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Employees Provident Fund or commonly known as EPF is a long term retirement savings scheme which is an initiative taken by the government in order to inculcate savings discipline in people, which can be utilised at the time of any major life events such as weddings, home renovation / alteration, medical treatments etc. And organizations which have more than 20 employees should compulsorily register with EPFO.
Employees Provident Fund Organization or EPFO which is a statutory body under the labour ministry of finance is responsible for managing EPF account.
In today’s time, many industries are being set up rapidly; hence there are more openings in private sector compared to government jobs which offers minimum vacancies. And as most of the jobs are being created in private sector, switching jobs have become more common. And with job changes, change of workplace from one city to another is also fairly common.
The EPF have introduced a number of new measures to modify online claim process.
As per the new rules, EPF subscribers are no longer require to file a separate EPF transfer claims. Using Form – 13 after changing jobs as the claim will now be transferred automatically. As per the present rule, the employers can give their previous EPF account in new composite F – 11 to give a declaration about their details, at the time of their joining.
Also to develop different methods for easy online streamline like for example ‘online transfer claim’ got replaced by United Portal of the EPFO. Now every employer have been provided with a Unique Account Number (UAN), which acts like an umbrella for a number of PF accounts.
Before the new rules, the employees had to go through a long drawn out process of linking old PF account to the new one but now with the introduction of UAN the process has become extremely easy and simple, all they are required to do is to provide his UAN number to his or her new employer.
Also, note that before using the unified portal make sure that your UAN is linked with KYC (Know Your Customer).
Why transfer PF and not withdraw it?
When you decide to switch your current job and join a new employer, you get an option to open a new PF account and close the previous one. However, it is advisable to transfer the old PF account funds to the new one. Earlier the transfer involved some paperwork, like submitting the transfer form from an old employer to the new one. But with the launch of an online self – service portal by EPFO this has become easier and hassle-free.
Advantages of EPF Transfer
There are multiple advantages of EPF transfer, which are as follows:
If you choose to close your old account before 5 years, the amount becomes taxable. But if you decide to transfer the funds, you get to enjoy your hard earned money in full. You can also avail partial withdrawal on your PF funds for reasons like purchasing / constructing a house, medical treatment, marriage of own daughter etc. You earn the prevailing rate of interest from EPFO; in the long run and this becomes a substantial sum due to the power of compounding.
Step by step Guide for Online Transfer of PF Funds
Follow the below-mentioned steps in order to transfer PF Funds:
- Log in to the EPFO Portal at http://members.epfoservices.in/and create your UAN based login ID.
- This will direct you to a page where you have to enter your UAN, mobile number and details of current employer like state, establishment number and account number
- Then you need to check if the account is eligible for a transfer on the EPFO site. You need to fill in the state where the employer was located and search by name or establishment number from the dropdown menu
- Once you have filled in the details, click on Check Eligibility
- The site will then let you know if your account is eligible, or not. If it is, then you can register on the EPFO website
- You will also have to submit a valid photo ID (photo identification card) such PAN card, Aadhaar or driving license. The website will also send a PIN to your mobile which you have to verify
- Submitting the PIN successfully will give you a confirmation message. Continue further.
- This will take you to the EPFO Member Claims Portal, To log in you have to provide the document ID and phone number. After signing in, you can see all options.
- Go to the top tabs and click on Request for transfer of account.
- You can now access and fill in PF transfer form. It has three broad parts:
- First, you have to enter personal information in the first part. Other than your name and email you have to enter IFSC Code of the bank and your salary account number.
- In second part, fill in details of your old PF account
- In part three, fill in details of current PF account.
- The claim can be attested by your previous or current employer. It takes some time for their end to do it.
- After the form is correctly filled in, you can click preview to see if the information is correct. Or else modify.
- After ensuring all the information is correct, enter the captcha and get PIN. Also click “I Agree”. After entering the PIN, the claim transfer has started off.
Benefits of linking Aadhaar number with PAN
The Government has tightly woven Aadhaar with the economy by first linking it with subsidies and then gradually making it mandatory for performing almost everything from bank transactions to filing your taxes. The reach of Aadhaar has gone far beyond its initial purpose of establishing the identity of its holder.
Read below to know some of the benefits of linking Aadhaar number with PAN card:
- The UAN links all the PAN accounts and can be handled as one account. And seeding the two documents will also prevent it from the duplicity of the account
- The Aadhaar card details linked in the member portal will be sufficient if in any case the EPFO requires your identity or address proof
- The employer does not require digital signature to transfer funds between PF accounts
- One can also make PF withdrawals without the attestation of their employer by just linking the Aadhaar card to the UAN
- Linking the Aadhaar card with the UAN brings about transparency in the system.
Universal Account Number or popularly known as UAN is a 12 digit unique number is allotted to every member of EPF (Employees’ Provident Fund), which helps the employee to keep a check of his EPF account. Ministry of Labour and Employment issue this number to employees who hold an EPF account.
