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The Ministry of Labour and Employment recently directed the Employees' Provident Fund Organization (<keyword id="19966712" type="General" weightage="100" keywordseo="EPFO" source="keywords">EPFO</keyword>) to ensure the activation of UAN (<keyword id="20789489" type="General" weightage="20" keywordseo="universal-account-number" source="keywords">Universal Account Number</keyword>) via Aadhar-based OTP. The outreach is part of announcements made during the Union Budget 2024-25, which aim to maximize the net of beneficiaries under the Employment Linked Incentive (ELI) Scheme. The central government has already directed concerned ministries and departments to ensure that payment of all subsidies and incentives under all welfare schemes occurs via the Aadhar Payment Bridge and that 100% biometric Aadhar authentication is achieved. Notably, Aadhaar-based verification eliminates the need for producing multiple documents to prove one's identity. In the first stage, all employers must complete <keyword id="24089674" type="General" weightage="20" keywordseo="UAN-activation" source="keywords">UAN activation</keyword> through Aadhar-based OTP for all employees who've joined the company in the current financial year by November 30, 2024. Starting with their latest recruits, employers will have to finish this process for all their employees. As per the budget announcements, the government will implement 3 schemes for 'Employment Linked Incentive' as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. The ELI Scheme aims to create over 2 crore jobs in the country in 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihoods. UAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real-time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices. For the uninitiated, UAN is a 12-digit number allotted to each member of EPFO (Employee Provident Fund Organization). Think of UAN as a single-point number that brings together multiple member IDs that have been allocated to a particular employee. In September this year, EPFO added 18.81 lakh members, registering a 9.33% YoY growth.

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

<ul><li>Employee’s <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">provident fund</keyword> (<keyword id="45027" type="General" weightage="20" keywordseo="epf" source="Orion">EPF</keyword>) is a mandatory fund for the Indian workforce.</li><li>Both the employee and the employer contribute to the fund.</li><li>While the EPF can be withdrawn in full at retirement, employees can also withdraw prematurely in certain circumstances.</li></ul>If you are looking to withdraw money online from your employee’s provident fund (EPF) account, you can do it through the Employees' Provident Fund Organisation (EPFO) portal. Employees' Provident Fund is mandatory for all employed in the Indian workforce and it is deducted from an employee's salary as well as the employer contributes to it. The employee contributes 12% of his basic salary to EPF and a similar contribution is made from the employer to the EPF fund. The funds are saved in the EPF account of the employee and interest is also added to it. This helps the employee get savings, pension and insurance. While the entire amount of the EPF can be withdrawn at retirement, premature withdrawals are also possible online through the EPFO portal. Here’s how you can do it. <cmsannotation type="cmsannotation" annotationid="Withdrawal from EPF account" comment="subhead" text="Withdrawal from EPF account">Withdrawal from EPF account</cmsannotation> Before you begin to withdraw, you should note that the complete amount can be withdrawn when you have retired or have been unemployed for more than two months. While partial withdrawal is possible for conditions such as medical illness, marriage, calamity, and house renovation.To know more about the withdrawal criteria, read this <a href="http://www.epfindia.gov.in/site_docs/PDFs/MiscPDFs/OCS_FAQ_Eligibility_102017.pdf">FAQs document</a>. <ul><li>First visit the <a href="https://unifiedportal-mem.epfindia.gov.in/memberinterface/">UAN Member e-Sewa</a> portal.</li><li>Now, enter your <a href="https://www.businessinsider.in/heres-how-to-activate-your-uan-number/articleshow/69607180.cms">Universal Account Number </a>(UAN) and password.</li><li>Enter the CAPTCHA and then click “Sign In”.</li><li>Click the Online Services from the top menu and then select the CLAIM (FORM-31,19,10C&amp;10D) option.</li><li>You should now verify the details on the Online Claim form.</li><li>After you have verified the details, enter your bank account number and click “Verify”.</li><li>On the certificate of undertaking, click “Yes”.</li><li>Now, click on the “Proceed for Online” claim.</li><li>Next you will have to enter whether you are applying for the advanced <keyword id="60977" type="General" weightage="20" keywordseo="pf" source="Orion">PF</keyword> withdrawal and from a drop-down menu 'Purpose for which advance is required', select from the available purposes for your withdrawal.</li><li>You should now enter the withdrawal amount in the text box and then enter your address in the Employee Address section.</li><li>Now, click on the certificate and submit the request.</li></ul>Once you have submitted the claim form, you may be asked to upload scanned documents relating to the purpose for your withdrawal. This may need approval from your employer. Post approval, it may take 15-20 days to reach your account. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-extends-play-store-billing-system-deadline-to-october-31-2022/articleshow/88202683.cms">Google extends the Play billing policy deadline for app developers in India for the second time</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsungs-upcoming-flagship-series-galaxy-s22-is-likely-to-be-unveiled-on-february-8-2022/articleshow/88249428.cms">Samsung Galaxy S22 Ultra: Name change, model number, specifications and more</a>

