EPFO: Government is taking many big steps for PF employees. Due to which more than 6 crore people are getting benefit. The central government had announced a few days ago to give 8.1 percent interest to PF employees for the financial year 2022.
According to information received from the sources of EPFO, which cuts PF, speculations are being made that the interest money will be transferred to the employees’ account by June. PF employees are waiting very leisurely for the money to arrive in the account. The government has not officially declared interest in the account.
Which EPFO accounts will be affected
Companies that have more than 20 employees come under the purview of EPFO. At the same time, the employees working in these companies whose salary is less than 15 thousand rupees. What type of EPF becomes mandatory for them by a rule. The 12% contribution of the basic salary and dearness allowance of the employees is deposited in the PF account. 12% of the company also contributes.
Enables linking of EPFO accounts
UAN is a unique 12-digit number assigned to an employee by EPFO. UAN enables linking of multiple EPF accounts allotted to a member. Employees are required to activate their UAN on the UAN portal to avail a wide range of online services offered by EPFO.
The UAN portal offers a bouquet of services, such as dynamically updated UAN card, updated EPF passbook, facility to link previous member ID with current ID, SMS regarding credit of contribution to PF account, and an auto on change of employment. – Facilitates trigger transfer request.
Online PF withdrawal
An employee is allowed to withdraw PF if he is not employed for 60 days after resigning from the previous employment. EPFO has enabled online EPF withdrawal with a simple process for Aadhaar linked UAN.