EPFO, which manages Provident Fund accounts (PF accounts), is providing a new facility through which any citizen can generate a Universal Account Number. In its official website, EPFO have mentioned that UAN acts as an umbrella for the multiple member IDs allotted to an individual by different establishments. And moreover, if an employee generates UAN, this will make life much easier for the employer who faces difficulties with regard to this number.
However, Aadhaar number is a must here. The employee will require a functional Aadhaar number, the 12 digit unique identification number which is issued by the Unique Identity Authority of India (UIDAI). The employees will receive a One Time Password (OTP) on the number which is registered with his Aadhaar card via which he can generate the UAN, said EPFO.
Once the verification of data is done, the system will fetch employee details like name, date of birth, gender, father/husband’s name etc from UIDAI and the same will be shown on screen.
How to generate EPFO UAN via Aadhaar card number in 5 simple steps
Follow the below mentioned steps to generate EPFO UAN via Aadhaar card number
- Visit the official portal of EPFO and click on “Aadhaar Verified UAN Allotment”
- Enter Aadhaar number in the screen opened to you and click on “Generate OTP”. And on clicking on generate OTP, OTP will be sent to your registered mobile number.
- Click on Submit button, which enables upon entering and accepting the disclaimer.
- Verify details and enter the required data in the mandatory fields provided in the screen. After that click on ‘register’ once you have entered the captcha and selecting the box in the disclaimer section.
- On clicking ‘register’, the UAN will be allotted and will be displayed as a message to the user
EPFO have also added that
The UMANG stands for Unified Mobile Application for New-Age Governance. This App serves as an initiative taken and developed by the Ministry of the Electronics and Information Technology and National e-Governance Division to drive mobile grievance. The UMANG provides a single platform for all the Indian citizens to access almost 100 Government Services.
The UMANG provides a seamless integration with popular customer centric services like the Aadhaar and the Digi locker. Through UMANG App you can check the EPF Balance, Passbook, you can also raise a claim for pension withdrawal and can also track the status of the claims that you have already submitted.
The EPFO services have now hosted its services on the UMANG App. The App is available in the Google Play Store, IOS App Store, and Windows Store. It also provides different Government Services such as Gas Booking, Aadhaar, Crop Insurance, and National Pension System.
How to Use a UMANG App
You can download the UMANG App from the app store of your mobile operating system. You can also download it from the EPFO’s website – https://web.umang.gov.in which will lead you to the app downloading page. So to initialize it, you need to ask for the permission to access your location, SMS, Calls, and Data.
For the registration process, you require a One Time Password (OTP) on your mobile number on which the app is downloaded. In the registering process, you will have to choose two security questions which are for the account recover purpose from the app, for in case you lose access to your account or forget its PIN.
In the next step, the app will prompt you to link your Aadhaar number. Linking your Aadhaar is voluntary so you have an option to skip this step. But if you choose to link your Aadhaar then you will have to give your consent to the Ministry of Electronics and Information Technology to use your Aadhaar as e-KYC details. Through this process, your KYC details will be automatically get seeded in your profile and your name, date of birth, gender and address will be mentioned on the next page. If it is not then the app will prompt you to enter the details. You can also skip this option.
The Users can also get the app link by giving a missed call on 97183-97183.
EPF Services through UMANG App
After Installing the App on your mobile, you will be able to find the EPFO option from the app’s homepage. Now select the “Employee Centric Services” option and input the EPF Universal Account Number (UAN). After this, you will be now able to log in using OTP that will be sent to your registered number with EPF.
The EPFO section in Umang App provides three services
- You can view your passbook
- Raise a claim for pension withdrawal, part withdrawal, and final settlement.
- You can also track the status of the claims that you have already submitted.
Umang does not allow the transfer requests from one EPF to another EPF.
Users can avail these gas cylinders refill services on Umang
Currently, the users of Indane Gas, Bharat Gas, and HP can book a refill and place an order for a double cylinder gas option and keep a track of their order history.
Passport Seva Service in Umang App
The Users can calculate the fee, locate a center, and receive advice on the documents that are needed to be submitted and check the appointment availability.
Pension System Service in Umang App
The Subscribers can check the current holdings, request for an e-mail transaction statement, check the account details, change address and also keep a track of the recent contributions.
CBSE Service on Umang App
The Subscribers can use this app to locate the CBSE schools, View 10th and 12th results online and can also find the exam centers.
Universal Account Number or commonly known as UAN is a 12 digit unique number allotted to each member of Employee Provident Fund (EPF) which helps them to control their EPF account.
EPFO (Employees Provident Fund Organization) have introduced the facility of UAN in 2014 in order to make EPF accounts transferrable.
If you have an EPF account and making your contributions in it, you are required to have an UAN then.
