To help you save for retirement, Gen contributes 12% of your base salary to the Employees’ Provident Fund Organisation (EPFO) each month.
The fund is invested in EPFO-specified and -controlled securities and bonds and earns a guaranteed rate of interest. The accumulated earnings are tax exempt when you withdraw funds in retirement.
Eligibility and enrolment
All full-time team members are eligible to participate.
Enrolment is automatic. Gen will contribute 12% of your annual base salary to the scheme, and 12% will be deducted from your pay for an additional team member contribution.
If you are an international worker and hold an international passport, you will not be eligible to withdraw from the Provident Fund before age 58, unless your nationality is of a country with whom India has a social security agreement (SSA). View the countries with whom India has an SSA on the EPFO website.
Provident Fund transfer process
To transfer funds from a previous employer:
- Log in to the EPFO UAN portal using your universal account number (UAN) and password.
- Navigate to Online Services > One member—one EPF ACCOUNT (Transfer request), and validate your personal information and details of your present account into which the transfer will occur.
- Select attestation through previous employer, enter your UAN, select Get Details then get OTP. Enter OTP and click Submit.
- Again, go to Online Services > track claim status > transfer claim status, download Printable form 13, and share it with your previous employer for further processing. The previous employer will provide approval to the respective EPFO office for further processing, which will take approximately 30-45 days.
- You can raise a grievance with EPFO to receive an update from EPFO.
- To check the status of the transfer, log in to your PF passbook using your UAN and password, select member ID and then View Claim Status.
Options upon termination of employment
You are eligible to withdraw Provident Fund accumulation only if you are unemployed for a continuous period of two months from your last working day. File an application from the EPFO UAN portal.
Alternatively, you will need to initiate a transfer to a new Provident Fund account. Once a new account number is allotted to you in a new organization, you need to have the bank account and father’s name updated on the unified member portal. For any queries, contact info@excelityglobal.com.