At this point Shenoy happened to find out about FinRight, a provident fund (PF) consulting startup founded by Mumbai-based Amey Kanekar, on LinkedIn. “I immediately reached out to them. It took them only three-four months to get it all sorted against a fee of â‚ą10,000-20,000,” he said. Ramya Lakshmanan has a similar story to tell….
Employees provident fund (EPF) subscribers are entitled to withdraw their money after they quit their job. Typically, the money can be withdrawn two months after leaving the job. However, if someone is going abroad or an employee (female) quits her job to get married then the subscriber does not need to wait for two months…
While this flexibility is a great relief during critical times, it’s important to understand the rules, limits, tax implications, and the overall impact of such withdrawals on long-term financial security. EPF withdrawal for marriage and higher education To access EPF funds for marriage or higher education, the rules are quite strict. Sanjay Kesari, former regional…
Long queues, time-consuming documentation, rejections in requests, and constant delays, these are typically the images that come to mind when one considers taking advantage of your Employees’ Provident Fund (EPFO) corpus in India. All of this could be a thing of the past soon. Union Labour Minister Mansukh Mandaviya made the announcement of the imminent…
Some people who applied for it after the Supreme Court order in November 2022 are still waiting for the Employees’ Provident Fund Organisation (EPFO) to accept their applications. Though, according to a 26 February statement, the EPFO aims to process all applications by 31 March 2025, employees continue to question the methodology for calculating the…
The government is considering to introduce the Employees’ Provident Fund (EPF) claims settlement option via the United Payment Interface (UPI) to ease the fund withdrawal process. EPF withdrawal is daunting for employees, who often fail to get their savings due to claim rejections. According to the EPF annual report released in 2024, one in every…
The answer isn’t straightforward. While Mr. A has the choice to opt out, Mr. B doesn’t—thanks to the rules governing EPF eligibility. The fine print of opting out Most new employees can opt out of EPF if their basic salary, as defined by the EPF Act, exceeds â‚ą15,000 per month. However, those earning less than…
The Employees Provident Fund Organisation (EPFO) has simplified the process of transferring provident fund accounts of members who have changed jobs. The current requirement for employees to submit online transfer claims to previous and present employers has been removed. EPFO, in a circular released on January 15, provided details about cases in which online account…
Let’s get real—you’re not going to work forever. At some point, the daily grind will become exhausting, and you’ll need more time for health and family. With life expectancy rising, you could easily be living into your 90s, which means 30 years without a paycheque. Now, factor in inflation, which could triple your current expenses….
I wish to diversify my investment portfolio to align with my long-term financial goals. At 40, I have a monthly income of â‚ą3 lakh, and expenses of â‚ą1.5 lakh. I invest â‚ą1 lakh per month in small, mid, and large-cap index funds through systematic investments plans (SIPs). My portfolio includes â‚ą2.85 crore in mutual funds,…
