time they remain active members of EPF or retire. However, a higher contribution from now onwards is not enough, as they will also have to pay the additional contributions for the previous years.
Eligible employees who missed higher EPS pension option earlier can still apply: Latest EPFO circular
EPFO has issued a circular on February 20, 2023 for employees who were members of EPS-95 scheme on August 31, 2014 on how they can apply for higher pension. Do note that this is the last chance for eligible employees to opt for higher pension from EPS. If they do not submit the application by March 3, 2023, then they might miss the chance to opt for higher pension from EPS.
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.
Transfer of EPF accounts: 17 questions answered by EPFO
Here are the 17 questions and their answers for those EPF members looking to transfer their EPF accounts from their previous employers to new employers.
Row as EPFO denies higher pension to all
After the SC order, the EPFO agreed to give pension on full salary to all the members. But later, it decided to give benefit to Un-Exempt Organisations only.
SC ruling enables massive rise in private sector pensions
Every employee in the organised sector contributes 12% of basic salary and dearness allowance to EPF. The employer makes a matching contribution.
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