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Rules To Withdraw, Transfer Money From EPFO Account Eased
NEW DELHI || The Employees Provident Fund Organization (EPFO-Employees Provident Fund Organization,) has simplified a major rule by giving relief for employees. According to information given on Twitter by EPFO, EPFO has made its system easier.
While earlier there was no withdrawal of funds or transfer due to absence of the date of leaving the job (Now Employee’s can also update their Date of exit). Now the Provident Fund Organization has started a new facility on the Unified Portal (UAN Portal) to overcome this tension. Under this facility, the employee can update the date of leaving the previous company himself.
Simply explained, when a person starts working in a company, then 12% of his basic salary is deducted from his salary and the same contribution is given by the company. 12 percent of the person’s salary is deposited in the EPF, whereas only 3 of the contribution made by the company.
Now you can enter the date of leaving the job itself – Employees Provident Fund Organization (EPFO) has started an online facility for its account holders. With this, the EPF account holders can update the date of leaving the job itself, i.e. they will be able to tell in the records of EPFO when they left their institution.