5 important EPF updates, every EPFO ​​subscribers should know

5 important EPF updates, every EPFO ​​subscribers should know
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5 important EPF updates, every EPFO ​​subscribers should know

5 important EPF updates, every EPFO ​​subscribers should know

The Staff’ Provident Fund Group (EPFO) has made adjustments within the guidelines concerning PF withdrawal in the course of the corona epidemic and advantages on the dying of an account holder, which could be very important for every account holder to know.

New Delhi. Staff’ Provident Fund Group (EPFO) has made numerous bulletins within the latest previous to make EPF withdrawal doable by any subscriber from his/her Provident Fund (PF) steadiness. These latest updates launched by EPFO ​​embrace non-refundable advance from EPF account (non-refundable advance) to second COVID-19 advance.

If the EPF account holder is available in any sort of monetary disaster i.e. he wants cash, then these updates concerning PF withdrawal generally is a good strategy to increase funds. Listed here are the 5 newest EPF updates that an EPFO ​​member should know:

1. Second Advance of Kovid-19

EPFO has introduced that the EPF account holder who has availed the COVID-19 advance within the first wave is now additionally eligible for the second COVID-19 advance from his PF account. On this aid given by EPFO, an EPF account holder can withdraw as much as 75 p.c of the EPF steadiness or as much as 3 months Primary Wage and Dearness Allowance (DA).

2. Non-refundable advance

An EPFO ​​member, who will not be in service for a month or extra, can withdraw as much as 75 per cent of his PF steadiness. This facility has been given to the EPF account holder to allow the EPFO ​​member to proceed with the pension advantages underneath the EPFO ​​Pension Guidelines, with out closing the PF account.

3. Kovid-19 Advance After Leaving Job

An EPFO ​​member is now eligible for COVID-19 advance from his EPF account even after leaving the job, offered the complete and ultimate PF withdrawal will not be claimed.

4. Improve in Insurance coverage Profit underneath ELDI Scheme

EPFO has elevated the utmost insurance coverage profit underneath the EDLI scheme from Rs 6 lakh to Rs 7 lakh. Now, if an EPF account holder dies in the midst of companies, his/her nominee or authorized inheritor (as relevant), will likely be eligible for insurance coverage advantages as much as Rs.7 lakh. Nonetheless, the minimal restrict has been saved at 2.5 lakhs as earlier than.

5. Linking of EPF and Aadhaar

EPFO has made it obligatory for EPF and PF account holders to hyperlink their respective EPF account with Aadhaar card. In case of non-linking of Aadhaar-EPF account, employers will be unable to contribute to such EPF accounts as EPFO ​​is not going to enable employers to file ECR (Digital Challan-cum Return) for such EPF accounts. Earlier the deadline for Aadhaar EPF hyperlink was 31 Could 2021, which has now been prolonged to 1 September 2021.

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