The Indian Government introduced a significant change in the EPF (Employee Provident Fund) scheme to empower more women to join the formal workforce. Every month, a small amount of your salary is transferred to a savings account every month and you can use that fund in any emergency or get it at the time of retirement. In simple words, you give a 12% of your salary, and your employer adds more amount to it, which you might receive as a pension. The Employee Provident Fund Organisation is a government organization that manages all the funds.
Benefits For Women Employees
The government made some significant changes in the EPF ( Provident Fund ) scheme for women, Before, 12% of the salary was for EPF, and now only 8% of the salary amount is credited to the savings account
Increase In The in-hand salary amount
When you give a less amount of salary to the EPF ( Provident Fund ) you get a more in hand salary for the month. You can use that amount in your own spending, make investments out of it to grow it, or just simply save that amount for the future.
Encouragement of Employees
This gives motivation for the newcomers to join the formal workforce. This helps in promoting gender diversity in the workplace environment. This also encourages women to get involved in employment.
Common EPF Mistakes
Many of the common EPF mistakes made by people these days can affect them and make them lose all their savings and hard work money at the same time. You should ensure that you don’t make any kind of mistake while withdrawing your EPF. As per the research, a Delhi IIM luminis EPF Claim was rejected two times, and the main reason behind it was Multiple member IDs. Not just one, but this issue is faced by many people these days. The EPF rejection rate has increased from 13% to 34% in the last 5 years. Most of the reason for the issue is multiple UAMs, we suggest you never make the same mistake and keep your money safe and secure. You can check your EPF details by simply following these steps, so make sure that you keep your money safe and claim it without rejection and barrier in the process.
- Simply visit the official EPF website.
- Activate your UAM.
- Make sure you enter an active mobile number to get the OTP.
- Also, ensure that the Aadhaar card and mobile number are updated.
- Enter the correct date of exit from your last job.
- You will be able to access all member profile details, and you should then cross-check everything and note it to be on the safe side.
What Does Womoneysta Help You With?
Womoneysta is an online platform that provides financial education for women and makes them capable of earning equal to their value. Financial literacy is very important to women who want to become financially independent. This is how womoneysta helps you.
Master Your Money Program
Womoneysta offers a comprehensive course that helps you in setting clear and confident financial goals. Helping you to have a positive mindset and make your investment plans to initiate them with less risk.
LongTerm Investment
We teach long-term investment to women and make them learn risk management. Long term investment can be very beneficial in many ways and generating profit.
Personalised Coaching
The courses are personally designed by the experts to meet the needs and knowledge of the learner. Personalized coaching help you in getting things more clearly and you gain confidence about investing and financial management.
Key Benefits For EPF( Provident Fund ) Of Joining Womoneysta
The reduction of EPF( Provident Fund ) has brought a lot of benefits for organizations like womoneysta. These Platforms help you in getting developed in the financial world.
Financial Literacy
The new policy has a lot of benefits for women employees, like an increase in hand salary. This makes them capable of making the correct use of that amount kike, saving, investing, or expenses.
Informed Decision Making
Womoneysta experts help the ladies to get a thorough knowledge about the implications of the EPF( Provident Fund ). Informing them about the retirement plans and helping them to choose the right one.
Financial Planning
Making and getting the benefits of all the government schemes and educational platforms. Womoneysta makes you an expert in investing and saving. Also telling you the benefits of great financial planning. To have a safe and secure future.
Conclusion
The government reduction for women’s EPF( Provident Fund ) has brought a lot of relief for them. By providing relevant and correct information to the women regarding EPF womoneysta has created a safe space for them. You can look ahead and get financially independent in life by creating great opportunities and plans for your future. As per the new rule, women have to give 8% of their salary for the first three years to the EPF ( Provident Fund ). This has empowered a lot of women to start working and have a great future ahead. Womoneysta has helped a lot of women to be in the race and create a great life for themselves.