Employees do not have to personally open an EPF account or contribute to it. This is done by their employers. However in case of withdrawal, employees do need to personally initiate the withdrawal process. This can be complex, tedious and annoying and is hence often ignored. However, failing to withdraw your EPF amount if you…
The global Novel Covid-19 or Coronavirus pandemic has hit the world’s economy drastically and could have created a hole in the pockets of many. In times like these people may need to liquidate their ‘emergency funds’. One of these can be the Employee Provident Fund. What is Employee Provident Fund- A Glance Employee Provident Fund…
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…
Investments are the essence of financial planning and meeting the financial goals. To encourage individuals to invest more, several saving schemes are introduced by the Government, financial companies, and banks. These Government-backed schemes are suitable for the investors who are willing to invest in long-term saving schemes, enjoy tax benefits in the old regime of…
India’s National Pension System (NPS) has undergone a dramatic overhaul over the past few days. Most of the changes apply to government employees but a key tax change applies to everyone – including private sector employees and the self-employed. This tax reform has made the NPS corpus, completely tax free on maturity, thereby making it…
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…
UIDAI, the 12-digit Aadhaar issuing authority, provides a number of facilities to empower the government to carry out tasks of the service delivery system efficiently and without much delay. Aadhaar-enabled Payment System is one such system through which bank account holders can withdraw, deposit and transfer funds from their bank accounts with the help of…
