Is PF and EPF same?

PF is the popular name for EPF or Employees' Provident Fund. It is a government-established savings scheme for employees of the organised sector. The EPF interest rate is declared every year by the EPFO (Employees Provident Fund Organisation) which is a statutory body under the Employees' Provident Fund Act, 1956.

Is PF and UAN same?

The acronym UAN stands for Universal Account Number that comprises information of all Member Ids of an employee. PF Number comprises all PF information and details of PF transaction of an employee with the issuing organization. UAN is a permanent number, eligible throughout an individual's lifetime.

What is the meaning of EPF in PF?

The Employees' Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. Under the scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer.

Which one is better EPF or PPF?

With EPF, you don't have to go through the hassle of depositing the money from your savings account as it is deducted directly from the salary. One drawback of EPF is that the contribution is compulsory every month. On the other hand, PPF offers a much-needed relief as you can contribute whenever you can.

What is difference between PF and VPF?

A VPF account is only meant for salaried employees while a PPF account can be opened by self –employed and people working at unorganized sectors. Interest offered on a VPF account is same with an EPF account which is 8.5%. On the other hand, a PPF account offers 7.1% on your savings.

EPF or PPF - Which one should you invest in?

Can I open PPF and EPF both?

There is no restriction on an employee having EPF account also having a PPF account. Accumulation of good corpus for your retirement is very important because in the days of nuclear family even the children move out of house for working somewhere else leaving the parents are left to fend for themselves.

Is EPF taxable?

EPF contributions exceeding ₹ 2.50 lakh yearly will be taxed from today. That limit has been set for government employees at a higher end of ₹ 5 lakh. Employees Provident Fund (EPF) contributions exceeding ₹ 2.50 lakh yearly will be taxed from today, i.e., April 1, 2022.

What is PF and EPF in salary?

EPF (Employees' Provident Fund) is a retirement benefit scheme maintained by the Employees' Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance.

Is EPF compulsory?

EPF eligibility criteria

15,000 per month, it is mandatory for you to be opened an EPF account by your employer. Organizations with 20 or more employees are required by law to register for the EPF scheme, while those with fewer than 20 employees can also register voluntarily.

Is employee PF and PPF same?

Employees' Provident Fund (EPF) is a retirement benefit plan specifically for salaried individuals. Both the employer and employee will contribute to this scheme. On the other hand, the Public Provident Fund (PPF) account is specifically designed for old age income security to all the individuals.

Who can have EPF account?

All employees drawing a salary are eligible for EPF. Moreover, it is compulsory for all employees earning less than ₹15,000 to register for the EPF. However, employees earning more than ₹15,000 can also voluntarily stay in the EPF scheme.

Is PF compulsory for all employees?

Any organisation that has 20 or more employees is liable to maintain a provident fund account for its employees. There is no limit to the employees' contribution to PF, he can contribute up to 100% of his Basic + DA (PF Wages) towards PF, but it must be a minimum of 12 per cent of the same.

How can I check my EPF balance?

PF balance check SMS

You can use the SMS service to know the EPF balance on mobile. To use the service, you need to send SMS EPFOHO UAN ENG to 7738299899. To know PF balance without UAN, sending SMS will be of use. One just needs to send SMS at 7738299899 but make sure it is from your registered mobile number.

Can I get UAN number from PF number?

Visit the UAN portal at unifiedportal-mem.epfindia.gov.in/memberinterface/ Then select the 'Know your UAN Status' option. From the drop-down menu on the following page, select your state and EPFO office. Enter your PF number/member ID, as well as your name, date of birth, phone number, and captcha code.

What is PF no in salary slip?

Role that is played by EPF Account Number

Employees will not be able to transfer their EPF amount from their previous Member ID to the current one without the EPF account number. The PF account number is necessary for employees to check their EPF balance.

How can I get my PF money?

Select 'PF Advance (Form 31)' to withdraw your fund. Then provide the purpose of such advance, the amount required and the employee's address. Now, click on the certificate and submit your application. You may be asked to submit scanned documents for the purpose you have filled the form.

What is current PF limit for salary?

The EPF scheme is necessary for the employed people with a salary of less than Rs 15,000. In this, the government gives 1.6 per cent of your basic salary as a contribution to your PF account. By increasing the salary limit from Rs 15,000 to Rs 21 thousand, 75 lakh employees can get the benefit.

What is the salary limit for EPF?

To widen the Employees' Provident Fund (EPF) coverage, the labour ministry is likely to raise the wage ceiling for mandatory EPF benefit to Rs 21,000 a month from Rs 15,000 now.

What is minimum basic salary for PF?

There is no minimum salary for PF. PF is to be deducted even if the employee gets ₹ 1. However, you need to pay the minimum wages as per the state notification under minimum wages act. Once PF is paid for an employee, it continues to be paid irrespective of how high his salary goes.

Is PF mandatory for salary below 15000?

EPF deduction is mandatory for employees who draw a salary less than Rs 15,000, but others can opt-out of this scheme through a declaration made in Form 11 of EPFO.

Is PF mandatory for salary above 15000?

Those earning basic wages more than 15000 per month, EPF contribution is not mandatory. Also, the employer can choose to limit its contribution towards EPF to 12 per cent of Rs 15,000 (Rs 1,800) under Section 26A of EPF act for those employees earning more than Rs 15,000 per month as basic wages.

When can we withdraw PF?

A minimum of 84 months of service is required for this claim to be accepted. -- You can withdraw up to 90 percent of your PF money one year before retirement. But you must be above 54 years of age.

Can we withdraw full PF amount after leaving job?

Employee Provident Fund (EPF) is a retirement corpus from which an employee can make withdrawals if he/she has been unemployed for more than 2 months. Currently, the EPFO allows 75% PF withdrawal if it is carried out after just 1 month of unemployment.

Is EPF taxable after 5 years?

If your EPF is recognized by any authority other than the Commissioner of Income Tax, like if you are a member of URPF, your withdrawals are taxed, even after completing five years of continuous service.

Can I withdraw my PF while working?

Money from the EPF account cannot be withdrawn during employment, unlike a bank account. EPF is a long-term retirement savings scheme. The money can be withdrawn only after retirement.