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EPF Advance for Medical Emergencies

On 31 May 2021, EPFO has come up with a better process of withdrawing from EPF, while you are working, for medical purposes like emergency hospitalization on account of serious life-threatening diseases including Covid 19. Earlier, EPF scheme rules allowed withdrawal...

How to withdraw from EPF for Coronavirus?

On 1 Jun 2021, EPFO announced that employees contributing to EPF can now avail of a second non-refundable advance from their EPF accounts to meet financial emergencies due to coronavirus. Earlier in 2020,  EPF had announced that an EPF member could withdraw up to  75%...

Why should one transfer old EPF account to new employer?

One has to transfer the old PF account to the new account. Only then will you be able to withdraw from both accounts online. Linking of PF account with UAN is not sufficient. EPFO plans to merge the PF accounts automatically when one changes the job but it has been in...

Understanding Employee Pension Scheme or EPS

As discussed in our article Basics of Employee Provident Fund: EPF, EPS, EDLIS 12% contribution from your side goes to EPF, but the 12% contribution which your employer makes, out of that 8.33% actually goes in EPS (subject to maximum of Rs 541 and after Oct 2014 Rs...

Tax on EPF, VPF Contribution above 2.5 lakhs

From 1st April 2021 the interest on any contribution above Rs.2.5  lakh and Rs 5 lakh based on conditions by an employee to a recognized provident fund is taxable. This means that a person contributing up to Rs 20,833 a month to PF i.e has a basic salary of up to Rs...

New Wage Code: Will Your Salary fall? How it affects EPF, Gratuity

Under the new wage code, effective from 1 Apr 2021, at least 50% of the wage/salary will be basic salary. As we know basic salary impacts EPF and gratuity etc. Currently, most employers have a wage structure in which the basic salary ranges from 25% to 40% of the CTC...