Here’s how to withdraw money from your EPF account online

One of the main issue that employees face while exiting a company is closing their <keyword id="45028" type="UNKNOWN" weightage="20" keywordseo="provident-fund">Provident Fund</keyword> (PF) account. But, this won’t be a headache now as the Employees’ Provident Fund Organisation (<keyword id="6372438" type="ORGANIZATION" weightage="20" keywordseo="epfo">EPFO</keyword>) is working on employee-friendly initiatives. Among the slew of initiatives, one of them is transferring the <keyword id="2836852" type="UNKNOWN" weightage="20" keywordseo="pf-amount">PF amount</keyword> when you change the job. Chief provident fund commissioner V P Joy said <keyword id="580773" type="UNKNOWN" weightage="20" keywordseo="pf-account">PF account</keyword> will automatically get transferred when you change your job. "Whenever there is a change of job, a lot of accounts are closed; then they (the employees) restart their account later on. Now we have made Aadhaar compulsory for enrollment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security," said Joy. The PF amount will be transferred within three days and you won’t require to fill any form or submit any application.

Switching jobs? Don’t fret over PF account, it will get transferred. Here are the details

<keyword id="2407788" type="PERSON" weightage="20" keywordseo="UAN">UAN</keyword> refers to the Universal Account Number allotted to the subscribers of EPF scheme. When your employer pays the first contribution to your PF account, your unique UAN is generated and then it continues forever later even when you switch your employer. It is possible to check your EPF balance using the <keyword id="6324854" type="UNKNOWN" weightage="20" keywordseo="UAN-number">UAN number</keyword>. First start by activating your UAN Start the process by first activating your UAN in the following steps. Input your mobile number and UAN number. You will receive your PIN via your mobile. You have to enter this PIN number. After inputting the PIN number, your credentials will be verified. UAN number will be your user number. You will have to create the password. This process will end up registering you on the UAN portal. Once this is done, you can check your <keyword id="574736" type="PERSON" weightage="20" keywordseo="PF-balance">PF balance</keyword> using the UAN number. It is also possible to download the passbook and get other details through the app. In case the website is not working to view the PF balance, you can also follow other options. When you are the registered member, you can use the toll free number to view your EPF balance 1800-118-005. How to merge multiple EPF accounts? It is possible that some individuals have multiple EPF number due to several reasons. If this is the case with you, you can get them clubbed together in the following way. Visit the official EPF India website Click on the link One Employee-One EPF The next step is to authenticate using the OTP that will be sent to your registered mobile number. Update your PF numbers on this page. This page provides you the option to update a maximum of 10 EPF Numbers. Simple steps to check your EPF balance using UAN Go to the official website of the EPF office On the right side of the page, login using your credentials Below that, you will see the link ‘activate your login’. You will find a box in which you will have to tick against "I have understood the instructions". The next step will ask you to fill in some details. Enter the Universal Account Number or UAN Then you will have to enter your mobile number. In the next step, choose your state and the office Input the company code that your employer has provided you. In the next step, type in the characters you will see in the box displayed on the page. Once you have entered the characters, the site will send you an OTP on your mobile phone. Now you will need to enter a new password to use from now onwards. Your login will remain the same as your UAN ID. On this page, you can login whenever you want using your credentials and perform the actions including downloading your UAN card, updating your PF Passbook, view the status of your PF transfers. Sometimes when the portal is very slow, you will not be able to check the EPF using the UAN. In such cases, you can also use the app.

