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Time of India
5 hours ago
- Business
- Time of India
How to merge multiple PF accounts?
Since each new employer creates a separate PF account, it becomes essential to consolidate them into a single account. Salaried employees often end up with multiple Provident Fund (PF) accounts due to job changes over the course of their careers. Since each new employer creates a separate PF account, it becomes essential to consolidate them into a single account. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) Let us understand how you can merge multiple Provident Fund accounts Salaried employees often end up with multiple Provident Fund ( PF ) accounts due to job changes over the course of their careers. Since each new employer creates a separate PF account, it becomes essential to consolidate them into a single account. This ensures accurate interest accumulation, simplifies fund management, and prevents complications during final withdrawal or pension is important to first ensure that your Universal Account Number (UAN) is active. This unique number remains the same across jobs and is used to link all your PF need to ensure that KYC details (like Aadhaar , PAN and bank account) are updated and verified in your current PF account. This is crucial for seamless the EPFO member portal and log in using UAN and password. Under the 'Online services' tab, select 'One member–One EPF account (transfer request)'. Enter previous PF account details and submit the request. The request is authenticated using Aadhaarbased OTP. Once submitted, the EPFO initiates the merging previous employer may need to verify your request digitally. After that's approved, the funds and service details are transferred to your active PF account.• Only PF accounts linked to the same UAN can be merged.• It is crucial to ensure previous employer's exit dates are updated to avoid transfer on this page is courtesy Centre for Investment Education and Learning (CIEL).Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
Time of India
13-06-2025
- Business
- Time of India
EPF: Do you need to upload documents on EPFO portal to update your date of joining and leaving a job?
The Employees' Provident Fund Organisation has streamlined the process for EPF members to update their employment history, including joining and exit dates. Members with Aadhaar-validated UANs can now directly update profile details without document uploads. Tired of too many ads? Remove Ads No need to upload documents Who needs to upload documents to update their date of exit and date of joining a job? Tired of too many ads? Remove Ads How to update the date of exit in EPF? The Employees' Provident Fund Organisation has simplified the process to update or correct personal and service related information. If you are an Employee Provident Fund (EPF) member who wants to update your employment history, which includes your joining and exit dates, you can now update or correct your service-related information the revised procedure, the members whose Universal Account Number (UAN) has already been validated through Aadhaar can update their profile details like name, date of birth, gender, nationality, father/mother's name, marital status, spouse name, date of joining and date of leaving themselves without uploading any to the EPFO social media post, "You can update your date of joining and leaving in your EPF account without needing to upload documents or get employer approval. EPFO puts the power in your hands."For members whose UANs were generated prior to October 1, 2017, the process is slightly different. In such cases, updates may require employer certification, as these older UANs may not be EPF members were required to upload documents and obtain employer approval to update their date of joining or exit. However, following a recent procedural revision, eligible members can now make these updates directly through the EPFO portal without needing employer to update date of exit on EPF portalStep 1: Log in using the OTP sent to your registered mobile 2: Under the 'Manage' tab, click on 'Mark Exit'. (Note: This option will be visible only within two months of leaving the job.)Step 3: Select your employer/company from the drop-down 4: Enter your exit date and tick the consent 5: Click on 'Request OTP'. An OTP will be sent to your Aadhaar-registered mobile 7: Enter the OTP, click 'Submit', and confirm the alert prompt to complete the the process is complete, the portal will display a message stating that your date of exit has been successfully updated.
