Category: Saving Schemes

The Union Labour Ministry is set to overhaul the social security architecture of India with the draft proposal of the new Social Security Code, 2018. The recently released draft talks about amalgamation and rationalization of the labour laws in the country by replacing as many as 15 social security laws including the Employees’ Provident Fund…

Paying LIC (Life Insurance Corporation of India) premium regularly can be a daunting task at times, especially for people belonging to lower income group. However, if you are a salaried individual with an EPF account, you can pay your LIC premium from your EPF corpus. Though the facility has been in place for a long…

Employee Provident Fund is basically a retirement fund managed by the Employees’ Provident Fund Organization (EPFO) under the Employees’ Provident Fund and Misc. Act, 1952. Since the private sector employees do not have a dependable pension offering, PF savings play a crucial role in ensuring social and financial security post-retirement. Generally speaking, you can withdraw…

Employee Provident Fund (EPF) is one of the most popular and trusted scheme for securing a long-term retirement fund. It is managed by Employees’ Provident Fund Organization under the Employees’ Provident Fund and Misc. Provisions Act, 1952. Both the employer as well as the employee contribute to the EPF account and one can withdraw the…

हिन्दी में पढें PAN is required during EPF withdrawal/settlement if you do not want some excess tax to be deducted from your EPF account. If you fail to submit PAN, the tax deducted at source (TDS) can be as high as 34.6%. Is EPF withdrawal taxable? EPF or Employee’s Provident Fund is taxable if withdrawn…

Do you know that the Employee Provident Fund Organization (EPFO) has increased the minimum assurance (life insurance) benefits under its Employee Deposit Linked Insurance (EDLI)? Now, the assurance benefits for the eligible employee will stand at a minimum of Rs. 2.5 lakhs and maximum of Rs. 7 lakhs. So this could be a good time…

The Supreme Court delivered its judgement in favour of the constitutional validity of Aadhaar. It has touched various aspects of the Aadhaar Act and has clarified whether Aadhaar is mandatory for a specific process or not. As per the interpretation by experts, Aadhaar is not mandatory for EPF. Thus, you don’t have to link your…