EPFO Rules: EPFO gave big relief to those who deposit money in PF every month, know here...

Employees' Provident Fund Organization has been created by the government to provide social security benefits to all salary earners. A part of the income of every employed and salaried person is deducted from EPFO and after reaching the age of 60 years, you get the same money in the form of a retirement fund.

Know what is EPF?
EPF is a mandatory retirement savings plan, to which both the employee and the employer contribute. It provides tax benefits and tax-free interest income. EPF is suitable for individuals who are employed in a company and looking for a retirement-focused savings option. However, the contribution amount is decided and determined by the salary structure of the employee.

If you also deposit a part of your salary in a PF account, then you have to follow many rules of the Employee Provident Fund Organization (EPFO rules). Your PF account operates under these rules. Now EPFO has provided relief from a major rule to some EPF account holders.

For your information, let us tell you that EPFO has exempted some EPF account holders from filling out the joint declaration form. Generally, if the basic salary of an employee is more than Rs 15,000, then he has to submit a joint declaration signed by the employer to EPFO to deposit his share in the EPF account.

Let us tell you that now EPFO has exempted some EPF account holders from filling out this joint declaration form. EPFO issued a circular on this matter in the month of January itself. After all, who will get this relief?

This exemption is not applicable to applicants for higher pension
EPFO has made it clear in its circular that this exemption will not be available at all to those people who have applied for higher pensions under the Employees Pension Scheme. All those EPS account holders will have to compulsorily fill out this joint declaration form.

These EPF account holders will get benefits
Let us tell you that EPFO's new circular exempts those EPF members who have left the job from filling out the joint declaration form. Or those member accounts who have died but their account is still valid will also be exempted from filling out this form.

According to the circular, exemption from filling the forms in both these categories will be available only to those accounts that have deposited more than the standard limit of Rs 15,000 and have left the job or someone has died before October 31, 2023.

On the other hand, among the existing members of EPFO, exemption from filling the form will be given to those account holders who are making payments exceeding the standard limit and their employer is paying the administrative charges related to it.

PC Social media