Provident Fund: Quit or lost job? Employees can now update date of exit on EPFO official website– Know how
An employee can continue as a PF member even after his retirement, only if he continues to work even after attaining his retirement age.
Has this Covid-19 taken a toll on your job? Are you forced to quit your job? And now you are worried about your Employees Provident Fund (EPF) account? Then, you are taking unnecessary tension. Employees can now update their date of exit on the EPFO site after leaving the job.
As per the EPFO rules, if an employee is joining another organisation, then he is required to enroll as a member under the new organisation, for transferring his provident fund from his previous account.
See Zee Business Live TV Streaming Below:
Similarly, an employee can continue as a PF member even after his retirement, only if he continues to work even after attaining his retirement age. Most people consider EPF as an investment option for retirement purposes. Also, under the EPFO norms, it is mandatory for both the employee and the employer to contribution to the PF account. The PF account holder has to contribute 12 per cent of his basic salary, while the similar amount is also contributed towards PF and EPS by the employer.
To update the date of exit, an employee needs to visit the Member Unified Portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and login with UAN and password. Then, go to Manage and click on Mark Exit. Then chose PF Account Number from the Select Employment dropdown. After that, click on Request OTP and enter the OTP sent on your Aadhaar-linked Mobile Number. Then select the Checkbox and click ok. Your Date of Exit will be updated.
In case of changing the job, it is advisable for PF account holders to transfer the PF account to the new organisation. Employees’ contribution to the Provident Fund account is exempted from tax under Section 80C of the Income Tax Act.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.