Uploaded on Feb 6, 2020
PPT on All about Employee Provident Fund.
All about Employee Provident Fund.
ALL ABOUT EMPLOYEE PROVIDENT FUND WHAT IS EPF? • Employee Provident Fund (EPF) is a retirement advantage plot that is accessible to every single salaried worker. • This store is kept up and regulated by the Employees Provident Fund Organization of India (EPFO) and any organization with more than 20 workers is legally necessary to enlist with the EPFO. PF DEDUCTION FROM SALARY • 12% of your pay goes into your EPF account alongside 3.67% (out of 12%) from your manager, while the parity 8.33% from your boss' side is redirected to your Employee's Pension Scheme (EPS). WHAT IN CASE OF JOB CHANGE? • In case you're evolving employments, it's essential to likewise refresh your EPF data with your new organization, giving them your EPF number so they can proceed with the commitment. INTEREST CALCULATION • The progressive accrual that is settled on by the legislature and focal leading group of trustees is paid on the sum remaining to the acknowledge of the worker as on the first of April each year. • Your opening parity for the following year would be: Opening balance + total monthly contributions + interest on the (old opening balance + contribution) TAX DEDUCTION • The business commitment to your EPF is tax-exempt, and your commitment is charge deductible under Section 80C of the Income Tax Act. • The cash you put resources into EPF, the premium earned and the cash you in the end pull back after the required indicated period (5 years) are excluded from Income Tax. CAN YOU QUIT? • The main time you can quit the EPF program is toward the beginning of your profession, when you tell your first manager that you would prefer not to be a piece of it and round out Form 11. • In the event that you've contributed towards EPF even once and have a record made in your name, you can't quit this plan. PF SUPPORT • Quitting the EPF plot expands your close by compensation, it's the most straightforward approach to construct a retirement support. HOW TO CHECK • All your EPF subtleties are accessible on the EPF India site. With the presentation of the UAN (Universal Account Number), you would now be able to get to all EPFO offices on the web. • You can likewise check your EPF subtleties with your EPF account number. CUSTOMER SERVICE • Log on to the EPFO’s member portal • On the top of the page, click on the ‘Contact Us’ button • Once you have done that, the EPFO’s customer care toll free number will be displayed - based on the region the employer is located in. HOW TO CHECK • All your EPF subtleties are accessible on the EPF India site. With the presentation of the UAN (Universal Account Number), you would now be able to get to all EPFO offices on the web. • You can likewise check your EPF subtleties with your EPF account number. THANK YOU!
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