The Employees’ Provident Fund Organisation (EPFO) continues its commitment to educating members and pensioners by organizing its 5th live session.
Scheduled for 13th August 2024 at 12 noon, this interactive event will focus on the crucial topic of “EPF Transfer.” Whether you’re a working professional, a retiree, or someone planning for the future, understanding EPF transfer processes is essential.
The live session is accessible via EPFO’s social media channels: Facebook (@socialepfo), Instagram (@social_epfo), and YouTube (@socialepfo).
Why EPF Transfer Matters
Importance of EPF Transfer: EPF transfer allows members to seamlessly shift their accumulated provident fund balance from one employer to another when changing jobs.
It ensures continuity of benefits, including interest accrual and pension eligibility.
Process Simplification: Experts will demystify the transfer process, addressing common questions such as how to initiate a transfer, documentation requirements, and timelines.
Participants will gain clarity on merging Universal Account Numbers (UANs) and Member IDs (MIDs).
Insights from Previous Sessions of EPFO
EPS95 Scheme (14th May 2024): The inaugural live session covered the Employees’ Pension Scheme (EPS95), emphasizing pension benefits for EPF members.
Participants learned about eligibility criteria, contribution calculations, and the role of EPS in ensuring financial security during retirement.
Navigating Freezed Accounts (31st July 2024): The special session addressed concerns related to frozen EPF accounts. Experts clarified the reasons behind account freezes and provided guidance on resolving such issues.
Recent Developments at EPFO
EPFO has reported a substantial surge in new establishment registrations from the financial year 2019-20 to 2023-24.
This upward trend reflects the success of government policies and initiatives aimed at promoting business formalization and generating employment opportunities across India.
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Impressive Growth Figures
The EPFO’s data reveals a remarkable trajectory:
2019-20: The number of new establishments registered stood at 117,063.
2020-21: The figure nearly doubled, reaching 246,104.
2021-22: The growth continued, with 269,295 new establishments.
2022-23: Despite challenges, registrations remained robust at 257,470.
2023-24: Above all, the latest data shows an impressive 294,256 new establishments joining the EPFO fold.
EPFO’s commitment to educating its members extends beyond paperwork and regulations. These live sessions foster a sense of community, empower participants with knowledge, and ensure that every EPF member can navigate their financial journey confidently.
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