Latest – App to check PF balance, regularising inoperative PF accounts,
earning 8.8%
As you are reading my
article, which is available only for online readers, chances are very high that
you can easily trace and access your unclaimed/ inoperative PF accounts. Many a
times its sheer inertia, sometimes documentation issues, complication with
previous organisation holds many professionals update the PF account when they
quit/change jobs. There are other reasons like shifting cities, relocating to
different country or death of the account holders of creating a pool of 42,000
crore in 9.7 crore account. I appreciate the move of Government of India to
continuing paying interest on these accounts.
EPF is an important saving cum investment instrument for mre
than 10 crore indian employees. With the new rules, employees are benefited for
smooth tracking and transactions. A Big Thank you to the Modi Government. It is
not all roses without thorns, there were
major retaliation by public on few proposal by government this budget,
one was taxation on PF accrued.
I have also not yet forgotten the July 2016 proposal of
finance ministry of utilising portion of the funds from inoperative accounts to
be utilised in senior citizen welfare schemes. Owing to strong opposition and pressure
from labour unions, the government actually did an U-TURN and made it an
opportunity by regularising the PF accounts. Not only increasing the social
security, government also managed to
garner some popularity of working class vote bank.
There has been some
interesting update on the Employee Provident funds in India during last one
year. Listing down some important developments.
- · PF claims in cases of death set to be settled in a week· PF claim settlement period brought down to 20 days· EPFO does away with employer’s signature for PF withdrawal· Employees’ Provident Fund Organisation orders EPF to be released before retirement· UAN is a must for smooth transfer of Provident Fund· EPFO to pay 8.8% interest on "inoperative" accounts: Govt to issue notification soon· Employees’ PF Organisation services soon at 2 lakh common service centres of IT Dept In a move to increase participation in the indian equity market, EPFO has invested over Rs 9000 crore in Exchange Traded Funds· No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1.· CMPFO launches app to view PF balance
All’s well which ends
well. Hope government keeps up with its promises to the working class Indians and
doesn’t interfere with this money.
About EPF
Employee Provident Fund is one of the most important
employee benefit scheme in India. The product is not an optional instrument.
For every registered organisation with 20 employees has to mandatorily register
for EPF (except exempted quota). A company can voluntarily register for EPF
with employees less than 20.
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