This facility is provided to everyone by freshers, new employees, even employees who have older EPF accounts but do not have a UAN yet.
As an employee you will have to generate a UAN number and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution.
This step has been taken by EPFO because a large number of new joiners were facing problems due to mismatch of data with Aadhaar. Therefore, an open functionality is being provided where employees can generate UAN themselves.
Also note that to get a UAN, you will have to provide Aadhaar number, which means only one UAN is generated per person. Follow the below mentioned steps to know how to generate your UAN Online.
How to Generate your UAN online
To begin you will have to visit your UAN member portal i.e. https://unifiedportal-mem.epfindia.gov.in/memberinterface/
- Near the bottom right of the page, click on the online Aadhaar – verified UAN allotment link.
- Enter your Aadhaar number on the resulting webpage.
- Enter the OTP (One Time Password) which you will receive on your Aadhaar registered mobile as an SMS.
- Once you have authenticated with OTP, the system will fetch your basic information from the Aadhaar database and auto – populate the needed information.
- After that click and obtain your UAN. Once you do that you will receive your UAN on your registered mobile phone as an SMS.
How to make corrections in details of EPF Account
In case of any misspelling or incorrect information in your EPF account or the information on Aadhaar does not match with details in EPF account, the EPFO will allow you to correct details such as spelling of your name, date of birth and gender and you can correct it as per your Aadhaar details.
For this, visit the same link again i.e. unifiedportal-mem.epfindia.gov.in/memberinterface and under the “Manage” button, go to “Modify Basic Details” by providing your Aadhaar number. The system will get your basic details from Aadhaar and update your EPF account. And then it will be sent to the employer for the verification purpose and afterwards it will be processed by the Employee Provident Fund authority. And this process may take few days to complete.
At present, these facilities are available only on the official website of EPFO and the authority is working towards launching it on the Umang App as well.
Employees Provident Fund Organization or popularly known as EPFO offers partial withdrawal facility where the subscribers can take advance from their Provident Fund Accumulation in some cases such as purchase, construction of house, repayment of loan, non – receipt of wage for 2 months, for marriage of self / daughter / son / brother, for medical treatment of family member etc.
However, these advances will be granted only if it meet some specific criteria and also the amount varies for the reasons.
EPFO offers online facility through its EPFO’s member’s portal for advance or partial withdrawal.
Advance for Purchase of House / Flat, construction of house including acquisition of site
In case a subscriber is purchasing land, EPFO allows the subscriber to withdraw up to 24 months of basic wages and DA (Dearness Allowance). And in case of purchasing of house, flat or construction 36 months of basic wages and DA (Dearness Allowance) will be permitted by the organization.
However, the only condition is that the subscriber is required to have completed at least five years to be benefited by this advance. And an employee is allowed only one withdrawal for this purpose in his lifetime.
Withdrawing this amount is very convenient and easy as it does not require any other documents other than a declaration form from the employee. Hence this advance request can be easily processed.
Partial Withdrawal from the fund for Repayment of loans in special cases
In order to withdraw fund from EPF account for the purpose of repayment of loans in special cases, EPFO allows withdrawal of 36 months of basic wage and DA (Dearness Allowance).
And the minimum requirement to avail this facility is that the subscriber is required to be EPFO member for at least 10 years in order to avail this advance. And an employee is required to provide a certificate from the agency indicating outstanding principal and interest to apply for this partial withdrawal.
Advances in Special Cases
EPFO have clearly mentioned that advances will be provided in some special cases only which are lockout / closure of establishment for more than 15 days and employees are rendered unemployed without compensation or if an employee has not received wages for more than 2 months continuously (for reasons other than strike), EPFO gives advance to its members.
To get this advance, no specific membership period is required. The subscriber is required to only provide a certificate from the employer for the purpose.
EPF Advance for Treatment of Illness
For the purpose of treatment of any illness, the employee can withdraw up to 6 months of his basic and DA or his / her entire contribution, whichever is least for treatment of his / her own illness or treatment of family members. Also, in order to get this advance, no specific membership period is required.
EPF Advance for Marriage
In case of marriage taking place of self / daughter / son / brother / sister, an EPFO member is allowed to withdraw 50 per cent from the account. And to avail this advance, the subscriber is required to be a member of the EPFO at least for 7 years.
EPF Advance for Higher Education of son / daughter
EPFO permits the subscriber to get 50 per cent of their share for the purpose of post matriculation of his / her children. And to avail this advance, the subscriber is required to be a member of the EPFO at least for 7 years. Also, a certificate regarding course of study and estimated expenditure from head of institution is required to be submitted to avail this advance.
EPF Withdrawal within one year before retirement
An EPFO subscriber can withdraw 90 per cent of his / her accumulation after 54 years of age within one year of retirement as their partial withdraw before retirement.
EPF Withdrawal Rules & Regulations – https://rupeenomics.com/epf-withdrawal-rules/