Economic Times
09-06-2025
- Business
- Economic Times
EPF 3.0: Withdraw PF by swiping from ATMs
Getty Images Currently, for PF withdrawals, EPF members are required to fill their online composite forms on the EPFO website. Theoretically, the money lying in our provident fund, or PF, account, is touted as our safest asset class, not subject to any attachment or lien or any market volatility. Practically, though, the very idea of taking out this money makes us fret, courtesy the cumbersome process of making claims for PF withdrawal and the associated long waiting periods for requisite approvals from the Employees Provident Fund Organisation (EPFO). However, the situation is going to change as the EPFO is rolling out its upgraded platform EPFO 3.0, most likely in June, for its 9 crore members. EPF members will be able to take out their PF money instantaneously via ATMs, just like from bank accounts, simply by swiping their PF withdrawal (ATM) cards. For such withdrawals, the members will need to keep their Universal Account Number (UAN) activated and seed their Aadhaar in their bank accounts. The EPFO has extended the last date for activating UAN and Aadhaar seeding in bank accounts to June 30. Currently, for PF withdrawals, EPF members are required to fill their online composite forms on the EPFO website. Though the specified period for settling such composite claim forms by the EPFO is 20 days, in reality, it takes much longer to get one's PF the upcoming UPI integration and withdrawal facility via ATMs, PF withdrawal settlement is set to become swift and hassle-free. The withdrawal limit is expected to be kept at Rs.1 lakh or 50% of the accumulated balance. However, an official notification from the EPFO in this regard is still awaited. Pull-out provisions Withdrawal from EFP account is permitted for multiple purposes, albeit under certain conditions and till a specified limit. Here are some common instances of taking out PF money. This well-intended reform of enabling PF withdrawals via ATMs is revolutionary indeed. However, the practical implementation of this enabling functionality will be subject to the fulfilment of existing prescribed conditions for partial and full withdrawal of PF money by members. According to the scheme of the Employees Provident Fund & Miscellaneous Provisions (EPFO) Act, 1952, EPF members can withdraw their entire balance of fund contributions at the time of retirement from service. The rules also permit partial withdrawals by EPF members during the continuity of their service, for certain specified purposes and subject to the fulfilment of prescribed conditions. For a bird's eye view of the same, refer to the watershed moment in PF reforms may have its fair share of tax implications too, with which everyone must be acquainted. Unlike bank balance withdrawals, not all EPF withdrawals via ATMs will be tax free. According to Rules 8 and 9 of Part A of the Fourth Schedule to the Income Tax Act, withdrawals are tax-free only if they are made out of recognised EPF accounts and after rendering continuous service of five or more years with one or more the current time-consuming and tedious process of submitting claims to take out money, and getting approvals, inherently acts as a disincentive or a deterrent for EPF members from making frequent and early withdrawals. Given the practical difficulties, EPF members usually prefer to wait till retirement to withdraw their the upcoming EPFO 3.0 facility for withdrawals via ATMs is naturally going to tempt EPF members to take money out of their PF account, more frequently and much before the completion of five years of continuous service. This, in turn, will make such withdrawals taxable at the applicable slab rates of the concerned EPF members, as per the provisions of the Income Tax practical consideration to be mindful of while taking out PF money from ATMs will be the applicability of tax deducted at source (TDS) provisions. Any PF withdrawal via ATMs in excess of Rs.50,000 before completion of five years of service will require TDS at 10%, as per Section 192A of the Income Tax Act on premature withdrawals. Thus, the tempting urge of withdrawing one's PF money by just a swipe of the card needs a cautious and well-informed restraint. Provident fund money is our retirement corpus, so we should swipe it carefully. The author is founder, Taxaaram India and Partner, S M Mohanka & Associates
Time of India
09-06-2025
- Business
- Time of India
EPF 3.0: Withdraw PF by swiping from ATMs
Theoretically, the money lying in our provident fund, or PF, account, is touted as our safest asset class, not subject to any attachment or lien or any market volatility. Practically, though, the very idea of taking out this money makes us fret, courtesy the cumbersome process of making claims for PF withdrawal and the associated long waiting periods for requisite approvals from the Employees Provident Fund Organisation (EPFO). However, the situation is going to change as the EPFO is rolling out its upgraded platform EPFO 3.0, most likely in June, for its 9 crore members. EPF members will be able to take out their PF money instantaneously via ATMs, just like from bank accounts, simply by swiping their PF withdrawal (ATM) cards. For such withdrawals, the members will need to keep their Universal Account Number (UAN) activated and seed their Aadhaar in their bank accounts. The EPFO has extended the last date for activating UAN and Aadhaar seeding in bank accounts to June 30. Currently, for PF withdrawals, EPF members are required to fill their online composite