Employees Provident Fund is a retirement saving scheme for people working in organized sector. It covers every organization where 20 or more people are working together. It is mandatory for employees earning less than 15000 per month. Employees earning more than 15000 can also enroll for EPF scheme.
There are some rules which each and every employee enrolled under EPF scheme should be aware of:
1) Online Inquiry Of EPF Balance – Employee as well as the employer can keep check of their EPF balance online through sms, missed call or through online portal to check EPF balance.
2) You Can Transfer EPF Online – Changing job is very common and with every new job you get a new PF account. So it is important to transfer your previous PF amount to new one. As it is very difficult to manage more than one PF account . Also after 3 years of non-contribution the PF account stop giving interest. The pension is based upon total service years. In case of non-transfer of epf the previous service years will not be counted.