What Latest Provident Fund Changes Mean For You

What Latest Provident Fund Changes Mean For You

Employees’ Provident Fund Organisation or EPFO for the convenience of subscribers has unveiled a new unified portal, which was made operational on December 23, 2016. Employees who have their UAN (Universal Account Number) can know their employee provident fund (EPF) balance, download their UAN passbook, download UAN card and update their KYC as well. EPFO said this was meant to deliver prompt services to employees through various online services. Also for the convenience of employees, EPFO has created a dedicated email id (employeefeedback@epfindia.gov.in) through which employees can communicate with the retirement fund body in case they have specific queries.

Provident fund (PF) is meant for saving towards post-retirement years. Financial planners don’t advise withdrawal from the corpus before retirement. According to provident fund norms, 12 per cent of an employee’s basic salary goes into the fund along with a matching contribution from the employer. But 8.33 per cent of that goes into Employees’ Pension Scheme. The Employees’ Provident Fund Organisation or EPFO every year announces interest rate to be paid on the accumulated provident fund corpus.Since then the EPFO has announced a number of measures for the ease of employees. To further simplify the provident fund claims, EPFO plans to launch an online facility by May this year, EPFO Central Provident Fund Commissioner VP Joy told news agency Press Trust of India recently. Here are a few highlights of the new measures taken by the EPFO.

Read more   ↓
Loading...

The Employees’ Provident Fund Organisation has come out with a single-page form for provident fund related claims – from provident/pension fund withdrawal to the advance facility.

In addition, an Employees’ Provident Fund Organisation or EPFO subscribers can submit the new one-page form directly to the retirement fund body without the employer’s attestation if their accounts are seeded with Aadhaar and bank account details.

For subscribers who are yet to seed Aadhaar and bank details, a new composite claim form has been introduced which has to be submitted with attestation of employers for any claims.

Also, no other document would be required to be submitted by the subscriber for taking advances from the provident fund corpus. A provident fund subscriber can go for partial withdrawal/advance from his or her corpus for specific purposes like purchase of flat, construction, marriage/education of children etc.

Source by ndtv
Share:


loading...

You may also like...