forms on the EPFO website. Though the specified period for settling such composite claim forms by the EPFO is 20 days, in reality, it takes much longer to get one's PF money. With the upcoming UPI integration and withdrawal facility via ATMs, PF withdrawal settlement is set to become swift and hassle-free. The withdrawal limit is expected to be kept at Rs.1 lakh or 50% of the accumulated balance. However, an official notification from the EPFO in this regard is still awaited. Pull-out provisions Live Events Withdrawal from EFP account is permitted for multiple purposes, albeit under certain conditions and till a specified limit. Here are some common instances of taking out PF money. This well-intended reform of enabling PF withdrawals via ATMs is revolutionary indeed. However, the practical implementation of this enabling functionality will be subject to the fulfilment of existing prescribed conditions for partial and full withdrawal of PF money by members. According to the scheme of the Employees Provident Fund & Miscellaneous Provisions (EPFO) Act, 1952, EPF members can withdraw their entire balance of fund contributions at the time of retirement from service. The rules also permit partial withdrawals by EPF members during the continuity of their service, for certain specified purposes and subject to the fulfilment of prescribed conditions. For a bird's eye view of the same, refer to the graphic. Tax implications This watershed moment in PF reforms may have its fair share of tax implications too, with which everyone must be acquainted. Unlike bank balance withdrawals, not all EPF withdrawals via ATMs will be tax free. According to Rules 8 and 9 of Part A of the Fourth Schedule to the Income Tax Act, withdrawals are tax-free only if they are made out of recognised EPF accounts and after rendering continuous service of five or more years with one or more employers. Paradoxically, the current time-consuming and tedious process of submitting claims to take out money, and getting approvals, inherently acts as a disincentive or a deterrent for EPF members from making frequent and early withdrawals. Given the practical difficulties, EPF members usually prefer to wait till retirement to withdraw their funds. However, the upcoming EPFO 3.0 facility for withdrawals via ATMs is naturally going to tempt EPF members to take money out of their PF account, more frequently and much before the completion of five years of continuous service. This, in turn, will make such withdrawals taxable at the applicable slab rates of the concerned EPF members, as per the provisions of the Income Tax Act. TDS on early withdrawals Another practical consideration to be mindful of while taking out PF money from ATMs will be the applicability of tax deducted at source (TDS) provisions. Any PF withdrawal via ATMs in excess of Rs.50,000 before completion of five years of service will require TDS at 10%, as per Section 192A of the Income Tax Act on premature withdrawals. Thus, the tempting urge of withdrawing one's PF money by just a swipe of the card needs a cautious and well-informed restraint. Provident fund money is our retirement corpus, so we should swipe it carefully. The author is founder, Taxaaram India and Partner, S M Mohanka & Associates
Mint
06-06-2025
- Business
- Mint
Deadline alert! Link aadhaar to bank account before June 30: EPFO to beneficiaries of ELI scheme
The Employees Provident Fund Organisation (EPFO) has once again extended the deadline for UAN (Universal Account Number) activation and seeding of bank accounts with aadhaar for those subscribers who want to avail the benefits under ELI scheme. 'The competent authority has granted an extension of timeline for UAN activation and aadhaar seeding in bank Account till June 30, 2025,' reads the circular. It is noteworthy to mention that these deadlines have been extended several times in the past. The first circular was issued on November 22, 2024 and the deadline was November 30, 2024. 'Since, the benefits under ELI Scheme, will be disbursed through DBT to eligible employees, Employers are urged to ensure UAN activation and AADHAAR seeding in Bank Account in respect of all their employees who have joined in the current financial year, starting with the latest joinees. The concerned EPFO offices may kindly be contacted for necessary guidance in this matter, if required,' the circular dated Nov 22, 2024 had stated. Later, the deadline of November 30 witnessed several extensions through follow up circulars which were issued on Dec 4, Dec 12, Feb 6, Feb 21 and March 3. Finally the latest circular was issued on May 30, 2025 which extended the deadline to June 30. This is Employment Linked Incentive scheme which was announced in Budget 2024-25 – and to make sure that all eligible employees can avail it, it was made mandatory to activate UAN and seed aadhaar in the bank account of each employee. The ELI scheme was launched for two sets of employees: Scheme A (first timers) and Scheme B (job creation in manufacturing). The subsidy is meant to assist employees and employers in hiring first timers. It (scheme A) is applicable to all persons newly entering the workforce (EPFO) who have less than ₹ 1 lakh per month salary. The subsidy is paid to the employees in three instalments. The directions of seeding aadhaar in bank accounts were issued in the light of directions given by the Ministry of Labour & Employment to ensure that all eligible employees can avail the Employment Linked Incentive (ELI) Scheme announced in Union Budget 2024-25. For all personal finance updates, visit here.
