EPF Account
Storyboard Text
- Hey bro, it's been long since last we met each other. How's everything going?
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- I'm fine Adi, and ya after completing graduation we hardly are able to meet. Also, recently I switched my job got a better package...
- That's Awesome Sid. I'm really happy for you.What's your package by the way?
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- It's now 30 LPA.But, now my tax will also be increased. So, my savings will almost be same
- Can you please explain a bit more?
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- I mean, I worked for 3 years for my previous company while leaving my HR told me that I could have atleast saved my Tax on Employee Provident Fund, If I would have worked for more than 5 years
- Oh okay, I got it. That's half truth. Actually you can transfer your EPF balance from previous company to new company's account. So, now even if the company is changed your service years will be added and tax exemption benefits on EPF will be granted.
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- Oh, thanks for letting me know Adi.
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- Also, to make this process more easy, Union Govt. is coming up with a new Centralised IT-enabled systems by C-DAC.This system will enable de-duplication merger of all PF accounts of members.
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- That's really great to hear.
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- Well for more such Insightful updates, follow ASSETS-DTU
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- You are a real Life-saver Adi.
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