Transfer of EPF Account

The EPF record can be moved to start with one manager then onto the next. At the point when you become an EPF part, you are designated a Universal Account Number (UAN) which is a novel part distinguishing proof number through which your EPF Account can be recognized. Each representative has one EPF Account and one UAN number distinguishing that record. At the point when you change occupations, you can just exchange your EPF Account from your current boss to the new business. Along these lines, if there should arise an occurrence of occupation change, another EPF Account isn’t opened; the former one is just moved.

EPF Form 13

EPF structure 13 is a PF move structure that is accessible with the EPF and can be benefited on the web or disconnected. You simply need to top off the PF move Form 13 and submit it to move the EPF Account. The interaction is straightforward and simple.

Details in EPF Form 13

You can find the PF transfer form online using the link: https://benefits.vmware.com/wp-content/uploads/2019/05/ India-PF-Transfer-Offline-Form-13.pdf

On the other hand, EPF Form 13 is additionally accessible with your manager and you can benefit from the structure of the actual business. The structure contains various fields which you and your new boss should fill and submit. These subtleties incorporate the accompanying –

Details which you should provide

• Your name (as contained in the EPF data set)

• Your father’s name. In case you are a hitched lady, you ought to give your significant other’s name

• Name and address of the past business

• EPF Account number with the past business

• Details of who keeps up with the EPF Account in the past foundation. It tends to be a provincial PF official or a PF trust. The name of the pertinent element ought to be referenced

• The FPF Account number with the past business in case you were apportioned one

• Date of leaving the work of the past business

• Date of joining the work of the new business

• The date on which the structure is being filled and submitted

• A signature or had hand thumb effect of the EPF Account holder

Details to be provided by the new employer

• Name and address of the foundation

• The EPF Code and the record number designated to the new worker

• FPF Account number designated to the new worker, if a different number is given

• Details of the EPF Account of the new worker. In case it is an un-absolved foundation, the location of the local or sub-provincial office ought to be referenced. Assuming, nonetheless, the foundation is an excluded foundation, the name of the absolved PF trust or the name of the private PF not covered under the Act ought to be referenced

• Address of the local or sub-local office ought to be referenced where the different FPF Account number apportioned to the representative (if any)is kept

• Details of the payee

• The date at which the structure is being filled and submitted

• Signature of the approved authority of the new business with the organization seal

The EPF office would likewise top off the measure of EPF balance which is being moved to start with one business then onto the next.

When the subtleties in the PF move structure are filled, the structure ought to be submitted and the EPF equilibrium would be effectively moved to start with one boss then onto the next.

Process of Transferring EPF online

The EPFO has improved on the most common way of moving your EPF balance. You can, presently, move your current EPF account balance online through the part entry of EPF. The method involved with moving your EPF balance online is as per the following –

• Visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and sign in to your EPF account. To sign in, you would need to give your UAN number and your secret word
• After signing into your record, pick the tab ‘Online Services’ and afterward click on ‘One part – One EPF Account (Transfer Request)’
• A new page would open which would show the current EPF account subtleties, the name of the current boss, and the accessible EPF balance
• Check the current subtleties and afterward select the EPF account which you might want to move
• The PF move structure 13 ought to be confirmed either by the new business or the past manager before you can submit it. Pick the business through which you might want Form 13 to be verified and afterward enter in your UAN number or your part ID
• Click on ‘get OTP’ and an OTP would be shipped off your enlisted portable number. Enter the OTP to confirm your subtleties and submit it
• Fill up EPF Form 13 on the web and afterward download it in a PDF design. Print the structure for accommodation
• Ask your manager to endorse your EPF move demand carefully. The business can do as such by getting to the business’ interface on the EPF brought together entry
• Once the exchange demand has been endorsed by the past business, you can present the printed Form 13 with the new or past boss (as you have chosen for confirmation). This accommodation ought to be done within 10 days of raising an online EPF demand

However the EPF Account balance is accessible for a complete withdrawal in case you are jobless for a ceaseless time of 60 days, you should remain put resources into the plan. EPF is an EEE plot that gives you tax cuts on speculations, returns acquired, and furthermore on recovery. Thus, continue to amass funds in this record through customary commitments. Move your record to another business when you change occupations and you can keep putting resources into the EPF plot till you resign.

You should also read this: Employees Provident Fund Organization (EPFO)

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Employee Deposit Linked Insurance Scheme or EDLI is a type of insurance cover which is presented by the Employees Provident Fund Organization or EPFO for private sector salaried employees. The nominee gets lump sum payment in case of the demise of the individual insured, during the time of the tenure of service. Employee deposit linked insurance scheme is applicable on all the associations who are registered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. All such associations should subscribe to this scheme and propose life insurance advantages to their employees. This scheme works in a mix with EPF and EPS. The degree of the advantage is chosen by the last drawn salary of the employee.

Characteristics of employee deposit linked scheme

EDLI is applicable to all employees with a basic salary under Rs. 15,000/ – each month. In the event that the basic salary goes above Rs. 15,000 every month, the most extreme advantage is capped at Rs. 6,00,000/ – . it is effective from 28.04.2021, the EPFO has expanded the most extreme advantage to Rs.7 lakh.

