Classified PF Consultant in Ahmedabad

Needed PF Consultant in Ahmedabad

Best ESI PF Consultant in Ahmedabad in India by Connect 2 Payroll Outsourcing Services.

Random Buts and Ifs

An employee's PF account should always be transferred to his new employer when he changes jobs. An employee who works for many employers may have two distinct accounts (under the same UAN), and in the future, the accounts from which they quit may be combined with their current account.

The benefit amount will be given to the beneficiaries within 30 days of the Commissioner receiving the claims, provided they are complete in all respects and filed with the required paperwork. If the claim contains any errors, these must be noted in writing and sent to the applicant within 20 days of the application being received. If the Commissioner does not resolve a claim that is complete in all respects within 20 days without good reason, the Commissioner will be held accountable for the delay and may be subject to a penalty of 12% annually on the benefit amount, which will be subtracted from the Commissioner's pay.

Best ESI PF Consultant in Ahmedabad in India by Connect 2 Payroll Outsourcing Services. TDS will be withheld if an employee withdraws the accrued corpus before completing five years of continuous employment. The graphic below explains it.

Trick: 8.5% interest will continue to be earned on your EPF account. Withdrawals will be tax-free if you can postpone them until after five years of continuous employment (with any number of employers).

An account is deemed inoperative if no contributions are made for three years following the subscriber's death, permanent relocation overseas, or retirement. For members 58 years of age and older, interest will not be paid on inactive accounts.

Employee Deposit-Linked Insurance

The main advantage of the EDLI Act is that, should the insured individual pass away during the term of employment, the registered nominee would be paid a lump amount. Here, "during the period of service" is crucial.

In a nutshell:

As previously said, all EPF members are unquestionably covered by EDLI as it is included with EPF and there is no need to join in this plan individually. No member is excluded; everyone is covered as long as they are actively participating in the EPF.

Think of this as a variable sum insured term plan that mostly relies on the member's compensation. The employer is responsible for paying the premium for this term plan.

There is no minimum amount of service required to qualify for this program.

All members are covered regardless of their age, health, or lifestyle choices.

The assurance benefit cannot be less than INR 2.5 lakh, nor can it be greater than INR 7 lakh.