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About Epf Contribution in India

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An investment plan has been the key essential thing in Indian country. Employees have to register in the retirement scheme namely EPF. The scheme which works under the employee provident fund organization is set to give employee relief after retirement age. The Indian government has embraced the idea and supports full PF accounts.

Employee provident fund is funded by both employer and employees as they give 12% of the salary. These contributions are done after every payment. Companies and organizations with more than 20 workers are required to register them under the EPFO. This doesn’t leave out those who are less; the government encourages all workers to register in order to have income after retirement.

This scheme comprises of other schemes which get some share of the 12% deduction.  3.67% is given from the employee’s side and the rest 8.33% is contributed by the employer. The EPS scheme receives 8.33% and then slashed down to other schemes. This caters for medical and house allowances. The scheme also covers the family members of the employee where they he/she can take loans which are to be refunded after sometime.

Higher voluntary EPF contribution by employee

This contribution is also known as the voluntary provident fund. Here the employee can agreed to give more amount than the said 12% of rom the same salary. The amount is saved differently but earns a particular interest fee.  This is not a mandatory payment and one can stop at any moment or join the VPF scheme.

How to make withdraws from the EPF account.

EPF Contribution accounts are designed to work mostly at the retirement age. Employees are to gain the money soon as they attain the age. However, the account has several benefits as loans where one can take for emergency uses.  55 years is the legal retirement age in the Indian government. Employees who have attained the age of 54 and above have the right to get 90% of the interest. 

Those who withdraw without getting to the retirement age can do so in a period of 60 days or more. The EPF account is still useful even after the 55 age as the employee can benefit from what it offers.

Interest rates

Interest rates are calculated according to the years and the rate given by the government and EPFO.

Universal account number

This unique number is mandatory for all Indian citizens. Employees are to link the UAN and Aadhaar card.  The card/number stands in for the member ID. This means you don’t need to keep on giving details in different accounts. It can link all the accounts an EPF member holds.

What happens when one leaves one job and joins new organization?

The EPFO has ensure all details and matters are well resolved.  Employees can change from their old to new EPF account without leaving behind the amount saved. Using an official website employee needs the old or new employer to activate the UAN number and details and with this they can continue receiving the funds in the new account.

Filed Under: Epfindia

Transfer PF instead of closing and opening a new one?

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We are no longer living in those days when we used to work for a single company until retirement age. With the different job opportunities especially in the private sector, we keep moving from one company to the other in such of greener pastures and better experiences. At the same time, we keep shifting from one city to the other.

While it becomes a bit tedious to get released from one work place to the next due to the paperwork involved, it is very important to always remember the contributions of your benefit package. Although this is a mandatory contribution by any employee, it is always your right to enjoy the fruits of your sacrifice. The best thing is that you don’t need to withdraw your Provident Funds contributions simply because you are changing employers. All you need is to follow the right procedure and your funds will be transferred to the new employer’s account.

Why is it necessary to transfer PF instead of closing and opening a new one?

When changing an employer and joining a new one, an employee always has an option of closing their old Provident Fund account and opening a new one, it is advisable to take your time before making that decision. It is more advisable to Transfer PF amount of your old PF account funds to a new one. In the past, the transfer involved a lot of paperwork and so, people preferred closing their old account by withdrawing all their savings and opening a new one. However, things have now been made easier with the new Employees Provident Fund Organization portal as you can do all this at the comfort of your house.

There are very many advantages of transfer pf account savings instead of opening a new one every time you change an employer. Below are the main advantages:

  • If you decide to close your account before five years have elapsed, your savings is taxed. However, if you decide to simply transfer the funds, there are no hidden charges involved and you will enjoy all your contribution and the interest in full when time for retirement comes.
  • You avail partial withdrawal on your Provident Funds in case of an emergency. If your account runs for more than five years, it will be possible to withdraw partial amount for purchasing or constructing a house, for marriage or even for paying medical bills.
  • Your savings earn the prevailing interest rate from the Employees Provident Funds Organization. If you continue with your contribution for a long period of time, this eventually becomes a substantial amount of money.

