New EPFO Rules:- The new rules for banking system come into effect from April 1, which also marks the beginning of the Indian financial year. The Employees’ Provident Fund Organization (EPFO) implemented significant changes from April 1.
Under the new rules, previous earnings will be transferred to the new employer immediately upon switching jobs. Therefore, EPFO account holders should not apply for PF transfer individually when joining a new employer.
People will not necessarily have to go through the hassle of applying for a PF transfer, even if they have a Universal Account Number (UAN). Read the article below to learn more about the new EPFO rules.
What is EPFO?
It is under the jurisdiction of the Department of Labor and Employment, Government of India. Its function is to administer and administer the employees’ pension fund. It also oversees the administration of international social security agreements.
Currently, the EPFO earns an interest rate of 8.10 per cent. That includes deposits, interest, and company and employee benefits. The employee’s total checking account consists of this amount.
Benefit of New EPFO Rules
- Employees will not have to endure complex manual applications and administrative tasks as many tedious processes are eliminated.
- The streamlining will facilitate the movement of personnel between departments.
- Currently, thanks to the EPFO system, they can automatically transfer their PF balance if they change employers.
- These EPFO changes reflect their desire to provide employees with seamless access to their banks to assist them. It also provides a luxurious and secure retirement experience
Process to Check UAN
- Go to the EPFO’s Unified Member Portal.
- Click the “Know Your UAN Status” option.
- After providing information, you will receive an authorization PIN on the registered mobile number.
- Put in the PIN.
- The registered email address and mobile number will receive the UAN
UAN’s significance in the PF transfer process online
For an individual who has been issued multiple Member IDs by various employers, the Universal Account Number (UAN) acts as a central platform. It makes it easier to attach several Member IDs (EPF Accounts) to a single member.
Several services are offered by UAN, such as a dynamically updated UAN card, an updated PF passbook containing all transfer-in details, the capability to link the current PF ID with the PF ID of past members, monthly SMS notifications about the crediting of contributions to the PF account, and the option to initiate transfer requests automatically when one changes jobs.
PAN Card Correction/ Update Online
Electric Mobility Promotion Scheme (EMPS) 2024
Sevarth Mahakosh Login & Registration
FaQ
Q.What are the new changes in EPF?
Ans.PF account holders can withdraw an amount equivalent to three months of their basic salary plus dearness allowance or 75% of the net balance in their EPF account, opting for the lower of the two
Q.How much amount I can withdraw from EPF?
Ans.According to various media reports, with the new rule, when an individual changes jobs, their old Provident Fund (PF) balance will be automatically transferred to the new employer. This eliminates the need for EPFO account holders to manually request PF transfers when joining a new company
Q.When did the new changes came into effect?
Ans.From 1st April 2024.
Q.What are the new guidelines for EPFO?
Ans. when an individual changes jobs, their old Provident Fund (PF) balance will be automatically transferred to the new employer
New EPFO Rules effective from 1st April 2024, No Need to request PF transfer on changing job brothers, if you are liked given by jagokisan.com with the information then plz like and share so that other farmer brothers can also be helped