Latest news with #PF
News18
a day ago
- Business
- News18
Facing EPFO Site Errors? UMANG App Offers A Smart Alternative
Last Updated: A multi-utility government application, UMANG, helps EPF members register and avail of various services, including checking their EPF passbook and tracking claims submitted. Employees' Provident Fund Organisation (EPFO) members who are tired of facing site errors while trying to check their EPF passbook need no longer worry. You can access the EPFO services even when the official portal undergoes technical faults or downtimes by using UMANG. A government-backed mobile application, Unified Mobile Application for New-age Governance (UMANG), helps EPF members check their PF balances, submit claims and perform other essential tasks without entering the official EPFO portal. A convenient and user-friendly platform, the UMANG application offers all EPFO-related facilities to members on their smartphones. Whether it is checking the EPF passbook, balance, raising or tracking claims, applying for Scheme Certificates or even activating your UAN. UMANG is the way to go. EPF members seeking a full or partial claim against their UAN can do so directly from the UMANG app, with just a few taps on their mobile phones. One can also avoid the hassle of visiting the EPFO offices for pension scheme certificate applications through the app, which allows us to track the status (only the non-financial details) of the claims raised against a member ID. The UMANG app helps members check their EPF passbooks if they are unable to do so through the online portal, providing a summarised overview of transactions done in their pension account of PF for the last 3 months. If members wish to go further back, the rest can be downloaded in PDF format. Members of the Employees' Pension Scheme (EPS) can download their pension payment order using the UMANG app. The application has eased the process of acquiring the order that helps you get your pension after retirement. Additionally, EPF members can generate and activate a Universal Account Number (UAN) for first-time users via the multi-utility UMANG application. 'This service leverages secure face authentication, ensuring a seamless and reliable process. Employees can quickly access their EPF accounts without requiring extensive paperwork or manual verification steps," says the UMANG website. The app comes with a range of other benefits, including status tracking of any grievances or requests made through the eMigrate web portal, allowing you to check whether the government has taken any prompt action on your complaints. Members can download the UMANG app from the Google Play/App Store. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
5 days ago
- Business
- News18
From PPF To Gold: Smart, Low-Risk Ways To Build Wealth Over Time
Last Updated: Low-risk, high-return investments like PPF and gold offer salaried employees steady growth and peace of mind. For salaried employees, building long-term wealth is key to a financially secure future. They can choose from a range of investment tools to build their retirement corpus based on risk appetite and target. While some investments are high-risk, there are also low-risk investment options that offer higher returns than fixed deposits and give you peace of mind. Products like public provident funds, gold, etc come with steady and higher returns than FDs. Moreover, they are lower risk than investments like equations which are very volatile. In any case, starting investments as early as possible is one of the best gifts one can give themselves. Time is an important factor in multiplication and ensures that you benefit from the power of compounding. With this in mind, here are some low-risk investment options that salaried employees can benefit from: PPF (Public Provident Fund): PPF is a long-term, government-backed savings scheme with a 15-year lock-in. In PPF, not just contributions but interest earned and maturity corpus are also tax-free. Currently, the government offers 7.1 per cent returns in this scheme, which is reviewed periodically. PF (Provident Fund): Employees' Provident Fund (EPF) is a retirement benefit scheme for salaried individuals. It earns tax-free interest and is managed by EPFO, currently offering 8.25 per cent p.a. A portion of an employee's monthly salary is contributed by the employee and a similar amount is matched by the employer towards PF. Gold: Gold is a traditional, trusted investment in India. It is considered a hedge against inflation and currency fluctuations. Traditionally, god has offered 10 per cent annual returns and adds stability and diversification to an investment portfolio. Arbitrage Mutual Funds: Arbitrage funds profit from price differences in equity and derivatives markets. One of the lowest