My New Employer Check My Previous EPF Deductions – Employee provident fund is given to employees. It is given to employees as a reward for their services towards the organization or country. It is the responsibility of the government or the organization to provide the provident fund.
Can my new employer check my previous EPF deductions?
It is a very complex question, so we have to answer it from all angles. There are different scenarios to this question. The first scenario is yes, that they can check. Now, most might be confused as to how the government can check our EPF deductions. Moreover, the employer mays also contain the EPF deductions. There is no harm in deducting money from your up. If you need the money, you can take it out at any time but be very careful because any employer can check your employee provident fund deduction. This dedication may or may not harm your job, especially if you recently got a new job.
Most will be confused about how the new employer gets to know about the employee provident fund deductions. You give the information without getting to know. I know this doesn’t sound very clear. Allow me to explain this thoroughly so that you may have a complete idea of the whole concept. First of all, when you apply for a job, who will ask a lot of things.
Employers are keen on abstracting all sorts of information from a new employee, and they do it for several reasons. The first reason is that they do not want to hire a person who is not suitable for a job and make sure that they do not pose any threat to the workplace. As a result, the employer will ask for a ton of information.
Newspaper companies charge a small fee for advertising the products
You will have to write that information correctly because if the wrong information is input, they may find out, and you will lose your job. The social security id or the id card number has access to many areas, and they can ask the government about the information of the person. If caught, the company will kick you out even if you have worked for them for a year. Moreover, who may also file a lawsuit against a person who carries out fraudulent activities such as faking the information?
Let us get to the point now. When you apply for a job, there are two types of forms a person has to fill up. The first form is the application form. If the company has an online website, you can fill it on the internet. If the company does not have a website, you will have to go to one of their outlines and fill the form manually using a pen or a pencil. Most companies give out their statement in newspapers.
Newspaper companies charge a small fee for advertising the products. The company can post their advertisement on tv channels or newspapers to ask for recruitment. Once you apply, you will fill up the general application. The form will consist of some available data such as qualifications and name and age, and experience.
There is no such law to curb such companies in the united states of America
If the company selects you partially, they will call you at their company and ask you to fill another form. A person has to fill up all the sensitive data in the state. Most might argue that some companies may leak the information to others, and these fraudulent people may use your benefits to land you in legal trouble. Moreover, they may also use the information to benefit from the government of America’s united states.
Although there is no such law to curb such companies in the united states of America, so you have to be careful. However, you do not need to worry because fraudulent companies will never advertise their companies if they do something terrible.
He data will be related to the previous employer who hired you
When you are filling the form, the company will ask for your ID card and social security number. They will also ask for some data. The data will be related to the previous employer who hired you. When you work with a company, they set up an employer-provident fund to avail themselves of the benefits in a time of need. These employee provident fund accounts have their own UAN number. Now, most might be confused about the UAN number.
Let us first describe the abbreviation of the UAN number. The UAN number stands for universal access number. Now I was hoping you could focus on one word, and that word is accessed. It means that who can use the number to give access to certain people. If it gives detail about one specific person, we can say that the UAN number is unique for everyone. Uniqueness is essential because if it is changed, the company can misunderstand one person for another, giving rise to a lot of confusion. Furthermore, it is recommended that you check the UAN number twice or thrice before sending the application to the new employer.
The UAN number is assigned by the government of the united states of America to the employee
Now lets us discuss the data that can be accessed using the UAN number. The most d apparent that who will display will be the details of the person. The UAN number is assigned by the government of the united states of America to the employee. It remains with him or her for a lifetime. anytime a person goes to apply for a job, the new employer can check the different companies who previously employed the person. It eliminates all types of frauds committed by evil people.
People used to put fake experience certificated in front of new employers and get themselves hired. These do not work nowadays because the UAN number can display all the history. The primary thing indicated by the universal access number is the employee provident fund deductions in the past. These employers have software that includes all the universal access numbers of the people living in America’s united states.
So how does the new employer take out the data of the person using the UAN number? They have to insert it into the software and who will provide all the details. Moreover, the universal access number will display the date and time you took out the money from the employee provident fund. So, as a result, you should be very careful in giving the correct universal access number. If the wrong number is given, the company may misunderstand you for another person and cancel your appointment.
Ways of checking employee provident fund reductions:
Other than checking the employer provident fund using the software, there are different ways the new employer can check your previous employee provident fund reductions. Now, most might be confused that how these new employers would prevent them.
Allow me to explain using an example so that you have a better idea of the whole concept. The united states of America are run by solid proof. Everything you do in the unites states of America, and you will have to provide definite evidence for it. If you worked for a company, you would provide solid evidence such as an experience certificate. If you had experience running a chicken business, you would have to prove proof to the next person to prove the experience. It can be through any official documentation availed by you from your work. Moreover, even in the education sector, students will have to prove their education with every step forward. For instance, if a person wants to go to a university, he will have to show evidence that he completed his education till college.
