Employee Provident Fund (EPF) India: All you need to know
A Former User last edited by ftForumMod
Employee Provident Fund is an excellent scheme run by the government. In this scheme, everyone is a winner. The employer and employee both contribute to EPF and the employee gets the money back in the form of retirement fund. What do you think needs to amended in this scheme?
A Former User last edited by
India is getting better and better economically as the management team has quite talented personnel who knows how to promote a new scheme. EPF is a great gift for the employees to save some amount for their retirement fund. It is good to plan now for the next 20-30 years.
Avantika last edited by
@sdadwal Hi, I have applied for EPF withdrawal recently. How many days it usually takes to receive it? Can I check the status of transfer of funds? Please guide.
Suraj last edited by
I think nowadays the EPF processing is a bit faster. The amount shall be credited to your account in 15 days. In some cases, it may take a bit longer based on individual details.
If you have your UAN, You can check status online.
Roshan last edited by
@sdadwal Quite an informative post I am also a salaried person. I joined my job recently. My company told me that EPF contribution shall be made. But, I was not clear what exactly it is and how I will get it back. This detailed post cleared my different doubts. Thanks a lot.
K. Kumar last edited by ftForumMod
I have heard that EPF transfer & withdrawal process has become a bit faster. But, it varies from individual to individual. If you have linked UAN then its easy. But, what about an earlier EPF account with an old employer?
I left a company few years back. I had my EPF account long back then. At that time this online system wasn't there. I couldn't withdraw from that EPF account. I thought I was earning interest on it, so let it be. But, now I am working in a new company and they have opened my EPF account plus I have been alloted UAN also. That's ok.
But, how can I transfer my earlier EPF amount. Do I need to visit my old employer which is in a different city? Can it be transferred online? Please guide me how to do it.
LandPel last edited by
Such an excellent article on the Employee Provident Fund in India.This article vastly covers all the important points of employee provident fund in India. These type of funds are very useful for the Government employes as both employer and employee make contribution to it. Rate of contribution is also explained in the article.
Manish Sharma last edited by
Interest rates just keep on fluctuating every year. How will one save big this way? There should be an increase in interest rates rather than reducing. EPF counts for our retirement savings. We need to have a good lump sum in any of our retirement plans.
Rakesh Bansal last edited by
@sdadwal UAN has simplified the entire process of EPF withdrawal. There is esay online access and all details can be fetched online. In some cases, one still might have go to EPF office for claims. But, overall the process has become quick.
Raj Chopra last edited by
@sdadwal EPF is a good way to build a lump sum for retirement of salaried people. Both, employer and employee contribute towards EPF. At least, this is some saving that we can start as and when we get a job.
Sandra last edited by ftForumMod
The Employees Provident Fund (EPF) are feasible options for saving money. EPF enables one to save regularly, which can grow into a considerable amount by the time the user retires. Although both the saving options give tax benefits. Tax Benefits: Under section 80C, the employees’ contribution to EPF is allowed to be deducted up to Rs 1,50,000. This is the maximum amount that can be deducted from a subscriber’s basic salary.