For, all attendants in such a system who bring a primitive regular monthly wage of Rs.6500 or less, the provident fund is a must for them. And, for the others it is unlimited and voluntary. Such employees can choose out of the provident fund system with all his duties.

It is a substantial long-haul booking instrument. Its healing is immense, safe and tax-free and hence it assists us to store money and helps to lock our desires to run after our cost savings. All the cash does not go to the provident fund. Sectors of it go to administration charges, Employees Deposit linked Insurance Scheme (EDLIS), Employee pension scheme (EPS) and the rest of the quantity goes to Provident Fund on its own.

Tax:
Your input towards a known provident fund has a derivation as much as a limitation of Rs.1 lakh under area 80C. Derivation is not made more than the mentioned amount under section 80C.

Business's input depends on 12% of the wage (which is without tax), however amount of input more than this is taxable. No income tax is to be compensated on it.

Withdrawal of the cash from EPF:

Once you are 55 years old you can absolutely draw away your provident fund. You can likewise draw it away earlier if you run out your work at a long stretch of 6 months. If you have had the provident fund for period of less than 5 years then the provident fund will be chargeable.

In diplomatic immunities, you can withdraw your provident fund. Cases like, kid education, disease, health concerns, real estate development and injuries. In emergency situation cases you can call Finance department and explain your seriousness for the withdrawal of cash.

The provident fund is generally associated with the preparation of after retirement requirements. It enables the retired individuals to withdraw cash as retirement pension regular monthly so that it meets their requirement on daily basis. Widows can likewise get benefitted by it (EPS) after the ruination of the personal. Only one third of the compilation can be drawn away (EPS) and the remaining quantity needs to be received as pension on monthly basis. This is a safe investment and is arranged by the federal government to assist in the after retirement life in safe hands. It provides a protected and safe zone for preparation of pension after retirement. It's a much better opening for future financial investments and to stay carefree.

What is UAN?

UAN is a 12 digit special account number designated to each agent of Employee Provident Fund (EPF) through which a person can acquire all his EPF accounts. A single UAN will be conjoined with a worker, links all his accounts crosswise which are being attached to the companies. This special number was promulgated by the Ministry of Labor and Employment, Govt. of India. Since of numerous account numbers set aside to the employees on changing jobs, the previous circumstance was frustrating. These account numbers belonging to an individual were problematic to handle. And, for that reason the federal government chose to take an effort to experience this problem and releaseded the idea of Universal Account Number (UAN). This is a single universal ID which manages all other accounts of provident funds and made the present scenario of the employees pretty much easier.

With this UAN, a person can link and control all his EPFO accounts and transfers are quite simpler now.

Perks of UAN:
UAN made it easier for both the federal government and the employees. Identification and transfers are made much easier by the usage of a single account number held by an individual. It links several EPFO accounts and can be managed by workers single handedly.

Advantages of UAN are as follows:
- Employees can link to all the PF accounts together with the assistance of UAN
- Can draw out the cash from PF online by making use of UAN
- Employees can learn there remaining quantity in PF accounts or by sending out messages along with the UAN
- Transfer from old account to brand-new account with the help of UAN
- Online portability made it simpler because the payments to the PF account will not be held back.
- UAN is a distinct number which is unconstrained by companies.
- UAN helps to track hold-up of payments or if the payment has actually been deposited to EPFO accounts or not, simply by visiting with your unique UAN number online.

The government took an excellent initiative towards UAN for the staff members and it made their every day life a lot easier and made sure security in every element.