When a EPF member unfortunately dies while in service, the spouse or dependent parents are eligible for the following benefits from EPFO. Here, there is a doubt regarding died while in service. It means that even though the member has proceeded on any kind of leave, but his/her name should be in the employer records. … Read more
The following are the advances which can be availed by the every EPF member by applying in F.No.31. This can also be called as partial withdrawal of EPF amount while in service. The member can withdraw up to 6 months basic wages plus Dearness allowance (or) employee share with interest, whichever is less, for the … Read more
The letters KYC stands for Know Your Customer in any financial institutions like Bank, Post office etc., including in EPFO. It is a mandatory digital verification for your Universal Account Number (UAN) using the documents like Aadhar, PAN and Bank account details. After linking all your mandatory documents to your UAN, the EPF member can … Read more
The following are the various types of claims a EPF member can claim his/her Provident Fund, Pension Fund or Insurance Fund. (a). If a member resigns or attains age of 58 years, he/she can withdraw EPF by applying in F.No.19. (b). If a EPF member dies whether in service or not, the nominee can … Read more
Universal Account Number (UAN): It is a 12-digit number issued to every EPF subscriber by EPFO on initial appointment in any company/establishment. It is a permanent lifetime number to a EPF subscriber and it will not change during any service. All the service details in different establishments will display under one UAN number. PF Member … Read more
The Employees’ Deposit Linked Insurance Scheme, 1976 framed under EPF & MP Act, 1952 provides Life Insurance up to Rs 7,00,000/- with a minimum of Rs 2,50,000/-. The Insurance amount will be paid to the nominee of the deceased member if dies while in service. The employee need not pay any contribution for this Scheme, … Read more
The Employees’ Pension Scheme, 1995 was implemented from 16.11.1995 by Government of India. As per this Scheme, an 8.33% from employer contribution (12%) will be added to Pension Fund of the Employee. Any member of EPS, 1995 is eligible for different types of pensions based on certain criteria fulfilled by the member. The following are … Read more
The EPF Scheme stands for Employees’ Provident Fund Scheme. It is a retirement savings scheme in India for salaried employees. The Fund is managed by the Employees’ Provident Fund Organization (EPFO) as per the Scheme framed under EPF & MP Act, 1952. Employee: Is a person who appointed/engaged in a company or factory and getting … Read more
The letters EPF stands for Employees’ Provident Fund. The word “Provident” means for future. Therefore, it means that the Fund which is saved for future needs. The EPF is very much required for every employee as the life is uncertain. Hence every person immediately after joining their employment must contribute some (10% or 12%) percentage … Read more