Employee Provident Fund is a retirement savings scheme for employees of the organized sector provided by the government. It is managed under the aegis of Employees' Provident Fund Organisation (EPFO) and is the main scheme under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. All establishments that have 20 or more people can be covered under the EPF scheme and some that have less than 20 also can also be covered, subject to certain conditions and exemptions. Only employees of companies registered under the EPF Act can invest in the EPF. It is mandatory for any employee whose pay is less than or equal to Rs 15,000 a month to join the EPF scheme, according to the rules. If any employee’s salary is more than Rs 15,000 and they wish to join the scheme, they can do so with the agreement of their employer and permission of the Assistant PF commissioner. As part of the scheme, both the employer and the employee contribute an equal amount- 12% of the employee’s basic salary and dearness allowance towards the EPF account. The amount is automatically deposited in the account when the salary gets credited. When the employee retires, they can withdraw the entire amount- self and employers’ contribution- that has been accumulated in the account with interest. For the current financial year, the interest rate on the EPF account has been fixed at 8.50%. More
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EPFO data shows slowdown in hiring trends in engineering, expert services, and IT-linked fields despite strong GDP growth
Your Universal Account Number (UAN) is the secret to availing all EPF services online, whether to check balances, withdraw or transfer.
Such errors, even if inadvertent, by employer-managed exempted PF trusts can have devastating consequences for employees.
Employee Provident Fund (EPF) or Provident Fund, It’s one of the most popular forms of long-term retirement savings, wherein the employee and the employer contribute an equal amount towards savings. But who are eligible for the Provident Fund in Private and Government Jobs, can you get loan from EPF, how PF calculate, PF contribution, whether you're just starting your career or planning your retirement, understanding PF rules is crucial. Watch the video for more information on PF.
Step-by-step guide to allow you to withdraw your Employees' Provident Fund cash for important life events.
Failing to update your EPF nomination may pose legal obstacles for your family in a crisis, holding up access to your hard-earned funds.
The interest rate on the retirement savings of several crores of EPFO members is expected to be lowered amid falling stock markets and bond yields
Higher-paying formal employment rose in November, recovering from a seven-month low in November
Switching jobs is an exciting time filled with new opportunities, but it can also come with a few logistical headaches—like figuring out how to transfer your Employees' Provident Fund (EPF) from your old job to your new one.
When planning for retirement, you may want to consider combining the National Pension System (NPS) and the Employees' Provident Fund (EPF). Together, these schemes can act like a Unified Pension Scheme, providing regular income post-retirement. While the EPF offers a stable and fixed rate of return, NPS adds the potential for higher returns. When combined, they allow you to balance risk and reward, providing you with a well-rounded strategy for retirement.
Employees can now update or correct personal details like name, date of birth, gender, and more in order to claim their Employees’ Provident Fund. These set of standard operating procedures will not only make things easier for employees when it is their turn to claim their Provident Fund, it will also make it more secure and prevent fraud and impersonation.
The overall job addition to EPF was 72 percent higher
If you have been voluntarily making a higher contribution to your employees’ provident fund, additional investments will also fetch the interest rate of 8.25 percent just declared by the EPFO.
EPFO Interest rates FY 2023-24: The Central Board of Trustees (CBT) of the EPFO on March 28 set an 8.15 percent interest rate on provident fund for this fiscal.
Byju’s told EPFO that it has deposited PF dues for the period between August 2022 and May 2023 worth Rs 123.1 crore and will remit the rest Rs 3.43 crore in the next two days
The deadline for employees to file their joint applications to claim pension on their actual, instead of statutory salary, is June 26.
You are not too young in your 30s, but not old either. The 30s is an important phase of your life with many things getting started here, such as your marriage, family, buying a new home, and so on. The financial decisions you take in your 30s will have a big impact on the rest of your financial life.
Employees opting for a higher pension contribution will be required to make the additional contribution of 1.16 percent to be moved from the employee’s share of the Provident Fund to the Pension Scheme.
All other online services, including the UMANG app, have been restored, says the social security organisation. The EPFO e-passbook facility is very popular as users frequently access it to ascertain their EPF balance and the status of interest credit for the financial year.
The new tax regime is a minimal tax break system, but not entirely exemption-free. It offers benefits on employers’ contribution to NPS, life insurance maturity proceeds, and so on.
After more than a week of being inaccessible to employees’ provident fund (EPF) passbook, the facility was finally restored, allowing members to check their balance and interest credit details
While higher pension contributions would mean higher pensions for the employees, they should keep their current age, stage of employment, risk appetite, health condition, cash flow requirements, and tax impact, in perspective while deciding on whether or not to contribute to the EPS scheme on higher salary.
Employees have started receiving interest for 2021-22 in their PF accounts. Check your balance online to know if your account is updated with the interest.
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