The Employee Provident Fund Organisation (EPFO) is introducing a way for members to remove any incorrectly linked Member IDs from their Universal Account Number (UAN). The UAN is a unique 12-digit number that combines several EPF member IDs, but problems arise when multiple UANs are assigned or incorrect IDs are linked. Why Delink a Member …
The National Pension System (NPS) is a government-sponsored retirement savings scheme in India designed to help individuals build a pension corpus. It offers two types of accounts: Tier I Account: A mandatory account for all NPS subscribers, aimed at long-term savings with restrictions on withdrawal. Tier II Account: An optional account offering more flexibility, akin …
The Public Provident Fund (PPF) is a small savings scheme introduced by the Indian government to encourage long-term savings and provide guaranteed returns. With tax benefits under Section 80C of the Income Tax Act, 1961, it has become a preferred choice for retirement planning and wealth accumulation. In this article, we explore how disciplined investments …
The Employees’ Provident Fund Organization (EPFO) has introduced 5 key updates to make managing your EPF account easier. These changes include a simplified joint declaration process, a new Centralised Pension Payment System (CPPS), guidelines for higher pensions, easier member profile updates, and smoother PF transfers. Here’s a closer look: 1. Simplified Joint Declaration Process The …
The Public Provident Fund (PPF) is a reliable savings scheme backed by the Indian government, available through post offices and banks. It’s a favourite among risk-averse investors seeking long-term wealth creation. With its tax-free returns, guaranteed safety, and compounding benefits, PPF stands out as a top choice for securing your financial future. By using the …
The Union Cabinet approved the 8th Pay Commission last week, which is set to be implemented starting January 1, 2026. A major part of this revision is the Pay Matrix, which organises salaries based on various job levels. One important factor in this calculation is the fitment factor, which decides how much the basic pay …
The Union Government has announced the formation of the 8th Pay Commission, marking a significant step toward revising the salaries and pensions of central government employees, including armed forces personnel and pensioners. Union Minister Ashwini Vaishnaw confirmed the announcement on January 16, 2025, stating that the commission will be constituted soon, with its recommendations set …
What is the Rule of 72? The Rule of 72 is a quick and simple formula used to estimate how long it will take for an investment to double at a fixed annual rate of interest. You divide 72 by the annual interest rate (in percentage terms), and voilà, you get the approximate number of …
The Employees Provident Fund Organisation (EPFO), under the Ministry of Labour & Employment, has taken a significant step towards enhancing member services by simplifying the process for updating member profiles. This initiative reflects EPFO’s commitment to ensuring data accuracy and improving ease of living for its members. Member Self-Approval for Profile Updates The revised process …
The Employees’ Provident Fund Organisation (EPFO) has introduced significant reforms to simplify the process of transferring Employees’ Provident Fund (EPF) accounts. These reforms eliminate the need for routing online transfer claims through past or present employers in specified scenarios. This marks a step towards enhancing efficiency and transparency for employees switching jobs. Simplified EPF Transfers: …
