PF account News
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EPF Bank Account Link Online With UAN Number: The Employees' Provident Fund Organisation (EPFO), established in 1952 under the Employees' Provident Fund and Miscellaneous Provisions Act, is a statutory body overseeing employee retirement savings. EPF account holders must keep their bank details updated, including their name, address, contact number, nominee information, and bank account details, to ensure seamless transactions.
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PF account benefits.
Insurance scheme for a/c holders.
Pension for subscribers.
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Interest on EPF was totally tax-free prior to Budget 2021.
Finance Minister Nirmala Sitharaman proposed in her budget address for 2021-22 that PF payments of more beyond Rs 2.5 lakh per year be taxed.
EPF payments over Rs 2.5 lakh per year would be taxed, according to a notification published on August 31.
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Currently, 8.50 percent interest is being paid on EPF investments.
If no withdrawals from your PF account have been made prior to retirement, you will be eligible for a pension (EPS-Pension).
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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.
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The deadline for adding the nominee is December 31, 2021.
Failure to add a nominee to your PF account by the necessary date can result in a variety of problems, including the loss of benefits such as insurance money and pension.
The nomination is intended to give protection to the dependents of PF account holders.
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The EPFO Board of Trustees adopted a centralised IT system of PF account.
When an employee changes jobs, the PF account number remains intact, and the employee does not have to worry about PF account transfer.
After quitting a job, the PF holder is required to file documentation at both the former and new employers.
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EPFO stated that it never requests personal information such as Aadhaar, PAN, UAN, Bank Account, or OTP over the phone, WhatsApp, or social media.
The EPFO encouraged PF account holders not to reply to calls demanding personal information, stating that it never requires them to deposit money in order to use its services.
By disclosing personal information, hackers may be able to get access to your EPF account and jeopardise its security.
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For the fiscal year 2020-2021, the government has transferred interest at an 8.5 percent rate.
This additional money credited to PF account holders will be especially valuable in the event of a medical emergency.
This money is intended for large-ticket purchases such as a home, automobile, or education, as well as retirement.
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The fraudulent transactions were done between March 2020 and June 2021.
The total amount withdrawn from PF is Rs 21.5 crore.
This money was fraudulently withdrawn from the pooled fund of EPFO.
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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.
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PF account benefits.
Insurance scheme for a/c holders.
Pension for subscribers.
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EPFO allows withdrawal of PF before retirement but if you want to get the money before 5 years of account opening, then TDS (Tax Deduction at Source) is applied on the withdrawal amount.
The PF withdrawal rules clearly state that if the EPF/PF account is attached with PAN, the TDS deduction rates stand at 10 percent while in the case of EPF accounts without PAN, the TDS rate stands at 20 percent.
PF account holders can avoid TDS deduction while taking out money before five years of account opening.
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8.5 percent interest for FY21.
PF Subscribers to get amount in July.
Labour Ministry reportedly given go-ahead.
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As per sources, the Labour Ministry had given a go-ahead to the proposal in this regard and interest will be credited into beneficiaries account by July end itself.
Last year, the PF subscribers waited for around 8 to 10 months to get their interest rate.
Previously, the Employees Provident Fund Organisation had kept the interest rate unchanged at 8.5 percent. Besides, the EPFO had asked employees to withdraw more money amid the second wave of the COVID-19 pandemic.
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Employees’ Provident Fund Organisation (EPFO) on Thursday said that it has begun crediting an 8.5 per cent rate of interest on employees’ provident fund (EPF) for 2019-20 for its over six crore members. Watch Full Video for More Information.
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PPF is a 15-year investment scheme.
You can take PPF Loan in case of emergency.
How your PPF account shall become discontinued.
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PPF is a 15-year investment scheme.
You can take PPF Loan in case of emergency.
How your PPF account shall become discontinued.
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Take PPF Loan in case of emergency.
T&C for availing Loan facility on PPF account.
PPF is a 15-year investment scheme.
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EPFO subscribers would be able to see ETF units in their PF accounts by March- end next year.
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