When a person works at a company and wants to quit, the company will give him a one experience certificate. The certificate will prove that the person worked for x numbers of years for the company, as a result, when he goes to the next company, he can prove his experience in the previous country.
The experience certificate may contain the id card number of the employee
The new employer can obtain any information regarding the employee provident fund deduction. As a result, you must keep all your information safe with yourself and lose not a single document. Now, most might be wondering what type of proofs do we have to keep with ourselves. The first one is your experience certificate. The experience certificate has some information regarding your services provided to the employee.
For instance, the experience certificate may contain the id card number of the employee. The new employer can use the id card number and contact the old employer to request the worker’s information. Some companies are helpful, and they do provide the details. It is one reason they can acquire knowledge about employe.
There are other reasons too. Employers can also use those reasons to take information regarding the employee. Every company pays its employees using the bank or by providing them a salary slip. The salary slips are necessary as they can be helpful in many situations. Who can also use the salary slip? However, there are some confusions regarding the salary slip. Allow me to explain so that you have a better idea of the whole concept.
There are two ways to calculate the employee provident fund deductions
There are two ways to calculate the employee provident fund deductions. The first way is called the numerical way. The new employer will look at the salary slips and note down all the numbers with himself. These numbers can help in calculating the employee provide fund deductions. The employer will send the salary slip to the company’s preoperative and order him to take out the average amount of provident fund. The companies have specific formulas to calculate the provident funds.
Moreover, salary slips have a lot of information in them, and that’s why salaried individuals do not lose them. They are kept safe because they have sensitive data such as social security pin and a UAN number. The universal access number on the salary slip can lead to a lot of information. Moreover, the new employer may ask you to provide several salary slips so that he may be able to benefit from any employee provident funds deductions. Furthermore, the salary slip details will allow the new employer to determine the previous employee provident fund deductions.
Why should you not withdraw money from your provident fund?
There are multiple reasons why a person should not withdraw money from the provident fund. I will explain this in detail. Sometimes a country is not at its peak economic stance, and hence it will face many letdowns from the financial sectors. Allow me to explain this in detail so that you can fully understand the whole concept. I will give the example of recent times.
During the coronavirus situation, all the economies in the world have faced economic destruction. Many companies have shut down, and people are having a difficult time making ends meet. Moreover, the united states’ government has tried its best to curb the situation, but handling such a country in economic failure is very difficult. Who gave money to the public, but it never seemed to be enough for them.
Let us discuss some of the problems faced by people when they face an economic situation. The first problems face by the people is unemployment. People start losing jobs drastically. Many industries shut down because they face huge losses; thus, all careers related to that industry are canceled.
The other option is to request the employees to quit their jobs and leave
Moreover, if an industry wants to survive, it has to cut down its expense. The high cost of industries is salaries paid to the employees. The only option left is to keep the employees but not give them any wages. The other option is to request the employees to quit their jobs and leave. It will keep the industry running, but the people will lose jobs.
Moreover, other things also make the situation worse. When the company goes through a crisis, it will have to increase the tax rates to keep on running. If the taxes are not raised, the government will not be able to run efficiently. Moreover, the government would be able to function correctly. As a result, there has to be an increase in taxes. People who do not have jobs face a lot of trouble in feeding their families.
Most people have to leave their homes and shift to areas when living costs are low.
Most may argue that not all companies shut down, and they keep on running. Yes, these people are right. These companies do run but under some circumstances. Instead of removing the employees, these companies cut down working hours. It means that these companies will pay less to their employees. This rule’s negative effect is that employees face a lot of pressure because they work very hard in those more minor working hours.
In these difficult times, only one thing is handy. It is called the provident fund. Most may say that the provident fund is a small part cut from income and put in the provident fund account. However, some companies also participate in contributing to the provident fund. It means that the employer also puts some monthly amount in the bank account.
There are also some conditions according to which you can take out the provident fund. Most people think that who can take out provident funds at any time. It is wrong to take provident funds if you are not going through any difficulties. The provident fund will be helpful in such challenging times as it can help the people survive. Furthermore, they are allowed to take out as much money they want. As a result, we can say that a person should not take out the provident fund to save money for difficult situations.
Why should a person not hide his previous provident details?
The only setback to this idea is that the hiring company will lose confidence in you because they know that every person will have some fort of provident fund details. Moreover, it is difficult to hide your employee provident fund details because they have other ways to acquire the provident fund details. As a result, do not try to hide those details.