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Employee Provident Fund (EPFO)

1. Who may get the EPF deduction?

Under the EPF Act, each business with 20 or more employees must register for the EPF Scheme. But businesses with less than 20 employees might choose to register. These kinds of businesses have to take EPF out of the paychecks of all employees who make less than Rs 15,000 a month (basic wage plus dearness allowance). Employees who make more than INR 15,000 a month might choose to have their EPF taken out. Connect 2 Payroll Outsourcing Companies based the Top Level PF ESIC Registration Consultant in Ahmedabad India.

2. How much of your EPF would be taken out?

According to the EPF Act, each employer must put 12% of their workers' salaries (i.e., Basic Pay + Dearness Allowance + Retaining Allowances) into the EPF Account. The same percentage is taken out of the employee's pay. If a business has less than 20 employees and chooses to use the EPF Scheme on its own, though, the 12% rate will drop to 10%. 8.33% of the employer's contribution, up to a maximum of 8.33% of INR 15,000 (INR 1,250 per month), goes into the Employee's Pension system. So, if an employee's basic pay is less than 15000, 8.33% of their compensation will go to the pension plan. But employees who make INR 15,000 or more a month would have to pay INR 1,250 a month into their pension account. The employee's EPF account keeps the balance amount.

3. Where does my EPF deduction go?

The deducted EPF, which is the money that both the employer and the employee put in, goes into the employee's pension account and EPF account in a set amount.

4. How do I know that the deducted EPF has been put into my PF account?

An employee must fill out Form 12 and send it to their employer in order to get information about their PF Account. This form shows how much money has been taken out of the employee's salary for EPF and the total amount that has been deposited, along with the date of deposit, in those EPF accounts. But as technology has gotten better, all EPF account records have moved online. So, an employee may view his EPF passbook after making a login with his UAN on the EPF portal.

5. How much interest do you get on the money you put in your EPF Account?

The interest rate on the amount in an EPF account changes every year. The EPF interest rate for 2024–2025 is 8.50%.

6. Will I get a tax break if I take money out of my EPF?

Any money put into an EPF account, whether by an employee or an employer, can be deducted from taxes under section 80C of the Income Tax Act till FY 2024-25. But the total amount of the deduction can't be more than INR 1,50,000. Starting in FY 2024-25, everyone will have the choice to pay taxes according to the new rules. You can't get a tax break for donations to an EPF Account under the new rules. So, if the assesses choose a different tax plan, they won't be able to get a deduction.

7. How can I find out how much money I have in my PF account online?

You need an active UAN (universal account number) to check your EPF account balance on the EPFO portal. Also, to check the amount, an employee has to make an account on the EPF portal. After you make your login information, please go to the EPFO site and input your UAN and password. You may download and read your EPF account statement when you input your login information.

8. How can I get into my PF account?

The first thing you need to do is go to the EPFO website and click on the login page. If you have previously signed up for the portal, the screen will then prompt you to enter your username and password. If not, you will need to sign up by giving the information that is asked for.

9. What do I need to do to set up my PF account?

The employee must first obtain a UAN number in order to establish the pf account. The employer makes and shares the employee's UAN. The employer has to log in to the EPF Employer site with the firm id and password in order to get a UAN number. Then, in the "Member" area, click on the button that reads "Register Individual." The system will ask you for the employee's PAN, bank information, nominee information, and other details. The employer gives everyone the go-ahead, and then fresh UAN numbers are made for all the workers. It's easy to find this special UAN number by following these instructions. These are: 1. Go to the EPF member portal. 2. Choose the employee's ID, PAN number, and Aadhar card number. 3. Fill in the employee's personal information 4. Click the "Get authorization pin" button. 5. A pin will be sent to the cellphone number in the registrations. 6. The UAN number will be delivered to the same cellphone number you used to register once you submit the pin.

10. How can I find out my UAN number by name?

You may find out your pf number by name by going to the EPFO's unified member site for UAN services. Choose the option that reads "know your UAN status." You will be sent to a different page if you click on this tab. Portal will ask you to verify your mobile number with a One Time Password. If you do this correctly, the portal will take you to a new page where you will need to input your name, date of birth, and either your Aadhar Number, PAN, or Member ID. When you've entered all the right information, click "Get Authorization Pin" and you'll get a one-time password (OTP) on your phone. The system will reveal the UAN number of the individual in question when you enter the OTP.

11. What happens to my EPF account balance if I move jobs or quit my job?

If someone changes jobs, their new employer will register a new EPF Account and link it to the employee's current UAN. You can link more than one EPF account number to an existing UAN number. After an employee opens a new EPF account, they must move the money from their old EPF account to their new one. If you don't do this, you can lose certain tax benefits. How to move the balance from an old EPF account to a new one: 1. Use your UAN and password to log in to the EPF portal. 2. Click on the "Online Services" drop-down menu. 3. Choose "One Member-One EPF Account Transfer Request" 4. Type in your UAN number again, and the system will show you the data of your accounts. 5. Choose the employer to whom you wish to send your EPF balance. 6. The system will check your request using an OTP. 7. After inputting a valid OTP, the request will be forwarded to the right employer to move the EPF balance. If the employee is in offline mode, they will need to fill out Form 13 and give it to the right employer.

12. Leaving a job or quitting

After turning 58, an employee can take money out of their EPF and EPS (Employee Pension Scheme) Account. But if an employee quits or is fired before they turn 58, they can take out money if they are jobless for 60 days or more. If the employee quits or gets fired, they can take money out of their EPF accounts (one or more than one). If you have more than one EPF account, it's best to combine the balances in your current account before you start the withdrawal procedure. An employee must do the following procedures to withdraw money: 1. Use your UAN and password to log in to the EPF Portal. 2. Click on the "Manage" tab to make sure that all of your KYC information, such your name, bank account number, Aadhar number, PAN, and so on, is valid. 4. After making sure that all the information is right, click on the "Onliner Services" drop-down menu and choose "Claim (Form-31, 19 10C)." 5. The system will show the claim form, and all of the KYC information will be filled in automatically. To check the information, employees must input the last four digits of their bank account number. 6. When you enter the final four digits of your bank account number correctly, a "Certificate of Undertaking" will show up. Employees will need to click "yes." 7. After that, select "Proceed for Online claim." 8. Under "I want to apply for," the system will provide many ways to take money, such PF withdrawal, Pension withdrawal, PF Advance, and so on. When the employee chooses the application option and sends in all the necessary documentation, the system will send the withdrawal request to the employer. Once the employer approves it, the employee's bank account will be credited with the sum. Most of the time, this process takes 15 to 20 days.

13. Is it possible to take off the whole PF amount?

An employee who is fired or retires can take out 75% of the money in their EPF and EPS accounts if they are unemployed for a full month. But after 60 days of being unemployed, you can also take out the last 25%. To ask for a partial withdrawal of your EPF, fill out form 31 and follow the same processes as above. In addition to the instances listed above, an employee can also withdraw some or all of the money in their EPF account for exceptional reasons, such as going to school, getting married, buying or building land or property, or fixing up their home. However, you can take out money in these circumstances if you meet the terms and restrictions that go along with them.

14. Is it possible to take my EPF money out online?

Yes, you may take out the EPF amount online via the UAN member site. To achieve this, all you have to do is activate your UAN and log in to the "Online withdrawal" page. You may input the amount you want to withdraw and monitor the status on the same page. The whole process for withdrawing money online is shown above.