Filed Under: Epfindia

Print your updated EPF Passbook and Uan Card in pasbook.epfindia.gov.in

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How to Download or print your updated UAN / EPF Passbook anytime and how to print your Uan Card at passbook.epfindia.gov.in website…..
Technology has made life easy for everyone. It is for this reason that the Employees Provident Fund Organization has decided to make it easier for its members to access their services from the comfort of their house. All you need is fast internet and having all your details in place and you will be able to get any details or documents from the EPFO portal with just a few clicks.

Although this process might seem a challenge for people who are not computer literate, it is the best option for many members. At the same time, this process helps members to monitor the status of their accounts and download several documents that might be of great use to them. Some of the documents you can be able to download from this website with ease is an updated EPF Passbook and the UAN Card.

The process of downloading these two documents involves very few steps and will take very few minutes as long as you follow the right procedure. However, before we list down the step by step procedure of downloading UAN Card, it is important to define what it is and what it entails.

epf passbook

What is an UAN Card and what does it entail?

The UAN Card is a document issued by the Employees Provident Fund Organization and it contains important details of an employee or EPF Member. This card is very important for a number of reasons most importantly being; it is the one your new employee uses to link your new account with the old incase you switch jobs.

A Universal Account Number card entails personal details of the employee. Below are some of the details you’ll find in any UAN Card.

  1. UAN: The Universal Account Number of the Employee is one of the most important details you’ll find listed on the UAN Card (it is mentioned in red). This number is normally printed on both the front and back side of the card.
  2. Name of the Employee: The next important information you’ll find printed on the UAN Card is the employee’s full names. This will appear as it was filled by the employee on the EPF Form during registration.
  3. Father’s Name or Husband’s Name: The employee’s father’s name is also included on the UAN Card. However, if the employee is a lady and she is married, her husband’s name is included to replace the dad’s name.
  4. KYC: Since the KYC documents are so many, they will not be listed on the card. However, a “Yes” is mentioned to confirm the employee has submitted all the necessary KYC documents and they have been approved. However, if they are not approved, a “NO” will appear on the card.
  5. QR Code: On the reverse or back side of the card, you will find a QR code indicated. This QR code is of great importance as it can be scanned to reveal the details of your UAN Card. This QR card is also used to prove the authenticity of your UAN Card.
  6. Date Stamp: The date on which the employee will download the UAN Card is also indicated on the card.

With the above information in place it is now easy to describe the step by step procedure followed in downloading your UAN Card. This has been made easy and convenient and all you need to do is follow the following steps:

  1. Login to your EPF account. This is done visiting the Member e-sewa portal http://unifiedportal-mem.epfindia.gov.in/memberinterface/ . Ensure you login using your UAN and password. Once you enter your UAN and Password, you’ll be expected to correctly fill-in the provided Captcha code before signing in.
  2. Once you’ve correctly signed-in, click on the “UAN Card” tab under “View” section.
  3. Your UAN card will automatically appear on the screen once you click this option.
  4. The fourth and the last step is downloading or printing your card directly according to your personal preference.

Step by step procedure of downloading or printing your updated EPF Passbook anytime

  1. The first step is visiting the EPF UAN official portal and logging-in using your UAN number and password.
  2. Once you have successfully logged in, the next step is clicking on the view EPF passbook. This will direct you to another website.
  3. Click on the link provided and you will be able to view your EPF Passbook.
  4. Select the ‘View Passbook”. You will be able to view your passbook with all the necessary details in place.
  5. Once this is done, you will be requested to either download or print UAN passbook. Once you click print, the EPF Passbook will be printed automatically if you have a printer connected to your PC. However, if you don’t have a working printer you can opt to just download and save it in your PC.

Filed Under: Epfindia

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