risk mutual funds, these are ideal for conservative investors seeking short-to medium-term parking of funds. Many arbitrage funds have offered at least 8 per cent returns in the last year. RBI savings bonds: These bonds have been introduced by the government, open to Indian residents, HUFs, charitable institutions, and universities. These bonds are available through designated bank branches and Stock Holding Corporation of India Ltd. They don't have an upper investment limit and mature in six years with an 8 per cent annual interest, paid half-yearly. Corporate bonds: These moderate-risk investment tools are debt instruments issued by companies to raise capital. Typically, they offer higher returns than government securities but carry credit risk. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
6 days ago
- Business
- News18
Use 90% Of Your PF For Home Down Payment; Know The Withdrawal Process Here
Last Updated: Earlier, EPFO allowed housing withdrawals after 5 years, based on limited contributions. Under Para 68-BD, members can now withdraw 90% once in a lifetime with fewer rules In a major relief for salaried employees looking to buy a home, the government has revised the Provident Fund withdrawal rules to make the process easier. Under the updated guidelines, EPFO members can now withdraw up to 90% of their PF savings after just three years of account opening. The withdrawn amount can be used for down payments, home construction, or even EMI payments. Previously, EPFO members could only withdraw funds for housing needs after five years, with the amount calculated based on the lower of the employer's and employee's contributions over 36 months plus interest. The new rule, Para 68-BD of the EPF Scheme, 1952, eliminates these constraints, providing significant relief and convenience for members. However, this withdrawal facility can be utilised only once in a lifetime. Why The PF Withdrawal Rules Were Changed The changes aim to simplify withdrawal rules, reduce down payment difficulties, activate passive savings, and make home buying more convenient for EPFO members. Alongside the new housing withdrawal rule, several other significant updates have been introduced to improve the overall PF withdrawal process. From June 2025, EPFO members will be able to withdraw up to Rs 1 lakh instantly through UPI and ATM in emergencies. The auto settlement limit has been increased from Rs 1 lakh to Rs 5 lakh. Additionally, the claims process has been streamlined, reducing the number of document checks from 27 to 18 parameters. Consequently, 95 percent of claims are now settled within 3-4 days, enhancing liquidity for employees. To withdraw PF for purchasing a house, applicants must apply online through the EPFO Member e-Sewa portal. Aadhaar, PAN, and bank details must be linked to the Universal Account Number (UAN). After logging in, navigate to 'Online Services," select 'Claim (Form-31, 19 & 10C)," and choose 'PF Advance (Form 31)." The purpose should be specified as 'Purchase of House," and the required amount must be entered. Relevant documents, such as the sale agreement, may need to be uploaded. Once submitted, the application status can be tracked online, and upon approval, funds are credited to the bank account. view comments First Published: July 15, 2025, 18:29 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Economic Times
6 days ago
- Business
- Economic Times
EPF withdrawals made easier for PF members but this impacts your retirement corpus
Getty Images PF accounts have become a lifeline for those who have nearly exhausted their savings and want to avoid falling into a debt trap. Even as many EPF subscribers continue to face difficulties accessing money parked in the nation's foremost pension body, some have figured a way to tide over the cash crunch. Following the Covid-19 pandemic, when the EPFO portal made partial withdrawal via the 'Illness' option easy for members, PF accounts have become a lifeline for those who have nearly exhausted their savings and want to avoid falling into a debt trap. But indiscriminate use of this facility could compromise individuals' financial security in later years. Indians have faced several upheavals in the past decade—demonetisation in 2016 and the pandemic in 2019—that fuelled pay cuts and especially those in the nation's workforce for not more than a decade, have been hit hard by these crises. Some had neither worked long enough to build an adequate corpus to rely on during uncertain times, nor were they young enough to have the safety net of working parents to support 2020, the pandemic drove cashstarved millennials to break their EPFO piggy bank as it provided immediate liquidity without baggage. Cut to the present: faced with a worry of rising defaults and increased debt of