Provident Fund: Left or lost job? Employees can now update date of exit – Here’s how

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Staff Provident Fund account: Left or misplaced a job? Staff can now replace their date of exit on the EPFO portal upon leaving a job. In response to EPFO guidelines, if an worker is transferred from one establishment to a different, he’s required to be enrolled as a member below the brand new institution, for transferring his provident fund from his earlier account.

An worker can proceed as a PF member even after his retirement if he continues to work even after attaining the retirement age. Staff Provident Fund (EPF) is taken into account an funding possibility for retirement goal. As per the EPFO norms, contribution to the PF account is obligatory for each the worker and the employer. The PF account holder has to contribute 12 per cent of his fundamental wage whereas an identical quantity can be contributed in direction of PF and EPS by the employer.

For updating the date of exit, staff want to go to the Member Unified Portal and login with UAN and password. After this, go to Handle and click on on Mark Exit. Then selected PF Account Quantity from Choose Employment dropdown. Now, click on on Request OTP and enter the OTP despatched in your Aadhaar linked Cell Quantity. Then choose the Checkbox and click on okay. Your ‘Date of Exit’ would now be up to date efficiently.

The best way to replace date of exit on Staff Provident Fund (EPFO) portal

Right here’s a step-by-step information

Step 1: Go to Member Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/)

Step 2: Enter UAN, Password and CAPTCHA.

Step 3: Go to Handle and Click on Mark Exit

Step 4: Select ‘PF Account Quantity’ from ‘choose employment’ drop down

Step 5: Enter ‘Date of Exit’ and ‘Purpose of Exit’

Step 6: Click on on possibility ‘Request OTP’ and enter OTP despatched in your Aadhaar

Whereas switching jobs, it’s advisable for PF account holders to switch one’s PF account to the brand new recruiter. Staff’ contribution to the Provident Fund account is exempted from tax below Part 80C of the Revenue Tax Act.