epf account

EPFO members will soon withdraw provident fund money directly using UPI. Testing is complete, and funds will transfer to linked bank accounts. This move simplifies access for over seven crore members. EPFO is also enhancing services through WhatsApp and has significantly reduced litigation cases. These initiatives aim to improve service delivery and member convenience.

Faulty Employees’ Pension Scheme (EPS) records may affect your pension benefits, denial of pension, or even complications in future EPF withdrawals or transfers.

A large section of today’s workforce earns more than ₹15,000 but remains outside compulsory social security coverage. Raising the EPF wage ceiling seeks to bridge this gap by aligning statutory coverage with present day wage realities.

Higher EPF, changing tax breaks, and unclear timelines — this appraisal season is anything but routine. Here’s how to read the fine print before you sign.

The labour department has initiated proceedings against 203 contractors and outsourcing agencies in Noida for violating the Contract Labour Act, including withholding wages and overtime pay. These agencies face blacklisting and licence suspension, with orders to disburse Rs 1.16 crore owed to workers. The probe followed a violent industrial protest.

Noida witnessed massive industrial worker protests over wages, escalating into widespread violence, arson, and vandalism across multiple sectors. Authorities are investigating potential links to organized misinformation and even Pakistan-backed destabilization attempts, while also flagging a possible Naxal revival.

Millions of salaried employees in India often accumulate multiple epf accounts due to job changes, leading to dormant savings. The EPFO's Universal Account Number (UAN) system simplifies consolidating these scattered accounts. Retrieving and linking old epf accounts under your UAN ensures your retirement savings are accessible and continue to grow with accrued interest.

Assam Congress chief Gaurav Gogoi declared assets worth Rs 7.57 crore in his nomination affidavit, a significant increase from 2024. His wife, Elizabeth Clare Gogoi, holds the larger portion of their wealth, including substantial investments and jewellery. Gogoi also declared immovable properties and a pending case related to the Bharat Jodo Nyay Yatra.

EPFO enables automatic epf account transfers for job changes, streamlining PF balance transfers. Awareness of this service is low. Various entities confirm its functionality since 2017. Exempted PF trusts and private provident fund trusts are excluded from this automated process.

EPFO simplifies epf account KYC with online 'joint declaration' on Member e-Sewa, allowing members to update details and prevent rejection of withdrawal requests due to discrepancies in official documents like PAN, Aadhaar, and EPFO records.

Employees with multiple UANs can merge epf accounts through the Member Sewa portal. Get the old account attested, use OTP, and comply with KYC requirements. Check the portal for merger status or email uanepf@epfindia.gov.in for EPFO verification.

The labour ministry has relaxed the definition of 'inoperative' employee provident fund (EPF) accounts, which do not earn any interest. Now, if an epf account lies idle for 36 months or more, it will not automatically be treated as inoperative, but will continue to accrue interest.

Employees' Provident Fund (EPF) or Provident Fund (PF) is a mandatory contribution of an equal amount by employee and employer towards an account which can be availed at the time of retirement or change of job.

Employees should understand their employer's EPF setup for optimal tax benefits. Contributions to epf accounts managed by EPFO or an exempted trust offer advantages. Unexempted EPF trusts have tax implications. Employers' role in managing EPF schemes is crucial, affecting tax benefits. Knowledge of the EPF withdrawal process and account access enhances financial planning.

EPF members experiencing delays in withdrawal claim processing. Some turn to social media complaints. EPFO suggests 20-day processing time. Ensure accurate form completion and updated KYC info for smoother claims.

In a sudden development, the government has introduced restrictions for withdrawing funds from your own employee provident fund account. The age limit for withdrawal on retirement has been increased from 55 years to 58 and only partial early withdrawal is now permitted.

The Employee Provident Fund Organisation (EPFO) has made it mandatory to link Aadhaar number to Employee Provident Fund account.

NEW DELHI: The budget may include a provision to discourage EPF subscribers from withdrawing large sums from their epf accounts on false pretexts so that they can avail of tax exemptions or invest in instruments which offer better returns.

Anu, who had moved to Pune five years ago and had taken up a new job, was surprised to hear from an ex-colleague and friend, who reminded her to transfer her dormant employee provident fund (EPF) account to that maintained by the new employer.

EPF contributions offer tax benefits under Section 80C, with deductions limited to Rs 1.5 lakh annually. Interest earned is tax-exempt within Rs 2.5 lakh for employees, Rs 5 lakh for government employees. Employer contributions exceeding Rs 7.5 lakh become taxable, including associated returns. EPF withdrawals before 5 years incur taxation.

This recent ITAT ruling is pertinent not only for retired employees, but also those who have quit employment for various reasons say, to be an entrepreneur or a homemaker, and have continued to retain a balance in their epf accounts.

New Delhi, Sep 22 () Retirement fund body EPFO's subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs as it will now be done automatically.

Provident Funds (PF) is a saving scheme which encourages employees to invest and plan for their future financial needs.

There's one often-overlooked avenue that inadvertently aids in tax-saving - the Employees' Provident Fund (EPF). If you are looking to opt for the old income tax regime, then be aware of the EPF benefits, returns, liquidity and other details.

The official website and app to access the EPFO e-passbook facilities is down again. This is the second time this year that the EPF subscribers are facing this issue. The EPFO concerned authorities are working towards resolving the issue at the earliest.