How can we check PF balance through UAN Number

<keyword id="7723175" type="General" weightage="20" keywordseo="what-is-provident-fund" source="Orion">What is Provident fund</keyword>? PF or Provident Fund or as it is commonly known as, Employee Provident fund(EPF) is a government backed savings scheme which allows a salaried employee to invest a certain amount every month on which a fixed amount of interest is paid by the government. It is a retirement savings scheme and is amninistered by a statutory body, EPFO, Employee Provident Fund Organisation under the Ministry of Labor and Employment. <cmsannotation type="cmsannotation" annotationid="You can check your PF balance in four different ways." comment="subhead" text="You can check your PF balance in four different ways.">You can check your PF balance in four different ways.</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Check PF balance through EPFO Portal" comment="subhead" text="1. Check PF balance through EPFO Portal">1. Check PF balance through EPFO Portal</cmsannotation> To check your PF balance, the employer must have activated your Universal Account Number (UAN). This number is allotted by the EPF organization. Irrespective of the companies you change, this number will remain the same throughout your life. Step 1: Log on to the EPFO portal. Go to ‘Our Services’ and choose ‘for Employees’. Choose the option ‘Member Passbook’ under ‘Services’. Step 3: In the Login page, enter your UAN Number and Password after activating them. Now you can access your EPF account. <cmsannotation type="cmsannotation" annotationid="Check PF balance via SMS" comment="subhead" text="2. Check PF balance via SMS">2. Check PF balance via SMS</cmsannotation> If you have linked your UAN number with your KYC details like Aadhaar number or PAN number, you can access your PF balance via SMS. If this is done, you can send SMS message “EPFOHO UAN ENG” to the number 7738299899. This will send the details in English. Alternative SMS codes are available if you wish to know your PF balance in other languages like Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam, and Bengali. 3. <cmsannotation type="cmsannotation" annotationid="Check PF balance via Missed call" comment="subhead" text="Check PF balance via Missed call">Check PF balance via Missed call</cmsannotation> If you have linked your Aadhaar card or PAN number with your PF account, you can use this method to know your PF balance. Give a missed call to 011-22901406 from your registered mobile number and you will instantly get a message stating your PF balance. 4. <cmsannotation type="cmsannotation" annotationid="Check PF balance using EPFO app" comment="subhead" text="Check PF balance using EPFO app">Check PF balance using EPFO app</cmsannotation> Download the “m-sewa app of EPFO” from Google Play Store. Open the app and click on ‘Member’ and go to ‘Balance/Passbook’. The page will ask for your UAN number and registered mobile number. If the details you give match with their records, your PF balance will be displayed. <div type="Article" hostid="261" msid="88278188" title="Here’s how you can create Universal Account Number (UAN) on the EPFO portal" mstype="2" mssubtype="0"></div>

How to check Pf (Provident Fund) balance in India

The central board of trustees of the <a href="http://www.businessinsider.in/searchresult.cms?query=EPF&amp;sortorder=effectivedate">Employees' Provident Fund Organisation</a> (EPF) has reversed the decision of previous UPA-II government and will now give interest on <a href="http://www.businessinsider.in/searchresult.cms?query=inoperative+accounts&amp;sortorder=effectivedate">inoperative accounts</a> from April 1, 2016. 
 
Inoperative EPF accounts means there has been no contribution from either the employee or the <a href="http://www.businessinsider.in/searchresult.cms?query=employers&amp;sortorder=effectivedate">employer</a> for 36 months. 
 This will benefit around nine crore <keyword id="1907154" type="UNKNOWN" weightage="20" keywordseo="inoperative-accounts">inoperative accounts</keyword> of subscribers switching jobs. 
 
"We have taken a pro-worker decision to give interest on inoperative accounts with effect from April 1, 2016," said labour minister Bandaru Dattatreya. 
 
A sub-committee will be constituted for the same.

Your PF will now earn interest, even if your employer has stopped contributing to it

