Employees’ Provident Fund Organisation or EPFO has made it easier for people to link their PAN and Aadhar details with your EPF account. Updating your KYC details is crucial to claim tax deductions. To process those claims conveniently, you must update your KYC details with your UAN (Universal Account Number). After linking your Aadhaar and PAN with EPF account, you’ll need to verify your Aadhaar and PAN  digitally at the EPF UAN website. According to the EPF UAN website, it is mandatory to digitally verify your KYC documents, such as Aadhaar and PAN details, for availing EPF services. In this article, we’ll discuss the procedure of verifying Aadhaar and PAN details in the official EPF UAN website. We’ll also be reviewing the online verification procedure for KYC.
EPF
E-nomination Facility by EPFO
If you are a salaried employee, you must be aware of PF deductions. In case you aren’t, just take a peek at your salary slip. If the organization that you work for is registered with EPFO, you will notice a considerable amount being deducted from your total salary every month. That’s your PF or Provident Fund deduction. Don’t get worked up – you are not losing out on the money; it is deposited into your PF account as compulsory savings, and you can easily do a PF balance check from the official website of EPFO whenever you want.
New PPF Rules
A wise man has said that the best saving habit reflects in one who starts saving from their very first paycheck. Well, I inculcated a saving habit even before I started getting my paychecks! I have had a PPF account since I was 18. My parents, being government employees, always considered PPF to be the most reliable investment option. They asserted that a PPF account is the best way to save for the future. They insisted that I deposit the minimum mandatory amount into my PPF account every year. A student back then, I scrimped hard to save a little from my pocket money every month to accumulate enough funds for the yearly PPF deposit. It is a great tool to save and grow your wealth. Before we discuss the new PPF regulations, let’s start with the basics.
Revised EPF Deductions
Almost all salaried employees don’t receive an elusive chunk of their monthly salary due to EPF deductions. Have you wondered what are EPF deductions?
Commonly known as EPF, Employee Provident Fund is typically a post-retirement scheme which is accessible to all salaried employees. EPF is managed by the Employees Provident Fund Organisation of India (EPFO). The EPF and Miscellaneous Provisions Act states that a registered company with more than 20 employees is mandated by law to enroll with the EPFO. Employee Provident Fund is considered to be a great savings platform which aids the employees in saving a portion of their salary each month. As against the global average of 40%, women’s contribution in Indian workforce is pretty low (at a dismal 24%). There are several issues keeping women away from the formal workforce. Catalyst, a leading non-profit social marketing agency states that even a small increase of 10% in the participation rate of women in the workforce could increase India’s GDP by 700 billion dollars (1.4% of the GDP)