EPF Account News

UAN, or Universal Account Number, is a unique number given by the Employees’ Provident Fund Organisation (EPFO) to every EPF member. It acts as an umbrella ID that links all your past and present Member IDs (from different jobs) in one place. If you’ve lost or forgotten your UAN, here’s how you can easily get it back.

EPFO announces e-nomination for EPF/EPS account is available for members now. Members can update the nomination any time as per need. New nomination will override previous nomination.

Users can make the necessary changes by logging onto their EPFO accounts. EPFO had set a deadline of March 31 for EPF account holders to amend their e-nomination for their accounts. It's worth noting that EPF account holders have the option of having multiple nominees for their accounts.

Each employee and the employer contribute 12% of their basic income to these PF accounts as a predetermined contribution. EPFO announces the PF interest rate every year. Employees have four options for checking the balance of their EPF accounts.

According to EPFO guidelines, an individual can easily transfer their EPF account from their prior workplace to their new employer. Transferring EPF accounts online is possible if both employers (old and new) are able to begin transfers through a common interface. Transfer of HoEPF account from EPFO to employer's EPF trust.

The PPF account can be used to accumulate wealth over time. After the completion of 15 years from the inception of the account, the PPF account matures. PPF account users can extend their accounts in 5-year increments after they reach maturity.

You can access your Employee Provident Fund (EPF) account once you have your 12-digit UAN number. It also allows you to examine your passbook and check the balance of your EPF account.

It is critical to name a nominee for your EPF or EPS account in order to ensure that your loved ones benefit from your life savings even if you are not present. It should be remembered that an EPF account holder can alter the nominee for their EPF account by completing a fresh PF nomination. EPF members should keep in mind that they can file an e-nomination at any time and from any location using their UAN login.

You'll need an active UAN number and password to transfer your previous EPF balance to the new account. It should also be remembered that all forms of information, such as bank account numbers, cell phone numbers, and Aadhaar numbers, should be updated in your UAN number.

It also comes in handy in case of emergencies as a certain percentage of the amount can always be taken out from the PF account. EPF account yields a return of 8.5% annually. Anyone with a PF account unemployed for a month or more can get a non-refundable advance of up to 75% of the amount available in their PF account.

The EPFO has given an option to withdraw a portion of money in the event of the COVID-19 crisis or unemployment. PF is a fund that involves contributions from both employers and employees equally.

A user can also get access to the EPF account using the UMANG app. It can further help in viewing passbooks, raise a claim and also keep track of the status of your claims already submitted, and much more. Precisely, both the employer and employee are needed to give 12 percent of the employee’s basic salary.

The norms by the Employees’ Provident Fund Organisation (EPFO) revealed that employees are well within their rights to withdraw money for a medical emergency, construction or purchase of a new house, renovation of the house, repayment of home loan, and wedding purposes. To withdraw money for COVID-19 treatment, a person needs to get it under the medical emergency for spouse, or member or parent or children. An employee is eligible to get six times the monthly salary or employee’s share with interest (whichever amount is lesser) from the EPF for medical treatment including that of COVID-19.

Income Tax India further warned that ITR filing post-March 31 will see late fee charges and it has urged the taxpayers to complete the exercise at the earliest to avoid interest fees. Apart from this, a person can file their income tax returns through incometaxindiaefiling.gov.in and taxpayers can also call on 18001030025 in case of any query or if they face problems while filing their return. Also, from April 1, one’s investment in an EPF account will be fully exempted from the income tax.

Income Tax India also said that ITR filing post-March 31 will see late fee charges and it has urged the taxpayers to complete the exercise at the earliest to avoid interest fees. Besides that, a person can file their income tax returns through incometaxindiaefiling.gov.in and taxpayers can also call on 18001030025 in case of any query or if they face problems while filing their return. Also, from April 1, one’s investment in an EPF account will be fully exempted from the income tax.

The EPFO had announced this rate on deposits for 2016-17, a tad lower than 8.8 percent in 2015- 16.

The EPFO had announced 8.65% rate of interest on deposits for FY17, a tad lower than 8.8% in FY16.

Now, at the time of joining new employer, the employees' can give details of their previous EPF account in new composite F-11 form to give declaration about their details.

Over four crore members of the retirement fund body EPFO can now withdraw funds from their EPF account for treatment of illness and purchasing equipment to deal with handicap without medical certificates.  

The government has relaxed the "inoperative" accounts wherein it paves the way for  retirement fund body EPFO to pay interest for such accounts.