individuals, banks sharpened their screening process and became more cautious when giving loans. According to the RBI's latest report, bank credit in the personal loans segment grew 13.7% during the fortnight ended 30 May, compared with 19.3% in the corresponding year-ago period. The central bank attributed this largely to moderation in growth of 'other personal loans', 'vehicle loans' and 'credit card outstanding'. This essentially means the public has less hard cash. For some millennials, this liquidity crunch was a nudge to again dip into their retirement kitty. Relaxations offered by the EPFO have made this easy. Subscribers can file Form-31 citing reasons such as 'Illness', 'Natural Calamities', 'Power Cut', among others. With the UMANG app, this process is very similar and reduced to barely a few taps of one's introduction of the Universal Account Number (UAN) system in 2014 has also made it easier for subscribers to access their EPF accounts across multiple employers. 'However, in cases where an individual's EPF history spans pre-UAN periods or involves outdated employer records, withdrawals can still be challenging and may require manual intervention,' says Amey Kanekar, founder of fintech startup FinRight Technologies, which streamlines PF withdrawals. Exhausting all savings It is this ease of access that has brought, among some EPFO members, a lack of Massey is part of this segment. The first time the 34-year-old withdrew money from his PF account was in late 2021, months after the devastating second Covid spent the last 10 years working in various companies in Delhi, he is now pursuing an MBA in marketing from a university in Birmingham, England. Massey took an education loan to fund his pursuit. For related expenses, however, he cleaned out nearly 90% of his PF money—almost Rs.2 lakh—and cashed in all his equities. 'I needed cash to buy the plane ticket and other stuff. I withdrew around 40% the first time in March 2024 and then the rest after a few days. I filled in 'Illness' as the reason on the EPFO website,' he explains. Nadiya Hasan, 30Teacher First withdrawal: 2019, during her first year of employment Latest withdrawal: April 2024,for regular personal expenses Multiple small withdrawals across 6 yearsAsked why he didn't invest in systematic investment plans (SIPs) or other mutual funds, Massey says, 'Unless I were saving large sums, I didn't feel there was a point in putting away small amounts in SIPs as the returns would've been meagre.'In Varanasi, media professional Shashwat Sajal, 37, has been more liberal with his PF withdrawals. He too went down this path in 2021 during the pandemic to fund his father's medical expenses and thankfully it bore fruit. Subsequently, he had to lean on these savings more frequently—at least twice every year in batches of Rs.20,000-25,000, with 'Illness' being the reason he gave on the EPFO portal every time.'I needed the money to meet household expenses and pay for some further health issues that my father faced,' says Sajal, who also liquidated all his stocks just as Massey had. When he last used the EPFO website in December 2024 to try and withdraw Rs.5,000, Sajal's claim was restricted by the portal to Rs.1,500. Erick Massey, 34Marketing student First withdrawal: Late 2021, after second Covid-19 wave Latest withdrawal: March 2024, expenses related to higher education overseas 3 large withdrawals across 4 years Impulsive spending Then, there are younger EPFO members like Nadiya Hasan, who confesses to being a English teacher at a private school in Delhi, she had been taking out small amounts using the UMANG app since 2019, when she entered the in 2021, Hasan had to withdraw a major amount following a near-debilitating health emergency, albeit not due to Covid. She recovered soon and returned to teaching 3rd-5th graders English but developed a habit of treating her PF account almost as a current account.'I used my PF money for everyday expenses for a long time,' she admits. 'The UMANG app is too easy to use. I used to raise claims by submitting various reasons. If one was accepted and it couldn't be submitted again for some time, I used to simply give another.'Hasan's expenditures were diverse— from buying stationery to engage her pupils, to pampering herself with impulsive e-commerce purchases. If her salary account fell short, she would transfer her PF money into a separate account to use as she saw fit. And she did it almost on a quarterly basis. AMEY KANEKARFOUNDER, FINRIGHT TECHNOLOGIES Note: Ideally, individuals should build a dedicated emergency fund covering 6–12 months of expenses in high-liquidity instruments like liquid mutual funds or sweep-in fixed deposits. These alternatives may be more suitable than depleting long-term retirement savings. She, however, has no qualms in admitting that her spending habits could be a sort of compensatory mechanism after she got a new lease of life following her hospitalisation. 