EPFO has introduced many new things for employees with the rule on PF. In addition, employees now expect a much more transparent and smoother process to effect a PF transfer. This will make sure that employees are relieved of having to undergo much inconvenience regarding PF. It also becomes even handier than it was before.
Employees will not have this problem –
It will now be convenient for an employee to transfer pension and savings from one place to another. Often people found to be taking a number of papers and verification when they used to move from their previous company to a new work place, but this process will be removed. It can be made into a very easy process and that will also save time as well as energy on their part: moving job entails change in PF membership conditions.
Those who change jobs will be able to take advantage of this facility –
One step further has been taken in favor of all employees to interact their pension with their personal credentialing for the transfer of accounts upon termination of the job. They cannot run about like madmen to get authorization from the company, as now it can be done simply with a click of the button on their own.
For this processing, the UAN should be linked to the Aadhaar, and all demographic information of the associate should be correct. This is the sigh of relief, where the changed members do not have the headache of transferring their accounts unerringly through this policy.
These employees will be able to breathe a sigh of relief
Employees who have been allotted pension account after 1 October 2017 can avail of this new opportunity. Those who have the same UAN allotted also have linked different accounts together and are linked with Aadhar can now enjoy this process (EPFO update). For such cases, now they will be able to move the account with no troubles, thus saving the time and simplifying the process.
Pension amount can be integrated –
If the same Aadhaar is issued multiple EPF account numbers after October 2017, then by virtue of this, all these account numbers shall be deemed to be a single Universal Account Number (UAN). This facility will now be utilized to amalgamate EPF in dissimilar areas. Such deviations pave the way for people working across different companies without any hassle; it integrates pension funds.
Personal information should be correct
If there is an EPF account number that has been allotted in compliance with the old system and it is linked with Aadhaar, then this account would be transferable without any modification in it as has been said in the latest EPFO update. Only the person should be possessed of personal information like name and date of birth identical with that in the account. Accordingly, the provision allows the employees to transfer the account at any location without any hassle, that would, on a higher note, provide facilities to them.
Old account can be transferred
Thus lies the fulfilment wherein other UANs have been activated and there, by virtue of fact that any UAN activated is before 1 October 2017, the transfer proceeds smoothly. It is a precondition that all the UANs are associated with one and the same Aadhaar and the IDs for the members beside their names, birth dates, addresses, etc. must be predefined and matching. In this way, an employee can do the transfer of his/her account from old to new, totally free and easy.
What percentage of the share goes to EPS
Employed in the private sector under the EPFO pension scheme, every 12 percent of his or her monthly salary is remitted in a PF account, that of the company (EPF share transfer) and the employee’s deduction altogether.
It is this arrangement in which 8.33 percent of the share put in by the employer goes to the pension scheme and the remaining 3.67 is put for the employee in the provident fund. It secures their financial years and helps toward their pension plan.