Employee contribution is only required for employee provident fund and there is no need for the employees to contribute to employee deposit linked scheme.

There is a bonus of Rs. 1, 50,000 which is available under the employee deposit linked scheme. The bonus has been increased from 28^th April 2021 and now the bonus is Rs. 2.5 lakh.

The Ministry in February 2018 increased the minimum amount of benefit to Rs. 2.5 lakhs and its validity period was of two years. The Employee Provident Fund Organization or the EPFO  extended the minimum amount of benefit of Rs. 2.5 lakhs with retrospective effect from 15^th February 2020.

Any organization that has 20 or more than 20 employees has to register for the employee provident fund. Hence any employee who has an employee provident fund account becomes eligible for an employee deposit linked scheme automatically.

No exceptions are available for the insurance coverage provided by the employee deposit-linked scheme. It protects the person who is insured all around the world.

Any employer who wants to opt for another group insurance scheme but the benefits which are to be offered must be equal or more than the benefits which are currently being offered under the employee deposit linked scheme.

According to the provisions prescribed under the employee deposit linked scheme, the contribution made by the employer must be 0.5% of the basic salary or a maximum of Rs. 75 per employee per month. If another group insurance scheme is not available the maximum contributions are capped at Rs. 15,000 per month.

For every calculation done under the employee deposit linked scheme dearness allowance must be added to the basic salary.

Calculation of employee deposit linked scheme

The nominee who is registered will receive a lump sum amount compensation in the event of the demise of the insured person. If there are no nominees or no beneficiary is registered then the legal heir will be entitled to the said amount.

The payout which is to be awarded will be calculated with the following method. This method has been in effect from 28^th April 2021.

Average monthly salary of the employee for last 12 months ( capped at Rs. 15,000/- per month) multiplied by 30 plus bonus amount ( Rs . 2,50,000 /- )

Hence the maximum payout under the employee deposit linked scheme is capped at Rs. 7,00,000.

Documents required payout under employee deposit linked scheme

For processing the claim under the employee deposit linked scheme the below-mentioned documents need to be submitted by the claimant :

• Duly completed Form 5 IF
• Death certificate of the insured person
• Succession certificate in case the claim is filed by the legal heir
• A guardianship certificate is required if the claim is filed on behalf of a minor by an individual other than the natural guardian of the minor
• A copy of the canceled cheque for the account in which the payment is to be received.

How to claim the benefits under employee deposit linked scheme

The process which is to be followed by the nominee or claimant who will the received amount under the employee deposit linked scheme is mentioned below :

• The nominee can claim the benefits which is specified by the insured person. If there are no nominees then the family members or legal heirs can apply for this.
• The deceased person must have been an active contributor to the employee provident scheme at the time of his / her death.
• Employee deposit linked insurance form 5 IF has to be properly completed and has to be submitted the claimant.
• The form of the claim has to be duly signed and certified by the employer.

If in any case there is no employer or due to any reason the signature of the employer cannot be obtained the form must be attested by any of the following :

• Bank manager ( in whose branch the account was maintained)
• A local member of parliament ( MP ) or member of legislative assembly ( MLA )
• Gazetted officer
• Magistrate
• Member or chairman or secretary of the municipal board
• Postmaster or sub-postmaster
• Member of the regional committee of employee provident fund or central bureau of tax

The claimant must furnish all the necessary documents along with a duly completed form with the regional employee provident fund commissioner’s office for processing the claim.

The claimant can also furnish Form 20 ( for employee provident fund withdrawal claim ) as well as form 10 c /d for claiming all the benefits under the three schemes that are employee provident funds, employee pension scheme, employee deposit linked insurance.

Additional documents that are required should also be presented as soon as possible to process the claim

When all the documents which are required are presented and the claim is accepted then it is the duty of the employee provident fund commissioner that he shall accept the claim within 30 days from the receipt of the claim.

The contribution made by the employee and employer towards employee pension scheme, employee provident fund, and employee deposit linked insurance scheme.

Employer on behalf of employees makes a contribution towards the above-mentioned scheme. The contribution of the employee is deducted from the salary before the salary is credited. Employees don’t have to make any direct payments towards these schemes.

The contribution of the employees is calculated as given below :

• For the employee provident fund, the contribution is 12%.
• For employee pension scheme the contribution is none
• For employee deposit linked insurance scheme it is none

The contribution of the employer is calculated in the following manner :

• For employee provident fund it is 3.67%.
• For the employee pension scheme, it is 8.33% or Rs.1,250.
• For employee deposit linked insurance scheme it is 0.50 or a maximum of Rs.75.

Conclusion

The main intent behind the employee deposit-linked insurance scheme is to provide financial security to the family members of the policyholders who are a deceased person. Family members include unmarried daughter or son till 25 years of age or spouse. The employee does not have the discretion to choose which of the three schemes that are an employee pension scheme, employee provident fund or employee deposit linked insurance scheme he or she wants to opt for but the schemes are transferrable with jobs. The new employer shall continue to make payments in the existing account of the employee.

Also Read,

Ind AS 115: Revenue From Contracts With Customers
Form 38 – A mandatory document for trading

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