PF withdrawal 75% covid-19 out break
govt gift: pf withdrawal up to 75%
conditions not more than 3 months of basic salary whichever s lower.
Documents no need to submit anything (you can withdraw online but may get your account 7 days lucky )
Govt to pay 3 months pf (for you) under gareeb kalyan scheme
gift: government pays pf contribution on behalf employees
condition: establishment or companies employees not more than 100. (99% employees salry below 15000 4.cr people benefit from this)
pf 2020 budget rules
7.5 lakh limit of employer contribution on epf nps superannuation (insurance benefits)
nps: 14% govt employee 10% private employee deduction under it 80cd act
more than 7.5 lakhs amount will be added to employee salary & file income tax accordingly
before 2020
epf 12% salary (from 15000 ceiling amount)
NPS 14 or 10% (no ceiling)
Super Annunciation 1.5 per year
total EPF + NPS + Super Annunciation = woulbe 10 lahs 20 lahs (no lmt)
after 2020 budget
total EPF + NPS + Super Annunciation = would be 10 lakhs or 20 lakhs (but 7.5 lakhs exempted under income tax)
remaining f 10 lakhs 10-7.5 25 lakhs has to added to taxable income.
pension amount min 1000 for widows 250 children 750 for orphans
EPS insurance coverage increased to 3 lakhs from 1.5 lakhs per member.
Minimum Employer contribution to EPS 1250 (12% of 15000 no matter f salary s less than 15000)
Minimum employees requirement for pf subscription decrease from 20 to 10. (pf contribution is mandatory for Companies above 10 employees)
Tax on PF withdrawal: no tax 50000 after 6 months no tax at all.
when to withdraw: marriage house on 2 months of unemployment
EPS (Pension) allowed to withdraw after 6 months. (more detailed pf withdrawal rules here)
pf online withdrawal process:
- goto unfed uan member portal
- make sure your updated KYC & aadhaar number.
- services withdraw desired amount. check clam
- pending at employer & epfo & official bank.
- PF Withdraw without employer signature? (most requested)
Do not share your personal details, bank account, UAN over the phone, warns EPFO
EPF Nomination Rules: Getting married makes your EPF, EPS nomination invalid
make a nomination online in your EPF account
Is EPF a government Organisation?
The EPF is created by the Employees Provident Fund Organization (EPFO) of India, a statutory body of the Indian Government under the Labour and Employment Ministry.
What is excluded employee EPF?
PF Scheme. The definition of ‘excluded employee’ has been amended whereby the members drawing wages exceeding INR 15,000 per month are excluded from the provisions of the PF Scheme.
IS EPF Mandatory?
If your monthly basic salary is less than Rs. 15,000 Then EPF Mandatory, more than 15000 it is voluntary
Is PF mandatory for salary above 15000?
Yes, it’s mandatory every employee, According to the law every organization above 20, employees have to register with epfo.
The wage ceiling limit is as now 15000 (if your salary 30,000 then 12% of pf contribution from 15K only not from 30k).
salary = basic pay + Daily Allowances + TA . here only basic pay applies.
EPFO Benefit:
Your 12% Contribution + employee 12% + Epfo 8.5% Interest rate = Compound Interest Helps you retirement happy. or buy the home , loan on buying a home, marriage, education illness, etc.
Better than other mutual fund schemes, real estate. you have to diversify your portfolio. then epf contribution is a basic retirement & emergency fund. and backed the government.
What is VPF or Voluntary PF?
You can Contribute extra Amount Up to 100% to Your Basic Pay. this amount also earns the same interest rates as EPF.
But there is a tax applicable on Intrest earned (recent rule), unlike EPF Amount.
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