Update: Change in PF regulations amidst COVID outbreak: The government will make EPF contributions of 12% on behalf of the employer and the employee for the month of June, July, and August. The statutory limit for contribution to PF is being reduced from 12% to 10% for employer and employee for the next three months(month of June, July, and August) for all registered establishments. This article explains how one can check PF balance online. Checking PF bala..
A Provident Fund is essentially a retirement scheme. The Employee Provident Fund (EPF) is closely monitored by the Employee Provident Fund Organisation of India. The Government plays a supervisory role through the Ministry of Labour and Employment. Commonly known as the Employee Provident Fund scheme, this savings scheme was introduced in 1952 under the Employee's Provident Fund and Miscellaneous Act. The scheme operates through this act and the Employees' Deposit Linked Insurance Scheme..
EPF is the main scheme, under which retirement benefits are accumulated, launched under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 and which is managed under the aegis of Employees' Provident Fund Organisation (EPFO). 1. Applicability: EPF covers every establishment in which 20 or more people are employed and certain organisations are covered, subject to certain conditions and exemptions even if they employ less than 20 persons each. 2. Under EPF scheme, ..
The government has notified the amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. The government had allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandemic. According to the amended rules, Under the provision, a member of the Employees’ Provident Fund Organisation (EPFO) can withdraw up to 75% of his/he..
The scheme was initiated under the Employee's Provident Fund and Miscellaneous Act, 1952, for the benefit of employee after his retirement. The scheme was a collection of fund by the employer and employee. FEATURE OF THE SCHEME Under this scheme, the employer and employee both contributes the 12% of the employee's salary and dearness allowance to employee's provident fund account every month. The employee contributes the total 12% of his Employee Provident Fund Account whe..
Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for transfer online EPF during this Pandemic situation (COVID-19)". Members with authenticated Aadhaar and Bank details seeded against their UAN can now submit their PF Withdrawal/Settlement/Transfer claims online. The deadline for linking the EPA account to the Aadhaar card has been extended. Subscribers can now link their UAN to Aadhaar by Dece..
Dear Friends We are going through an turbulent and unprecedented period of COVID-19 pandemic. This deadly virus have claimed more than 42.9 lakhs lives all over World. All over world has affected and loss of lives ,loss of employment, closure of various organization, business brought economies of various countries at their knees. India has also suffered badly and we have seen in cities and towns panic situations in hospitals of the people fighting with this deadly virus. The death toll ..
Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued and launches an electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors. EPFO has introduced a facility for interlinking of Principal Employers with respective contract employers for effective compliance. Principal Employer In a factory, the owner or occupier or manager is considered a principal employer; but in an establishme..
Finance Minister Nirmala Sitharaman has announced in the Union Budget 2021-22 to levy income tax on interest earned on employee's contribution towards the Employee Provident Fund, or EPF, if the sum is above Rs 2.5 lakh a year starting 1 April 2021. This has created confusion amongst people regarding whether they should continue contributing towards a voluntary provident fund (VPF) that earns the same interest as that of EPF and enjoys the same tax treatment. Earlier the contributions wer..
In order to increase the monthly take-home pay for employees, Finance Minister Nirmala Sitharaman announced a reduction in EPF Contribution from 12% to 10% for both, employers and employees. This measure came into place under the Atmanirbhar Bharat Package in order to provide relief to the employees. Read the FAQs released by the Employees' Provident Fund Organisation with regard to the EPF contribution reduction: Q.1: What is the revised rate of EPF contribution announced by the Centr..
EPF, India Ministry of Labour& Employment, Government of India has issued Instructions for transfer of online EPF during this Pandemic situation (COVID-19)" In case of a change of job, it is important to switch your EPF account from a previous employer to a new employer. Conditions to meet before initiating EPF transfer: i. Must have active UAN, KYC Compliant ii. If UAN is inactive, kindly activate at https://unifiedportal-mem.epfindia.gov.in/memberinterface iii. UAN Ho..
Are you considering withdrawal from EPF? Read further to understand the withdrawal limit, tax consequences and likely impact on retirement corpus. 1. Can I withdraw money from my EPF Account now? Yes. If you are facing financial problems due to the COVID-19 lock-down 2. How much can I withdraw? 3 months Basic Salary +DA or 75% of credit balance in EPF whichever is lower. No tax implication to subscribers on withdrawals. 3. Should I reinvest the amount withdrawn post lock..
Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Circular dated 20th May 2020 providing FAQ'S ON REDUCTION IN STATUTORY RATE OF EPF CONTRIBUTION FROM 12% TO 10%. Q.1: What is revised rate of EPF contribution announced by the Central Govt. under Atmanirbhar Bharat package? Ans.Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic ..
Lower rate of EPF subscription 10% with EPFO notified placing higher liquidity in the hands of employees and employers during COVID -19 pandemic Government Sector, their PSEs and establishment whose subscription is being borne by Union Government under PMGKY continue to have subscription at old rates of 12% Lower rates to be applicable for salary months of May, June and July 2020 Various measures have been announced from time to time to provide relief to the employers and employees of t..
Employees' Provident Fund Organization, India Ministry of Labour & Employment, Government of India has issued 17 FREQUENTLY ASKED QUESTIONS related to Transfer of EPF accounts on its Twitter handle. Q1. How do I know if I require a PF transfer? Answer: If the member has more than one EPF member ID i.e. EPF account and the EPF account of these accounts have not been transferred to the latest EPF account, then member is required to get his PF transferred into his current EPF account...
In the current scenario of lockdown announced by the Govt. to control the spread of COVID-19 pandemic and other disruptions, the businesses and enterprises are not able to function normally and are facing liquidity / cash crunch to pay their statutory dues even though they are retaining the employees on their rolls. Keeping in view the above situation and to further ease the compliance procedure under EPF & MP Act, 1952, the filing of monthly Electronic-Challan cum Return (ECR) is separat..
Employees' Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Dated 26/04/2020. FAQ's ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Q1: What is the process for change in name on marriage of a woman member against UAN when changes are made in Aadhaar? Ans. The name change process if the Aadhaar data is changed is similar to other change requests. Member has to ap..
As Part of PMGKY Package EPFO Settles 3.31 Lakh COVID-19 Claims in 15 Days In the view of the outbreak of COVID-19, the government of India to provide financial assistance to people allowed PF Withdrawal by passing a special resolution in the EPFO Scheme. The government claims that 3.31 lakhs PF Withdrawal claims have been settled in less than 15 days worth Rs 950 crores. Services like PF Withdrawal, checking PF Balance, and UAN Activation can be availed online on the EPFO Portal. ..
Update: Change in PF regulations amidst COVID outbreak: The government will make EPF contributions of 12% on behalf of the employer and the employee for the month of June, July, and August. The statutory limit for contribution to PF is being reduced from 12% to 10% for employer and employee for the next three months(month of June, July, and August) for all registered establishments. In the view of the outbreak of the COVID-19 in the country, to provide financ..
In the view of the outbreak of COVID-19, the government of India to provide financial aid to people has allowed members covered under the EPF Scheme to withdraw PF balance and is contributing to the PF Fund on behalf of the employer as well as employees. Services like withdrawing EPF can be availed online on the EPFO Portal. However such services can be availed if the UAN(Universal Account Number) of the Employee is activated and is KYC Compliant. Employees' Provident Fund Organization, Indi..