To get the EPF details, the subscribers’ UAN number and bank account should be linked to their permanent account number and Aadhaar card.
The new code has new rules for contribution to social security and payment of employee benefits, including retirement benefits
The maximum amount of Rs 8,968.45 crore EPF withdrawals from March 25 to August 31 were recorded in Maharashtra against 7,23,986 claims, followed by Karnataka Rs 6,418.52 crore for 4,84,114 claims and Tamil Nadu (including Puducherry) Rs 5,589.91 crore for 6,20,662 claims.
Of the total pay-out, 8.15 per cent will be met from debt income; balance linked to redemption of equity investments
The speed with which applications have been processed in the time of this pandemic stands as testimony
Comfortable with your liquidity situation? Opt for higher EPF contribution
It is a highly secure, tax-efficient avenue that offers better returns than most debt instruments
This move will also introduce liquidity of Rs 6,750 crores to employers and employees over the course of three months.
“The move to cut EPF will help increase the take home pay of employees. It will also reduce the cost to the employers, especially for international workers where the company picks up the cost,” said Saraswathi Kasturirangan, Partner, Deloitte India.
The government will take up PF for firms with 100 staff, earning less than Rs 15,000.
Having a tax-free status and being practically risk-free, the PPF continues to be a wonderful debt product
A provision for withdrawal from the EPF Scheme to fight COVID-19 pandemic was announced by the government and an urgent notification issued, providing for non-refundable withdrawal to the extent of basic wages and DA for three months or up to 75 percent of the amount standing to member's credit in the EPF account, whichever is less.
Amendment in rules has been notified by the government for coronavirus related need for withdrawal of money from EPF accounts. An EPF member can withdraw up to 75 percent of EPF account balance or three months’ basic wages or the amount that person actually needs, whichever is lower, according to the amended rules.
If you withdraw, you will completely lose out on future interest
Don’t resort to panic selling of equities, going overboard on stocks or deferring of loan EMIs
Accordingly, the relief announced by the government can be claimed by eligible organisations/establishments by filing electronic challan-cum-return (ECR).
The entire KYC process must be completed before applying for PF withdrawal.
Understand the nitty-gritties of making a PF withdrawal due to the COVID-inflicted cash crunch
The scheme will reportedly cover only one-third of the the total 563,000 establishments registered with the EPFO.
However, financial planners recommend using this as the last resort, only after other options have been exhausted
Partial withdrawals are allowed for marriage, education, medical emergencies, home loan repayment, purchase or renovation of a house
The apex decision making body of Employees' Provident Fund Organisation (EPFO) -- Central Board of Trustees -- is likely to consider the rate of interest on EPF (Employees' Provident Fund) deposits in its meeting scheduled on March 5, 2020.
NPS was implemented for government employees & later extended for the general public.
Since both VPF (as part of EPF) and PPF have long-term maturity periods, these are best-suited to act as retirement planning tools
You can nominate more than one person and also fix the share for each nominee online