New Delhi, Apr 9 () The government is planning to allow subscribers of the Atal Pension Yojana (APY) for a partial withdrawal from employees' contribution as the current lockdown to battle Covid-19 has crippled the monetary power of workers in the unorganised sector. The government circular would be out in a day or two for adding Covid-19 as one of the conditions for partial withdrawal from pension fund by APY susbscribers, Pension Fund Regulatory and Development Authority of India (PFRDA) Chairman Supratim Bandyopadhyay told ."In our regulation, we already have an enabling provision of partial withdrawal for specific purposes such as life threatening kind of emergency, or some kind of critical illness and the likes. There we have done a classification that it should include Covid-19 also," Bandyopadhyay said.He said PFRDA has requested the finance ministry for enabling this provision."May be today or tomorrow this circular will be out," said the chairman of the pension fund regulatory body.He said as in case of other contingencies of partial withdrawal, the limit of withdrawal has been kept same at 25 per cent of the fund accrued of employee's contribution of the pension amount. As on March 31, 2019, the number of APY subscribers was 2.11 crore. The total number of subscribers under APY and NPS stood at 3.47 crore.PFRDA runs two flagship pension schemes -- APY and NPS (National Pension System).While the NPS caters to the central and state governments alongside autonomous bodies as well as individual taxpayers, APY is largely targeted for workers in the unorganised sector.India's majority workforce is employed with this sector which is facing hardship due to the lockdown. Bandyopadhyay said there is unlikely to be any disruption in terms of PF contribution from NPS subscribers. With regard to large and medium corporates also PFRDA is not seeing any kind of disruption, however, there may be some challenges with respect to small corporates. But, he also clarified that since the PFRDA schemes are flexible in nature as there are no due dates to make contributions, one can add funds to pension accounts at any time during a fiscal year.Individuals, salaried or self employed, can also subscribe to the NPS scheme wherein investment of up to Rs 50,000 a year is allowed tax free. KPM KPM ANUANU

Govt to allow Atal Pension subscribers for partial withdrawal from PF fund amid COVID-19 :PFRDA

<ul><li>Under the <keyword id="10263868" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rozgar-yojana-scheme">Atmanirbhar Bharat Rozgar Yojana scheme</keyword>, the central government will provide subsidy for new employees in establishments up to 1000 employees.</li><li>The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, said India’s <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman.</li><li>Here’s the eligibility criteria for companies to avail benefits under this scheme</li></ul>Finance Minister Nirmala Sitharaman in her press conference today (November 12) announced the <keyword id="10263642" type="UNKNOWN" weightage="20" keywordseo="Atmanirbhar-Bharat-Rozgar-Yojana">Atmanirbhar Bharat Rozgar Yojana</keyword> for the benefit of the members of employees provident fund Organization (EPFO). The announcement came as a part of the third stimulus package aimed at helping the COVID hit Indian economy. <div type="Article" hostid="261" msid="79187044" title="Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The finance minister said under this scheme, every establishment that is registered with the EPFO will be incentivised to hire people who were not registered with EPFO earlier as well as those who lost their jobs between March 1, 2020 to September 30, 2020. Under the scheme, the central government will give a subsidy for new employees for establishments with up to 1000 employees. The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, Sitharaman said. Who will be benefited by this? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years in respect of new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>And, for establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail benefits under this scheme, the organisations with fewer than 50 employees will have to hire at least two employees, and those with more than 50 employees will have to hire five or more employees. "A large number of organizations have put off their hiring plans this year because they are wary of taking up fresh monetary commitments. The government's pledge to bear the EPFO contributions of new employees will encourage many organizations to resurrect their recruitment plans,"Vivek Bindra, founder of New Delhi-based Bada Business. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a>

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Even though the Central Board of Trustees (CBT) of retirement body EPFO had decided on an 8.8% interest rate, the Finance Ministry has lowered it and approved an 8.7% interest on PF deposits for over 5 crore subscribers. 
 "The (EPFO's apex decision-making body) CBT, at its meeting held in February 2016, has proposed an interim rate of interest at 8.8 per cent to be credited to the accounts of Employees' Provident Fund subscribers for 2015-16. The Ministry of Finance has, however, ratified an interest rate of 8.7 per cent," Labour Minister <keyword id="115762" type="PERSON" weightage="100" keywordseo="Bandaru-Dattatreya">Bandaru Dattatreya</keyword> said in a written reply to the Lok Sabha today. 
 
This is probably the first time that such thing has happened, when the Finance Ministry has not agreed to the CBT’s rate of interest. 
 
Earlier, EPFO had provided 8.75% rate of interest in 2013-14 and 2014-15, 8.5% in 2012-13 and 8.25% in 2011-12. 
 
As per EPFO's estimates worked out in September, it can easily pay 8.95% rate of interest, leaving a surplus of Rs 100 crore. 
 
<a href="http://economictimes.indiatimes.com/photo/51011641.cms">Image source</a>

Finance Ministry lowers proposed PF interest rate to 8.7% for the first time

There are two kinds of investors-one who invest and forget and other who keep a track of everything, from share certificates to mutual funds. 
It may not be wise to invest and forget as shares do end up as mere papers and are forgotten. 
 As per reports, a whopping amount of Rs 37,300-crore is sunk in shares, <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> policies, small savings schemes, inoperative bank, demat accounts, etc and there is Rs 26, 497 crore unclaimed provident fund lying. 
 
