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..
Employees' Provident Fund Organization (EPFO), India Ministry of Labour& Employment, Government of India has issued Instructions for filing online claims for the purpose - "Outbreak of Pandemic (COVID-19)" Prerequisites: UAN Should be activated Verified Aadhaar should be linked with UAN Bank Account with IFSC code should be seeded with UAN Mobile number should be seeded with UAN Eligible Amount: Upto 75% of PF Balance (Employer share and..
What is UAN? No one can deny the benefits that Provident Fund(PF)has to offer. The provident fund of all employees is managed by the Employees Provident Fund Organisation (EPFO). The EPFO allots each individual a 12-digit Universal Account Number which allows them to link multiple Member IDs to the same UAN. Thus, when an employee changes his job, his Member ID will change but he will be able to link all Member ID’s together. This helps him to view all the details of his PF account unde..
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. ..
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..
EPFO puts in place Online Mechanism to credit EPF and EPS Accounts of Subscribers as per PM Gareeb Kalyan Yojna Around 79 Lakh Subscribers and approximately 3.8 Lakh Establishments to Benefit Subsidy outgo estimated at Rs 4800 Crore for 3 months Employees Provident Fund Organization (EPFO), a statutory body under Union Ministry of Labour and Employment, has put in place an electronic mechanism for crediting EPF and EPS accounts of its subscribers as per the package announced by the Union G..
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. Investments in PF is not only a way to earn interest income but also a way to..
Central Board of Trustees, EPF recommended crediting of 8.65% rate of interest on Accumulations in the EPF Member’s Account for the year 2018-19 Posted On: 21 FEB 2019 6:03PM by PIB Delhi The 224th meeting of the Central Board of Trustees, EPF was held here today under the chairmanship of Union Minister of State for Labour and Employment (I/C) Shri Santosh Kumar Gangwar. The Central Board recommended crediting of 8.65 % rate of interest on the EPF accumulations in the EPF ..
ARE THE PROVISIONS OF THE EMPLOYEES PROVIDENT FUND AND MISCELLANEOUS PROVISIONS ACT, 1952, APPLICABLE TO THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI)? We all seem to have the basic understanding of the Provident Fund Provisions. However, being a Fellow Member of the esteemed Institute of Chartered Accountants of India (ICAI), one question has always made me curious i.e. whether the provisions of 'The Employees Provident Fund And Miscellaneous Provisions Act, 1952', (hereinaf..
Employees’ Provident Fund Organisation (EPFO) has introduced UAN-Aadhaar linking facility for the convenience of members using EPFO Link in UMANG Mobile App. This is in addition to the existing web facility already available at EPFO’s website www.epfindia.gov.in >> Online Services >> e-KYC Portal>> LINK UAN AADHAAR. The facility on e-KYC Portal has further added a new feature to link UAN with Aadhaar online using biometric credentia..
In your working career you would have changed jobs and would not have thought about your PF transfer. However currently UAN (Universal Account Number) has become mandatory for every employee and UAN remains portable throughout the lifetime of an employee and they don't have to apply for PF transfer claims at changing jobs, because merely providing your UAN number to your new employer shall be sufficient so the employees starting their career afresh have the benefit of UAN which was l..
On the eve of Deepawali, Employees’ Provident Fund Organisation (EPFO) is pleased to introduce a new facility for its esteemed members having Universal Account Number (UAN) and other relevant details to link their respective UAN with Aadhaar online. This, in turn, would facilitate the members, a better and speedy EPFO services. The facility has been made available at EPFO’s website www.epfindia.gov.in >> Online Services >> e-KYC Portal>> LINK UAN AADHAAR. Usin..
Shri K.K. Jalan, Central P.F. Commissioner while reviewing the performance of EPFO for the month of January, 2015 noted that the organization has settled 11.05 lakh claims. 73% of the claims were settled within 10 days and 93% within 20 days. With this, the total claim settlement for the current financial year 2014-15 stood at 1.08 crore by January end. 91% of these claims were settled within 20 days signifying the organization’s readiness to settle all claims within 20 days as per the new..
The Institute of Chartered Accountants of India (ICAI) through its research arm, ICAI Accounting Research Foundation (ICAI ARF) signed an MoU with Employee's Provident Fund Organisation (EPFO) on December 11, 2014. As per the MoU, ICAI ARF will undertake a Pilot Study Project with EPFO to support it in its initiative to migrate to Accrual Based Accounting System. The project with EPFO represents the first phase wherein the ICAI ARF will study EPFO's exist..
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