Can I create my own PF account?

Employee Provident Fund (EPF) is regulated by the Employee Provident Fund Organisation (EPFO). According to this organisation, only an employer can open an EPF account on behalf of its employees. No individual can open an EPF account at his/her will.

How can I login my PF account?

Employees need to login the member portal by visiting the EPFO website (unifiedportalmem.epfindia.gov.in/memberinterface/). You need to enter your 12 digit Activated UAN number and the password to view your account details.

Can we generate UAN without aadhar?

Employers may apply to the RPFC for generating UAN for such employees. RPFC will generate UAN based on the undertaking of such employees forwarded through the employer stating that he/she does not have Aadhar number for generation of UAN. RPFC will also verify identity of such employees.

How can I generate my PF UAN number?

UAN generation
  1. Visit Government of India EPFO Homepage.
  2. Sign in to Establishment using establishment ID and password.
  3. Click on “Register Individual” tab in the “Member” section.
  4. Enter the employee’s details such as PAN, Aadhaar, bank details, etc.
  5. Approve all details in the “Approval” section.

Can we have 2 PF accounts?

A member can have two pf accounts with single pan. Whenever a member switches job a new account number is given to that member. So, it is natural to have more than one account number with pan. But UAN will be same for all account numbers and you should also get it activated through your current employer.

Can we have 2 EPF accounts?

A member should have only one UAN having all his EPF accounts linked to it. EPF accounts are non-transferrable in case of different employees. However, an employee having two UANs can get his EPF account transferred from one to another and get his previous UAN deactivated.

Can I have 3 PF accounts?

With the introduction of Universal Account Number (UAN ), multiple PF accounts can be merged for each EPFO member. The UAN number is typically mentioned on the salary slip.

Is PF mandatory?

EPF eligibility criteria

15,000 per month, it is mandatory for you to be opened an EPF account by your employer. Organizations with 20 or more employees are required by law to register for the EPF scheme, while those with fewer than 20 employees can also register voluntarily. If you are drawing a salary higher than Rs.

Is it illegal to work for 2 companies?

There is no legal limit on the number of salaried jobs you can hold. Company directors sometimes hold dozens. What may limit this is the contracts you have with each company. It’s very common for a full-time employment contract to specify that you will not “undertake any other paid work” or a similar phrase”.

Can I use different bank account for PF withdrawal?

NO, For PF/pension withdrawal you need to submit cancelled cheque/copy of bank passbook , your name printed. Any joint account is not acceptable by EPFO, in monthly pension cases bank account with spouse may be accepted.

Is PF mandatory for salary above 15000?

As per the rules, in EPF, employee whose ‘pay’ is more than Rs 15,000 a month at the time of joining, is not eligible and is called non-eligible employee. Employees drawing less than Rs 15,000 per month have to mandatorily become members of the EPF.

How PF is calculated on salary?

– If you are a man, you must contribute 10% or 12% of your basic salary. – In case you are a new woman employee, it is 8% of your basic salary for the first 3 years. Thereafter, it becomes 10% or 12% of your basic salary. – Your employer has to contribute an amount equal to 10% or 12% of your basic salary towards EPF.

Can we deduct PF above 15000?

For the PF deduction, the maximum limit of salary of the employee is Rs 15,000 per month. This means that even if the employee’s salary is above Rs 15,000, the employer is liable to contribute only on Rs 15,000 that is Rs 1,800. The statutory compliance for PF contribution has some less known facts associated with it.

What is current PF limit for salary?

Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget.

How much is PF of basic salary?

Out of the 12% contribution, 8.33% goes towards the Employee Pension Scheme Account, and the remaining 3.67% goes to the employee EPF account. It is compulsory for all employees who draw a basic salary of less than Rs 15,000 per month to become members of the EPF.

What is minimum basic salary for PF?

The change in basic wage will result in a change in contribution towards PF in cases where the employer is contributing towards PF on the actual basic salary rather than the minimum required contribution of 12% of ₹15,000 (the minimum wage for PF contributions).

Is it compulsory to deduct PF from salary?

If your starting salary is above 25000 Rs then it is not mandatory to deduct PF. But if you are already a member of EPF and your monthly salary increases to above 25000 Rs then you have to continue your PF contribution, but PF will be calculated on a limit 0f 15000 salary only.

Can we contribute more than 12% in EPF?

As per the Employees’ Provident Fund Organisation (EPFO) norms, an employee is bound to contribute 12 per cent of its basic salary into one’s PF or EPF account. However, for this VPF contribution made by the employee, the employer will not contribute any additional amount.

What is maximum limit of EPF?

Without the employer’s contribution, an employee cannot contribute to his/her own EPF account. Thus, for private-sector employees,’ the maximum contribution they can make in a financial year to continue to earn tax-exempt interest will be Rs 2.5 lakh (EPF + VPF) in a financial year.