If you don’t claim your shares and it is lying untreated for seven years, your dividends and shares are transferred to Sebi's Investor Education and Protection Fund. 
 
Whereas, the unclaimed deposits and money in inoperative bank accounts get transferred to the RBI's Depositor Education and Awareness Fund after 10 years. 
 Forgetting about <keyword id="6362476" type="ORGANIZATION" weightage="20" keywordseo="investments">investments</keyword> is not wise for those who get shares from companies as a compensation package. 
 
But there are very few companies that are working to remind you of forgotten shares, as old as 25 years. 
 
Share Samadhan is one of them that is helping people since 2011 in recovering lost holdings and investments. 
 
"The objective is to provide a single-point advisory for issues faced by investors. We have received a largely positive response from clients, some of who were initially hesitant to hand over their documents to the company,” Vikash Jain, cofounder of Share Samadhan, told ET. 
 
Jain along with his partner Abhay Chandalia assigns individual teams to each client. 
 
Share Samadhan has helped solve complex cases and recovered as much as Rs 48 lakh.

You can still claim your forgotten investments as Rs 60,000 crore are lying unclaimed

UAN expanded as Universal Account Number is necessary for you if you wish to check your PF records. You can use this number to find out if all your savings are credited to your account. Through your <keyword id="6324854" type="UNKNOWN" weightage="20" keywordseo="UAN-number">UAN number</keyword> you can access the UAN Member portal at epfindia.gov.in. In this way you can complete various tasks connected to your account which will otherwise require you to visit the <keyword id="7710309" type="UNKNOWN" weightage="20" keywordseo="EPFO-office">EPFO office</keyword>. Steps to activate your UAN (Universal Account Number) Number: Visit the official website of EPF organization at <a href="http://www.epfindia.gov.in">www.epfindia.gov.in</a> Go to ‘Our Services’ link for the drop down menu and choose ‘For Employees’ Once the employees’ page displays, click on ‘Member UAN/Online Services’. This will lead you to the UAN Member portal. On the UAN Member portal page, click on ‘Activate Your UAN’ (You will find this link under ‘Important Links’ displayed on the right hand side). Input the details asked from you like the following: <ul><li>UAN (Universal Account Number)</li><li>Your Registered Mobile Number</li><li>Your Member ID for the Provident Fund</li></ul> At the end, the page will display a captcha code which you will have to enter in the respective field. After this, click on ‘Get authorization PIN’. You will then receive an OTP on your registered mobile number. On the web page, click on ‘I Agree’ and input the OTP you have received on your mobile phone. As the final step, click on ‘Validate OTP and Activate UAN’. Now you will receive a unique password on your registered mobile number. You must use this to access your UAN account. You can then log on to the UAN Member portal to change the password to your desired choice.

Here's how to activate your UAN (Universal Account Number) Number

Soon, you will be able to withdraw <a href="http://www.businessinsider.in/searchresult.cms?query=provident+fund">PF</a> money online, without running from pillar to post. 
As the <a href="http://www.businessinsider.in/searchresult.cms?query=supreme+court">Supreme Court</a> extended voluntary use of <a href="http://www.businessinsider.in/searchresult.cms?query=aadhar">Aadhaar</a> card to government schemes, the Employees' <keyword id="45028" type="ORGANIZATION" weightage="20" keywordseo="Provident-Fund">Provident Fund</keyword> Organisation (<keyword id="6372438" type="ORGANIZATION" weightage="20" keywordseo="EPFO">EPFO</keyword>) is planning to launch online PF withdrawal facility by March end. 
 
With online facility, PF claims will be settled in three hours of receiving an application. 
 
"We have written to the Labour Ministry for approvals for starting an online PF withdrawal facility. We are hopeful of launching this by March end after yesterday's Supreme Court ruling," said Central Provident Fund Commissioner K K Jalan. 
 
"During this month, we will start settling all PF withdrawal claims having Aadhaar numbers within three days against the mandated period of 20 days though the claims will be filed manually only,” added Jalan. 
 EPFO has also become the registrar of the Unique Identification Authority of India (<keyword id="6355252" type="CITY" weightage="20" keywordseo="UIDAI">UIDAI</keyword>) for purpose of enrolment. 
 
