The full name of PF is Provident Fund and it is also known as EPF (Employee Provident Fund). The amount is deposited in the PF account every month. This is a kind of investment which is for the workers of both private and government company so that the employee can be useful in future. This fund is taken care of by EPFO ie Employee Provident Fund Organization. If 20 or more than 20 employees work in a company, then it is mandatory to register that company with EPFO. If you need these money, you can also withdraw some advance money, for this you can submit advance PF claim online, now you must be wondering what is EPFO, so let us now know about EPFO.
What is EPFO?
This is an organization where the pf accounts of all the employees of the company are taken care of, for this EPFO has set up PF offices in all the states across the country and all the registered offices under the state, they deposit their funds in these offices. And those who are not registered can also register from here and the head office of all PF offices is located in Delhi. All the new rules, laws etc. are conveyed to all the state offices from the Delhi Head Office itself.
What is the percentage of PF deducted and what are its benefits?
12% of the employee's basic salary + dearness allowance is deducted in PF and only 12% is deposited in the PF account of the employee by the company but out of 12% deposited by the company, 8.33% is deposited in pension contribution and 3.67% in PF contribution. Whereas 12% of the employee is deposited in his PF contribution. In this way 12% by the company and 12% by the employee i.e. 24% is deposited in the original PF account. Meaning without doing anything, double investment gets done. If an employee left the job before 10 years, then he can withdraw his pension amount along with PF and if someone worked for 10 years and filled PF then after retirement he becomes eligible to get monthly pension till this That he gets some money as pension every month from EPFO after the age of 58. The maximum rate of interest is given by EPFO on PF accounts which no bank in the country gives.
If you have more than 1 PF account then merge it into 1 This will give you many benefits like you will not have to go to different companies and EPFO repeatedly while claiming PF and having a single account, all the money at one place. Will be deposited so that you get a good interest. According to the rules of the Government of India, a person should have only one PF account.
What are the rules to be followed to convert two EPF accounts into one?
The person will have to give KYC, in which the verification of necessary documents like PAN card, voter ID, bank account, Aadhar card etc. is necessary.
Complete information has to be submitted in the account in which your salary comes.
To apply, the individual must have a UAN and it must be linked to your existing EPF account.
It is mandatory to wait for 3 days after activating UAAN before merging EPF account.
How to merge two or more PF accounts?
To merge two or more PF accounts, you must know the UAN (Universal Account Number) of your PF account as well as the UAN number must be activated and your UAN account must be linked with Aadhaar. UAN number allows you to link all your incoming PF accounts in one account. With this you can do your trekking very easily.
You can merge your PF account according to the option given below:-
First of all, you can go to the EPFO website or by clicking on the given link, you can also go directly to the site.
After that go to your EPF UAN and login.
Then you will get to see the option of online service, out of which click on One EPF Account.
Then a window will open in front of you, click on Previous Employer and then click on Get MID button.
After this, by clicking on the box named Member ID, enter the member ID or UAN number of your old PF account and then press the button of Get Details.
Now all the details front of yo
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