THINGS YOU MUST DO AS A PF MEMBER

                                                                                                             04/05/2017

    If you are a member of the EPF then there are a few must do activities to safe guard your PF contribution. This would help you in smooth transfer of your EPF and EPS account when you change jobs. Failing to do it can land you in delay which can some times extend over months.

1. As a member of EPF ensure that your PF account number is linked with your Employer's   establishment details.

2. Ensure that UAN (Unique Account Number) is allotted against your PF account.

3. Activate your UAN.

4. Link (seed) your Aadhaar, PAN number and bank account details  with your UAN and ensure that these details are approved by your employer.

5.Check whether your PF deductions are being remitted with the EPFO every month.  

      

EPFO MAKES AADHAAR MANDATORY

IMPORTANT EPFO  NEWS TILL DATE  (17/04/2017)                        30/04/2017

    EPFO has made it mandatory for its subscribers to provide either Aadhaar or a proof that they have applied for it  to remain the beneficiary of its social security schemes.

    A notification by the Labour ministry says, "Members and pensioners of the Employees Pension Scheme desirous of continuing to avail pension and membership to Employees Pension Scheme, are here by required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication as per the procedure laid down by EPFO."

    The government has decided to take strong action like terminating all these financial services in case an individual is not having his / her Aadhaar card with him/her. The dead line for submission of Aadhaar expires as on 30/04/2017.

EPFO INTEREST RATE FOR THE YEAR 2016-17

LATEST EPFO NEW                                                                           29/04/2017

EPFO has fixed the annual interest rate on the PF contributions at 8.65% for the year 2016-17.

EPFO TO LAUNCH HOUSING SCHEME

IMPORTANT EPFO  NEWS TILL DATE  (24/02/2017)                       28/04/2017              

   The Employees' Provident Fund Organisation (EPFO) has formulated a housing scheme for its members. Under the scheme it is envisaged that there should be 20 members, at least, in the group housing society to avail the facility. Under the scheme the members  would be allowed to club the benefits under various schemes of the Centre as well as state's like Pradhan Mantri Awas  Yojana under the EPFO initiative.  

EPFO's VOLUNTARY PENSION SCHEME PROPOSAL

IMPORTANT EPFO  NEWS TILL DATE (02/09/2016)                    28/04/2017

    Central Provident Fund Commissioner  has forwarded a proposal of a voluntary pension scheme to the Government, which is actively being considered. This shall be in addition to the EPS scheme which is currently in force.The contribution to this scheme shall be upto the age of 60 unlike under the EPS where it is done upto the age of 58 years.

   The employer may also contribute their share, for the benefit of the employee. The proposal is also being considered for extending the Income Tax exemption towards contribution under this scheme. Latest update on this proposal is still awaited.

90% HOME LOAN WITHDRAWAL FROM PF

NEWS UPDATE                                                              25/04/2017

PF members can make  withdrawal up to  90% of  their saving  from  their  PF account  to buy a site, construction  of a dwelling house or flat or as a member of a house building or cooperative society having at least 10 members. They can also make arrangement  to make payment on  EMI basis for such purchases. 

UAN TO BE LINKED TO EMPLOYER

              
  IMPORTANT NEW UPDATE                                                          24/04/2017
  

    EPFO to receive member's  PF contributions only if UAN is linked to current employer.This will  make the member's fund transfers and withdrawals straight forward and easy.The other important benefit to the member is that if any new employee joins a Company, when ever the Company is sending the PF contribution  to the PF office, UAN  should be already generated for the new employee.The same will apply to an existing employee also.
    

      Keeping this rule in mind,all PF members must make sure that they know their UAN and upoad their KYC details which must be endorsed by the employer. In addition  they must  ensure that their UAN is linked to the  Employer to  make  sure that they  will not  be  forced  to  face any PF related irregularities or errors at a much later date which will lead to difficulties in withdrawal or settlement of the PF contribution.