All You Need To Know PF ESI Consultant in Ahmedabad

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Everything You Should Know About Employee Provident Funds

Under the direction of the Indian government, the Employees Provident Fund Organization (EPFO) launched the well-known retirement benefits program known as the Employees' Provident Fund (EPF). The program was created to assist salaried people in improving their saving practices, which would help them build a sizable retirement fund for a stable future. Over 6.7 crore salaried individuals and 6.9 lakh contributing companies are active subscribers of the EPFO.

You can view your balance and all previous EPF transactions on Pro Legal HR Payroll Management Company base ESI PF Consultant in Ahmedabad. If you have an EPF account.

How Does EPF Operate?
The largest social security organization in the world is called EPFO. Three schemes are overseen by the EPFO:

The Central Board of Trustees, which is made up of members from the federal and state governments, employers, and employees, oversees the EPF Scheme 1952, Insurance Scheme 1976 (EDLI), and Pension Scheme 1995 (EPS).

Employers and employees each make matching monthly contributions to the EPF. Each month, the worker contributes 12% of their base pay plus dearness allowance. Additionally, the company makes an equal contribution to the employee's account, 8.33% toward EPS and 3.67% toward EPF.

The EPFO sets a predetermined interest rate for the fund that consistently grows each month. You can withdraw the interest amount without having to pay any taxes because it is tax-free. When they retire, employees might get a lump sum payment that includes interest accrued over the years.

UAN: What Is It?
EPFO finds it simple to handle member accounts thanks to the Universal Account Number (UAN). Every EPFO member is assigned a unique 12-digit UAN. Through the EPMO member site, an employee can use UAN to access their PF account.

You ask, how does UAN help? Your UAN doesn't alter even if you shift jobs. When you move jobs, only your member ID changes, and your UAN is linked to the new ID. In this manner, regardless of having several jobs, all of your PFs are under one roof. Your company can use your UAN to ask EPFO for a new member ID on your behalf, or you can submit a request for the member ID directly to EPFO.

Are you looking for your UAN since this is your first job? Your UAN is often disclosed by your employer, or it may be found on your pay stub. Pro Legal HR Payroll Management Company base ESI PF Consultant in Ahmedabad.