Employees' Provident Fund (EPF) is one of the best investment plans for accumulating a retirement fund. Employees currently get an annual interest rate of 8.55 percent on their contributions to the provident fund (PF). The Employees Provident Fund (EPF) is a popular savings program run by the Indian government. In India, EPF systems are regulated by the Ministry of Labour. The Employee Provident Fund and Miscellaneous Provisions Act of 1952 established the main system. EPFO (Employee Provident Fund Organisation) is in charge of this savings plan.
In recent months, the Employees Provident Fund Organisation (EPFO) has made several announcements allowing EPF withdrawals from one's Provident Fund (PF) balance. The second Covid-19 advance to non-refundable advance from the EPF account is one of the most recent EPFO modifications. These PF withdrawal notifications may provide a source of funds in the event that an EPF account holder experiences financial difficulty.
EPF Aadhaar Seeding
In a notification to employers, the Employees' Provident Fund Organisation (EPFO) made Aadhaar seeding mandatory for all EPF accounts. Employers' contributions to the EPF account would be terminated if they did not comply, as they would be unable to file Electronic Challan cum Return (ECR) for EPF accounts that are not linked with Aadhaar. Employers must also have all EPF account holders' UAN Aadhaars verified, according to the EPFO.
The Employees' Provident Fund Organisation (EPFO) allows employees to link their Aadhaar to their Universal Account Number (UAN) (EPFO). Both online and offline, Aadhaar can be linked to an EPF account.
EPF Covid advance after leaving job
Individual members of the Employee Provident Fund Organisation (EPFO) can use the Covid Advance Facility even after they have left the company. Even if one has lost a job and has not yet found another, a portion of one's PF money may be withdrawn as a Covid Advance Facility. Because it is an advance, the employee is not required to deposit the funds into his or her provident fund (PF) account.
The EPFO has special PF advance rules, forms, and procedures for obtaining such a loan, including for COVID-19.
Rise in insurance benefit under EDLI scheme
At a time when the coronavirus pandemic is wreaking havoc across the country, India's retirement fund manager boosted the death insurance payouts for subscribers of its employees' deposit-linked Insurance (EDLI) scheme.
The Employees' Provident Fund Organisation (EPFO) announced in a gazette notification that the minimum death insurance has been enhanced to 2.5 lakh and the maximum to 7 lakh, respectively, from the previous limits of 2 lakh and 6 lakh.
EPF Non-refundable advance
The Employees' Provident Fund Organisation (EPFO) has revised its withdrawal restrictions, allowing PF account holders to withdraw money as a non-refundable advance from their PF or EPF account (whichever is applicable). The decision is intended to assist EPFO members who have been affected by the Covid-19 epidemic. An EPFO user can now use the EPFO's PF/EPF withdrawal service, mentioning Covid-19 as the cause for the money withdrawal.
Under the new regulation, EPFO members can now withdraw up to three months' basic income plus Dearness Allowance (DA) or 75 percent of their gross PF balance, whichever is lower. Members who have already used the first COVID-19 advance are now eligible to use the second advance as well.
EPF Second Covid advance
In light of the second wave of coronavirus infections in the country, EPFO has authorised its over five crore members to take advantage of the second COVID-19 advance. The Employees' Provident Fund Organisation (EPFO) authorised its members to withdraw COVID-19 advance funds to meet pandemic-related expenses earlier this year. Members were entitled to withdraw three months' basic salary (basic pay plus dearness allowance) or up to 75% of the money in their provident fund account, whichever was less.