EPF

Subscribers of retirement fund body EPFO will be able to withdraw their employees' provident fund (EPF) directly into their bank accounts through UPI payment gateway using its newly designed mobile application to be launched in April this year, a top source said. The labour ministry is working on a project where a certain proportion of the EPF will be frozen, and a large chunk will be available for withdrawal through their bank account using Unified Payment Interface (UPI), the source told PTI. The source further informed that the Employees' Provident Fund Organisation will roll out a new mobile phone application through which the member would be able to withdraw their EPF money using UPI gateway as well as avail other services like passbook balance. Currently, the member uses either the Universal Account Number (UAN) portal or the UMANG app to access their EPF accounts and avail of their services. The source said that these services will remain available on both platforms, while t

Currently, under the EPF, contributions are payable on a maximum wage ceiling of ₹15,000. Meanwhile, the wage ceiling for ESI is ₹21,000 per month

PFRDA Chairperson S. Ramann discusses the future of India’s retirement system, and whether employees may soon have the freedom to choose between the EPF and the NPS

EPF subscribers should continue to save separately for housing, and children's education and marriage

The board of retirement fund body EPFO on Monday approved liberalised part withdrawals for its more than seven crore subscribers, allowing up to 100 per cent EPF withdrawal. The Central Board of Trustees (CBT), the apex decision-making body of EPFO, headed by Labour Minister Mansukh Mandaviya, took several path-breaking decisions during its meeting, a Labour Ministry statement said on Monday. To enhance the Ease of Living of EPF members, the CBT decided to simplify the partial withdrawal provisions of the EPF Scheme by merging 13 complex provisions into a single, streamlined rule categorised into three types, namely, Essential Needs (illness, education, marriage), Housing Needs and Special Circumstances. Now, members will be able to withdraw up to 100 per cent of the eligible balance in the Provident Fund, including employee and employer share. Withdrawal limits have been liberalisededucation withdrawals allowed up to 10 times and marriage up to 5 times (from the existing limit of

Here's a quick guide to the online process, rules, and why it's smarter than starting over.

If millions of gig workers are forced into EPF without the option of NPS, complaints about the system's inefficiencies will intensify as its shortcomings inevitably emerge

Employees must be allowed to pause or reduce ontributions, and the promised portability between EPF and NPS should be enabled

Linking the Universal Account Number (UAN) to Aadhaar and maintaining consistent personal details ensures quicker PF transfers without requiring employer verification

Under the new rules effective January 1, 2025, 7.8 million members of EPS will benefit from Centralised Pension Payment System

A higher wage ceiling will influence both the benefits and deductions within your salary structure

Recent tax rules state that interest on contributions exceeding Rs 2.5 lakh per year is taxable, so keeping an eye on credited interest helps you plan your tax liabilities and ensure accurate filings

A joint declaration is a request submitted by employees, which is verified by the employer, to modify or update key details in the members' basic profile information

To ensure accurate TDS deduction it is important to submit your PAN when applying for provident fund withdrawal

Earlier, in Sept 2023, 950,527 fresh formal employees had joined EPF. The EPFO data is considered crucial as only the formal workforce enjoys social security benefits and is protected by labour laws

Members can now update their nominations online through the EPF members' portal

The court found that the provisions that allowed international workers to contribute to the funds were "discriminatory" and violated Article 14 of the Indian Constitution

Complete withdrawal is allowed when an individual retires or remains unemployed for more than two months

Experts blame the fall on higher exemption limit for Rs 7-5 lakh IT bracket

Switch fund manager only if long-term performance lags the category average