Changes in EPF rules, Good news for job professionals. | Is your PF balance safe in the EPF account?

Changes in EPF rules, Good news for job professionals:

If you are employed and also working in the private sector, then this news is for you. It is reported that the Central Government may change the salary limit for the Employees Provident Fund Organization i.e. EPFO's savings scheme i.e. Flagship Retirement Savings Scheme. After the new decision, both the employee and the company employer will have to pay more contributions than before.

 

This step of the government will help the employees to save more for retirement. Also, after this decision, more employees than before will come under the purview of the provident fund. At present, it is necessary to have a monthly salary of 15,000 to avail of the benefits of EPFO's Employees Provident Fund Scheme i.e. EPF. But now the government is thinking about increasing the salary limit. 

Now it is being considered to increase it to ₹21,000. The government had increased the salary limit to avail of the scheme, earlier in the year 2014. Before the year 2014, the limit in the head of EPFO ​​was ₹6500. Later its limit was increased to 15 thousand. However, this applies only to those companies where there are more than 20 employees. As per the rules, they have to deposit the PF of the employees. 

Employees Provident Fund Organization has crores of account holders in India. A part of the salary of every employed people is deposited in the PF account. After the employee attains the age of 60 years, the entire amount deposited in the account can be withdrawn. Apart from this, you can also withdraw the money deposited in the account for any emergency case like expenses like children's education, marriage, or illness. 

Apart from this, if you are working continuously for 10 years, then you become eligible for the pension scheme of EPFO. Under the scheme, the account holder gets a monthly pension ranging from at least ₹1000 to ₹7500 after the age of 60 years. The government given this pension is under EPFO social security coverage. EPFO has also fixed the minimum salary for getting a pension under Employees Provident Fund and now the government is considering increasing this salary. 

According to the report, because of rising inflation across the country, the government is considering this matter. In such a situation, if the government decides on this matter, then the minimum salary limit to take advantage of EPFO ​​will increase from ₹ 15,000 to ₹ 21,000. By increasing the limit of salary, the contribution of PF deposited by the employee and employer will also increase. 

12% of the basic salary of the employee is deposited in the PF account. The employer's contribution is also the same. The same is now ₹ 1800 on ₹ 15,000. If it is increased to ₹ 21,000 then it will become ₹ 2520. With this, the pension fund to be prepared in the future will be more than the existing one. A part of the employer's contribution is also deposited in the EPS i.e. Pension Fund.

 

EPF contributes 8.33% of the basic salary, while the remaining 3.67 % is invested. According to the rule, if the basic salary of an employee is ₹ 15,000 or more, then ₹ 1250 will be deposited in the pension fund. The calculation of retirement of the employee is also considered to be a maximum of 15,000 only. 

In such a situation, after retirement, the employee can take ₹ 7500 as a pension in a month under the EPS rule. According to the report, after increasing the salary ceiling of EPFO, about 75 lakh employees will come under this purview, and currently, 8 crore employees are registered under EPFO. 

 

Is your PF balance safe in the EPF account?

 

If you work in the private sector, then you will get a salary every month and some money from your salary is deposited in the EPF account. Along with this, the same contribution is given by your company every month which is 12% of the basic salary of the employee. Along with this, annual interest is also given by the government on this amount. This amount keeps accumulating like a retirement corpus and you can withdraw it in case of emergency if needed.

 

But if you are a PF account holder then do you know how much amount has been deposited in your PF account? If not, then today we are going to tell you in the news of work how you can check the balance of your PF account in a few minutes. First of all, understand why you should keep checking your PF account. By regularly checking your PF account, you will be able to do financial planning for your future in a better way.

 

If you ever need money during an emergency, then you will know how much money you can withdraw from your PF account. Let us tell you, the government is paying 8.1% interest for this financial year on the amount deposited in PF. To avail of any kind of online facility related to EPF, you must know your UAN i.e. Universal Account Number. Along with this, it is also necessary to have UAN. UAN is a 12-digit unique identification number in EPFO.

 

Now let's talk about how you can check the amount deposited in the EPF account. So if you want to check it online then you have to follow these steps. First of all, you have to go to the official website of EPFO. Click on the Services tab on the site. Now click on the section for the employee. Then click on Member Passbook and log in by entering UAN and Password. Now the complete information will be shown about your PF account.

 

You can also check your balance from your phone in easy ways, but for this, your UAN and mobile number must be registered with EPFO, then you can get your account information just by sending an SMS. To check the PF account balance through SMS, you have to send an SMS to this number by typing EPFOHO, and UAN in the message box and then the language from the registered mobile number.

 

Suppose you want your EPF account details in English then you have to type EPFOHO UAN ENG format. This service is also available in English, Hindi, Punjabi, and other languages. You can also check PF account balance by missed call. For this, you have to give a missed call on this toll-free number 011- 22901406 from UAN registered mobile number. However, for this, your Aadhaar card, PAN card, and mobile number must be registered with UAN.

 

Apart from this, you can also check your balance through the UMANG app. For this, you have to download this app from Google Play Store and then log in with your UAN and password. Once you log in, you can check the balance by checking the passbook. Along with this, many government facilities can also be availed.

If you have liked the information given in this article, then do not forget to share it. if you have any questions, then please comment on our site www.tradeipohub.co.in. Thanks for reading.