But for the online facility, your Unique (portable PF) Account Numbers (UANs) should be seeded with Aadhaar numbers, including the bank account details. 
 
EPFO website claims that the authority has issued 5.6 crore <a href="http://www.businessinsider.in/searchresult.cms?query=UAN">UANs</a>, out of which 92.88 lakh subscribers have provided their Aadhaar numbers and 2.75 crore bank account details. 
 
EPFO has verified 64.67 lakh Aadhaar numbers and 1.9 crore banks accounts for seeding those with UANs. At present, there are 1.99 crore subscribers who have actually activated their UANs. 
 
(Image: Thinkstock)

PF withdrawal to go online! Settlement will be within 3 hours

Relief for those who wanted to draw out their premature <keyword id="45028" type="ORGANIZATION" weightage="80" keywordseo="Provident-Fund">provident fund</keyword> (PF) withdrawals of Rs 30,000 or more as the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">finance ministry</keyword> is reconsidering its Budget provision to tax such withdrawals, even as the 2015 Finance Act has been notified and deduction of tax at source from PF accounts settled before five years of service, comes into force from June 1. 
 

	The finance ministry might issue a directive to put the implementation of this clause in the Finance Act on hold or raise the Rs 30,000 trigger for tax deductions from PF accounts, a senior official said. "The government is mulling two options to hold back the implementation of this tax, after the PF office pointed out that it would be unfair to tax retirement <keyword id="25450" type="UNKNOWN" weightage="60" keywordseo="savings">savings</keyword> of people whose income is less than the personal <keyword id="6354751" type="COMPANY" weightage="80" keywordseo="Income-Tax">income tax</keyword> threshold of Rs 2.5 lakh," the senior official told the Economic Times. 
	 

	Meanwhile, the PF department has ordered all offices to be ready to deduct tax from all premature PF claims settled from June 1 as the decision is expected by the end of this month. 
	 

	"Tax will be deducted at 10% if members submit their PAN card details and at the maximum marginal tax rate of 34.608% if a member fails to submit PAN. Only in cases where a member submits Form 15G or 15H, no tax will be deducted," the official said. 
	 

	Form 15G is a self-declaration document for individuals having non-taxable income, while Form 15H is a similar declaration by senior citizens (over the age of 60 years). However, these forms won't be accepted as a valid defense for avoiding tax deductions in case of PF accounts with balances of Rs 2.5 lakh (for those with no taxable income) and Rs 3 lakh for retirees. According to the Employees' <keyword id="122254" type="ORGANIZATION" weightage="80" keywordseo="Provident-Fund-Organisation">Provident Fund Organisation</keyword> (<keyword id="6372438" type="ORGANIZATION" weightage="80" keywordseo="EPFO">EPFO</keyword>), no tax will be deducted if the PF savings are transferred to another PF account. 
	 

	Moreover, no tax would be deducted on their PF withdrawals in special cases. If an employee had to leave service due to bad health or other factors beyond their control such as a slowdown or shutting down of the employer's business, no tax will be deducted. 
	 

	Personal income tax is payable for those earning Rs 2.5 lakh or more annually. An EPF account is mandatory for all employees earning up to Rs 15,000 per month in companies having over 20 workers. As per the law, 24% of an employee's salary is diverted to her or his PF account. 
	 
	(Image: Indiatimes)

You Searched For "pf account" and got 13 results

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

BI India Bureau

Here’s how to withdraw money from your EPF account online

Shadab Rabbani

Switching jobs? Don’t fret over PF account, it will get transferred. Here are the details

BI India Bureau

How can we check PF balance through UAN Number

BI India Bureau

How to check Pf (Provident Fund) balance in India

BI India Bureau

Your PF will now earn interest, even if your employer has stopped contributing to it

BI India Bureau

Govt to allow Atal Pension subscribers for partial withdrawal from PF fund amid COVID-19 :PFRDA

PTI

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Navdeep Yadav

Finance Ministry lowers proposed PF interest rate to 8.7% for the first time

BI India Bureau

You can still claim your forgotten investments as Rs 60,000 crore are lying unclaimed

BI India Bureau

Here's how to activate your UAN (Universal Account Number) Number

BI India Bureau

PF withdrawal to go online! Settlement will be within 3 hours

BI India Bureau

Relax! The govt won't tax you just yet for withdrawing your PF before 5 yrs

BI India Bureau

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