Employees’ Provident Fund (EPF) Portability: Universal Account Number and its Features

Wednesday, October 29th, 2014 Amritesh 5 responses

I have posted about EPF in my previous article which you can follow through the link provided below. Here I will discuss about the newly introduced EPF portability (UAN and its Features). Universal Account Number (UAN) will cover all the subscribers contributing to Employees’ Provident Fund Scheme. This system will benefit approximately around 41.7 million subscribers to EPF. This drive is initiated as part of the Social Security and Labour Reforms which would benefit the Individuals and protect their long run interest. However initially, UAN has been allotted to Subscribers who have contributed to PF between 1stJanuary,2014 to 30th June,2014 and beyond.UAN will ensure that Subscriber is easily able to transfer his PF account to the new organization when he…

How does the Amendments to the Statutory Benefits Affect Employees: An Illustration

Sunday, October 26th, 2014 Amritesh no responses

The Government of India (Ministry of Labour & Employment) recently issued notification regarding the amendments to the Employees Provident Fund Scheme,1952 (EPF),Employee Pension Fund,1995 (EPF), and Employees Deposit Linked Scheme,1976 (ELDI) which came into effect from 1st September,2014.The changes were aimed at improving the social security provided to the employees. The changes are Employee friendly as more employees will be inducted into the EPF and EPS scheme. The amendments ensured that minimum Monthly Pension for retired employees be fixed at Rs 1,000/- which previously stood at Rs 250/-.You can follow series of articles in this issue on my blog. I have posted an article where you will find amendments made in this regard. Here I will illustrate the changes which will impact…

Amendments In Statutory Benefits For Employees’ And It’s Impact: Provident Fund, Pension Fund, Deposit Linked Insurance

Saturday, October 25th, 2014 Amritesh 2 responses

The Ministry of Labour Laws by notification dated 22nd August,2014 amended Employees Provident Fund Act,1952 effective 1st September,2014. You can read about Employees' Provident Fund in the link given below.Universal Account Number (UAN): Guidelines for SubscribersWithdrawals and Advances Under Employees' Provident Fund SchemeEmployees' Provident Fund SchemeThe highlights are as follows:-Amendments with respect to Contributions to the Employee Provident Funds (EPF)The wage ceiling of Rs 6500/- has been raised to Rs 15,000/- for the purpose of calculating the EPF. Thereby all the employees who fall under the bracket of Rs 6500/- to Rs 15,000/- will now be covered under the EPF.New entrants with Basic wage exceeding Rs 15,000/- may not opt for the EPF.EPF will continue to earn interest on the fund as prescribed by the…
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