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Source: Live Mint He was told he could withdraw the VPF anytime after a five-year lock-in period. Fast-forward to 2025, and he needed to withdraw funds to purchase a flat. To his surprise, there was no separate VPF accounting in his account. He could only see his EPF balance, and withdrawals, too, had limitations. “It…
Source: Live Mint Long queues, time-consuming documentation, rejections in requests, and constant delays, these are typically the images that come to mind when one considers taking advantage of your Employees’ Provident Fund (EPFO) corpus in India. All of this could be a thing of the past soon. Union Labour Minister Mansukh Mandaviya made the announcement…
Source: Live Mint Some people who applied for it after the Supreme Court order in November 2022 are still waiting for the Employees’ Provident Fund Organisation (EPFO) to accept their applications. Though, according to a 26 February statement, the EPFO aims to process all applications by 31 March 2025, employees continue to question the methodology…
Source: Live Mint EPF Withdrawal: The government is considering introducing the Employees Provident Fund (EPF) claims settlement option via the United Payment Interface (UPI) to ease the fund withdrawal process. EPF withdrawal is daunting for employees, who often fail to get their savings due to claim rejections. According to the EPF annual report released in…
Source: Live Mint ITR filing 2025: The decision between the old and new tax regimes hinges on thoroughly understanding the available benefits. While the new tax regime is often characterised by its simplified slabs and lower rates, it doesn’t entirely eliminate opportunities for tax planning. By examining the remaining provisions, such as the standard deduction,…
Source: Live Mint The answer isn’t straightforward. While Mr. A has the choice to opt out, Mr. B doesn’t—thanks to the rules governing EPF eligibility. The fine print of opting out Most new employees can opt out of EPF if their basic salary, as defined by the EPF Act, exceeds ₹15,000 per month. However, those…
Source: Live Mint The Employees Provident Fund Organisation (EPFO) has simplified the process of transferring provident fund accounts of members who have changed jobs. The current requirement for employees to submit online transfer claims to previous and present employers has been removed. EPFO, in a circular released on January 15, provided details about cases in…
Source: Live Mint I am a married man, 35 years old, and have two minor children. Neither my wife nor I own anything substantial at this time, but we have nominees for some bank and demat accounts, PPF, etc. We have been advised to create a will, but we feel we are too young for…
Source: Live Mint I worked with two different establishments from 2011 to 2015 and 2015 to 2016, respectively, for which I was assigned two different UANs and PF accounts. My current organisation, for the past eight years, does not have a provision for PF and, therefore, can not transfer the previous PF accounts. Is there…
Source: Live Mint CTC vs in-hand salary: Are you familiar with your pay scale? Why does take-home pay differ from cost to company (CTC)? Why do you receive less than what is depicted on the poster? Understanding the elements that comprise your earnings, such as your gross income, Cost to Company (CTC), and take-home pay,…
