Ministry of labor and Ministry of Finance handles the administration of EPF. It is helping people by saving some part of their earnings for the future.It helps employees by save a small part of their salary every month. 12% of basic monthly salary is deducted every month to deposit in their EPF account and the account never changes while changing the job or the organisation.EPFO rule that any company who having more than 20 employees in the company than they have to deduct EPF from salary of employees and follow all the rules and regulations which are created by the government.
It is common to change the jobs for some reasons or they getting better offers in some other company.The amount of the salary is monthly deducted every month.You can benefit more by staying aware of all EPF rules and regulations.There are many rules and regulations which are set by the government of India.Employees can withdrawal the balance of the PF online.EPF interest rates and EPF withdrawal rules updated every year.
EPF rates of interest updated every year and previous year rate of interest was 8.7% .EPFO increased the rate from 8.75 to 8.7.The trade unions of the workers are protest against the decision of ministry and demanding 8.90 EPF interest rate but the Finance ministry settled the rate at 8.7.Every year the interest rates are change by the government.
The employee have to download the EPF Withdrawal Form and you can download the form and apply for the Provident Fund.There are some rules which are set by the government of the India.The ministry has make some standards.The rules of PF Withdrawal are given below:
- The retirement age should be at least 58 years for withdrawing the full amount of EPF.
- You can also withdraw 90% of the PF amount before 1 year of retiring but the age must be at least 57 years
- You can withdraw employee contribution after leaving a job.You cannot withdrwal the whole amount of the PF and emloyer’s contribution before the age of retirement.
- EPF membership does not end by leaving the job. If you leave a job before 57, you EPFO membership will continue until you withdraw the whole amount of PF from your EPF account.
There are many employees of the organisation changing their jobs and after they changing the job then they can apply for the Provident Fund of the previous job.There are many methods that they can withdraw the PF online or download the form online for the withdrawal of their PF.The EPFO has a rule that any company who having more than 20 employees in the company than they have to deduct EPF from salary of employees every year.EPF claim status just in a few seconds.You do not have to go to the EPFO office for knowing their EPF claim status.You can check your EPF claim status on the official EPFO portal.Everything is keep secured and it is very easy to know your EPF claim status.EPFO is also upgraded with the latest technology.It is offering many types of offline and online facilities for employees and employers.