EPF Account: Here Are 5 Developments 5 Crore Employees Should Know

EPFO has about 5 crore subscribers, manages a corpus of over Rs. 10 lakh crore.

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EPF Account: Here Are 5 Developments 5 Crore Employees Should Know

Transferring your EPF accounts while changing jobs has become easier.

Retirement fund body EFPO, which manages your EFP Accounts money, has been taking many initiatives for the benefit of employees. EPFO has about 5 crore subscribers, manages a corpus of over Rs. 10 lakh crore. The EPFO runs three schemes for the benefit of subscribers - Employees Provident Fund Scheme 1952, Employees Pension Scheme 1995 and Employees Deposit Linked Insurance Scheme 1976. EPFO receives 1 crore claims every year including those pertaining to EPF withdrawal, pension fixation and insurance. Typically, both the employer and employee contribute 12 per cent of basic salary towards EPF Account. An employee's 12 per cent contribution goes toward EPF kitty, while 8.33 per cent out of the total 12 per cent of the employer's contribution is invested in EPS or pension scheme. The balance 3.67 per cent is invested in EPF.

Five Latest Initiatives From EPFO

1) Linking UAN And Aadhaar Online

EPFO has introduced a new facility for its subscribers to link their UAN with Aadhaar online. "This, in turn, would facilitate the members, a better and speedy EPFO Account services," the retirement fund body says in a statement. EPFO has made this facility available at its website www.epfindia.gov.in

EPFO in a recent tweet highlighted the benefits of seeding your EFP account with Aadhaar number. The benefits include submitting claims directly to EPFO without employers' attestation, receiving monthly updates on the mobile number registered with your UAN and download e-passbook and checking your passbook balance and other details.

 

2) PF Auto Transfer: Transferring your employee provident fund (EPF) accounts while changing jobs has become easier. New joinees are no longer required to file separate EPF Account transfer claims using Form-13 after changing jobs. It will now be done automatically. EPFO has introduced a new composite form called Form 11 that will replace Form 13 in all cases of auto transfer. This was stated by EPFO in an order dated September 20, 2017. At present, employees are required to file Form-13 for provident fund account transfer on changing jobs. The EPFO has decided that Form 11 will replace Form No 13 in all cases of auto transfer. (Read | How PF Auto Transfer Works Through Form 11)

3) PF Rules Changed For Paying Home Loan EMIs: EPFO subscribes will be able withdraw up to 90 per cent of their accumulations in their provident fund accounts for purchase/construction of houses or purchase of land. This EMI is directly paid to housing agencies/lending agencies or the bank concerned. Eligibility for withdrawal also reduced from 5 years to 3 years membership.

4)  PF Withdrawal/Advance EPF Account members who's UAN has been linked with Aadhar and seeded with Bank Account and activated by the member can submit withdrawal/advances claim without authorization/ attestation of the employers

5) Liberalized provisions for Advances.

EPF members are not required to produce any medical certificate or any other supporting documents to avail advances for medical purpose. A simple declaration is sufficient.

 

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