Introduction
The Employees’ Provident Fund (EPF) is a retirement savings scheme that is managed by the Employees’ Provident Fund Organisation (EPFO). It is a social security scheme that provides financial security to employees after retirement. The EPF scheme has been amended several times over the years to keep up with changing economic conditions and to provide better benefits to its members. The latest EPF amendments were announced in 2017 and they are aimed at providing more benefits to EPF members. This article will provide an overview of the latest EPF amendments and their implications for EPF members.
Latest EPF Amendments 2017 Details
The Employees’ Provident Fund (EPF) is a retirement savings scheme managed by the Employees’ Provident Fund Organisation (EPFO). The EPF is a mandatory contribution from both the employer and the employee.
The EPF has recently been amended in 2017. The amendments include:
1. Increase in the minimum pension amount: The minimum pension amount has been increased from Rs. 1,000 to Rs. 1,250 per month.
2. Increase in the maximum pension amount: The maximum pension amount has been increased from Rs. 6,500 to Rs. 15,000 per month.
3. Increase in the minimum contribution rate: The minimum contribution rate has been increased from 12% to 14%.
4. Increase in the maximum contribution rate: The maximum contribution rate has been increased from 24% to 36%.
5. Increase in the withdrawal limit: The withdrawal limit has been increased from Rs. 50,000 to Rs. 1 lakh.
6. Increase in the tax exemption limit: The tax exemption limit has been increased from Rs. 1.5 lakh to Rs. 2.5 lakh.
7. Increase in the interest rate: The interest rate has been increased from 8.75% to 8.8%.
8. Increase in the withdrawal age: The withdrawal age has been increased from 58 to 60 years.
Employee Provident Fund Organization (EPFO) has made some useful amendments in the year 2017 which are very helpful to the EPF subscribers, who are contributing to employee provident fund scheme. These latest amendments are not only useful for employees, they are also useful for employers. Here you can get complete details about latest EPF amendments 2017 made by EPPO (Employee Provident Fund Organization).
Latest EPF Amendments 2017
Here we are discussing about some major EPF amendments which were made in 2017.
Special Drive To Rejoin Left Out EPF Subscribers : Employee Provident Fund has run a special drive to rejoin left out EPF subscribers in EPF scheme. As per this drive the admin charges of employers are waived.
New EPF Composite Claim Forms : EPFO has introduced new EPF composite claim forms like EPF composite claim form non aadhar and EPF composite claim form Aadhar in place of previous PF form 19 and 10 C. These forms are simple and very useful for EPF subscribers. By using EPF composite claim form aadhar, EPF subscribers can claim EPF amount with out employer attestation. This is one of the best latest EPF amendments 2017.
Introduction Of New Unified PF Portals : EPFO recently introduced unified EPF portals for both ECR Challan generation and UAN member portal.
EPF Interest Rate Reduced : EPFO has reduced EPF interest rate to 8.65% from 8.80%.
EPF Member Passbook Site Changed: The UAN member passbook download site was also changed by Employee Provident Fund Organization. Earlier EPF subscribers used to download member passbook statement from UAN member portal. But now download passbook option is not available in UAN member portal. Now members can download EPF passbook at Download EPF Pasbook
EPF Administration Charges Reduced: EPF administration charges reduced to 0.65% from 0.85%.
EDLI Admin Charges Abolished : Employee Deposit Linked Insurance admin charges of 0.01% have abolished. Now there is no need to pay EDLI admin charges.
The above are the latest EPF amendments 2017 and this article will be updated regularly whenever EPFO makes any amendments.
Latest EPF Amendments 2017 Details
The Employees’ Provident Fund (EPF) is a retirement savings scheme that is managed by the Employees’ Provident Fund Organisation (EPFO). The EPF is a social security scheme that provides financial security to employees after retirement. The EPF is a mandatory contribution for all salaried employees and is deducted from their salary every month. The EPF is a long-term savings scheme and the money accumulated in the EPF account can be used for various purposes such as buying a house, paying for medical expenses, etc.
The EPF is subject to regular amendments and changes. The latest EPF amendments 2017 have been announced by the EPFO. The amendments are aimed at providing more benefits to the employees and making the EPF scheme more attractive. The key changes in the EPF scheme are as follows:
- Increase in the Contribution Limit: The contribution limit for the EPF has been increased from 12% to 14%. This means that the employees will now be able to contribute more towards their EPF account.
- Increase in the Interest Rate: The interest rate on the EPF has been increased from 8.65% to 8.8%. This will help the employees to earn more interest on their EPF savings.
- Tax Exemption on EPF Withdrawal: The EPFO has announced that the withdrawal of EPF will be tax-free up to Rs. 50,000. This will help the employees to save more tax on their EPF withdrawals.
- Increase in the Pension Amount: The pension amount for the EPF subscribers has been increased from Rs. 1,000 to Rs. 1,250. This will help the employees to get more pension after retirement.
- Increase in the Gratuity Limit: The gratuity limit for the EPF subscribers has been increased from Rs. 10 lakhs to Rs. 20 lakhs. This will help the employees to get more gratuity after retirement.
These are the key changes in the EPF scheme that have been announced by the EPFO. The changes are aimed at providing more benefits to the employees and making the EPF scheme more attractive. The employees should make sure that they are aware of the latest EPF amendments 2017 and take advantage of the changes to save more for their retirement.
