Latest EPF updates | Fusion - WeRIndia

Employees’ Provident Fund (EPF) is one of the best investment plans to accumulate a retirement fund. In recent days, the Employees Provident Fund Organisation (EPFO) announced several updates related to various things.

Here are the latest EPF updates:

Now, Aadhaar seeding is mandatory to contribute to the fund and file Electronic Challan cum Return (ECR). The Employees Provident Fund Organisation (EPFO) made Aadhaar seeding mandatory for these things. Hence, link your Universal Account Number (UAN) with your Aadhaar card number. Besides, employers have to verify the Aadhaar details of their employees. While the deadline for linking Aadhaar to UAN was June 2021 earlier, it has been extended to September 1, 2021.

EPF account holders can use the COVID Advance Facility even after losing their job or left the company. They can withdraw a part of their money under this facility. Since the account holders are taking as advance, there is no need to deposit the funds again into their account.

Now, members can withdraw money as a non-refundable advance from their EPF accounts. This decision was taken by the EPFO to help them during the pandemic. Under the revised withdrawal rules, account holders can withdraw up to three months’ salary (basic plus DA) or 75 per cent of their gross PF balance, whichever is lower.

EPFO also allowed the account holders to withdraw funds as the second COVID-19 advance. The withdrawal amount terms are similar to those of non-refundable advance. That is, members can withdraw up to three months’ salary (basic plus DA) or 75 per cent of their gross PF balance, whichever is lower.

EPFO hiked the insurance benefit under the employees’ deposit-linked Insurance (EDLI) scheme to its members. As per this, the members can earn a minimum of ₹2.5 lakhs, while the maximum is ₹7 lakhs as insurance. Earlier, the minimum and maximum insurance amounts are ₹2 lakhs and ₹6 lakhs.

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