'I live with my parents and have restrained myself financially for most of my life. But when I began earning, it gave me a newfound financial freedom,' Hasan adds. A blind spot With limited curbs in place, there's growing concern that EPFO members may misuse this retirement instrument as a fallback for routine expenses, rather than preserving it to support a secure post-employment life as originally is ideal for most members to keep their PF untouched and allow the deposits to accumulate interest over several years, so that this corpus stands one in good stead post-retirement. Kanekar cautions that using the PF as a recurring liquidity source defeats its primary purpose as a long-term retirement safety net. 'Frequent withdrawals erode compounding benefits and could severely compromise retirement readiness.' Shashwat Sajal, 37Media professional First withdrawal: 2021, during second COVID-19 wave Latest withdrawal: December 2024, for expenses on household and father's health Over 6 withdrawals across 4 yearsHe also says that the ease of withdrawal through the 'Illness' option isn't necessarily a loophole, but a 'compliance blind spot'. 'Introducing stricter documentation will increase the operational workload for the EPFO,' he notes. 'Moreover, the 6x wage cap already serves as a safeguard against large or excessive illness-related withdrawals.''Ideally, individuals should build a dedicated emergency fund covering 6–12 months of expenses in high-liquidity instruments like liquid mutual funds or sweep-in fixed deposits. These alternatives may be more suitable than depleting long-term retirement savings,' Kanekar a few thousand bucks, Massey's PF account is still active though, to be of use some day when he returns to meanwhile, has sworn to exercise restraint and not touch this part of his is mending her ways, admittedly, having not taken a rupee out of her PF account since April. Asked if she ever considered investing in mutual funds or other instruments, she says she never felt the need to do so.
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Business Standard
14-07-2025
- Business
- Business Standard
EPFO grievance portal: Step-by-step guide to raise and track complaints
Facing issues with PF withdrawals or transfers? Here's how to use EPFO's online grievance portal to register complaints and track their status easily from home. Amit Kumar Delhi If you are a member of the Employees' Provident Fund (EPF) struggling with delayed withdrawals, pending claims, or transfer issues, there is a digital solution for these issues. The grievance management portal of the Employees' Provident Fund Organisation (EPFO) offers a streamlined way to register complaints and track their status without multiple visits to the regional office. Here's a step-by-step guide to help you raise and track grievances on the EPFO portal. Why use the EPFO grievance portal? The EPFO Integrated Grievance Management System (EPFiGMS) was designed to help members, pensioners, and employers resolve issues such as: -Problems with PF transfers between employers -Pension-related disputes -Refund delays or contribution mismatches The portal eliminates the hassle of visiting EPFO offices and allows users to monitor their complaint status online. How to raise a complaint online Follow these simple steps to register your grievance: -Visit the portal: Go to -Click 'Register Grievance': This option appears prominently on the homepage. -Select your user type: Choose from Member, Pensioner, Employer, or Others (select 'Others' if you do not have a UAN). -Enter details: Input your UAN and captcha code. Click 'Get Details' to fetch your account information. -Verify your information: Confirm your name, mobile number, and email ID. -Authenticate via OTP: Enter the one-time password sent to your registered mobile number. -Choose the relevant PF account: Under 'Personal Details', select the PF account number for which you're raising the complaint. -Describe your issue: Select the grievance category, explain the problem clearly in the text box, and upload supporting documents (optional). Tracking and resolution timeline Once registered, you can monitor updates on the same portal using your registration number. Typically, EPFO aims to resolve complaints within 15 to 30 working days, depending on verification requirements. This online facility is particularly useful for common issues like stuck PF transfers between old and new employers, KYC-related claim rejections, or pension disbursement delays. By using this portal effectively, EPF subscribers can avoid unnecessary follow-ups and ensure faster redressal of grievances.
