The Employees’ Provident Funds and Miscellaneous Act of 1952 governs the number one plan. Both the worker and the company make contributions 12% of the worker’s base revenue and dearness allowance to EPF. The cutting-edge charge of hobby on EPF deposits is 8.50 percentage according to annum.
The Employees’ Provident Fund Organisation (EPFO) is a non-constitutional agency that encourages personnel to shop cash for retirement. The agency turned into based in 1951 and is managed via way of means of the Ministry of Labour and Employment of the Government of India.
The organization’s projects embody each Indian and global employees (from international locations with whom the EPFO has signed bilateral agreements).
EPFO’s Objectives
The EPFO’s number one dreams are as follows:
To assure that every worker most effective has one EPF account.
Compliance should be made as easy as possible.
Ensure that organizations observe all the EPFO’s regulations and policies on a everyday basis.
To guarantee the dependability of net offerings and to boom their facilities.
All member bills must be freely available on line.
Claim agreement instances could be reduced from 20 to three days.
Encouragement and advertising of voluntary compliance
All EPF subscribers have on line get admission to to their PF bills and can behavior obligations including withdrawal and tracking their EPF balance. The Universal Account Number (UAN) simplifies get admission to to the EPFO member portal.
EPFO assigns every member a 12-digit wide variety called the UAN. Even if an worker modifications employment, his or her UAN stays the same. When a member’s employment modifications, his or her member ID modifications, and the brand new ID is hooked up to the UAN. Employees should, however, set off their UAN on the way to use the offerings on line.
Your business enterprise can offer you together along with your UAN. In the occasion which you are not able to do so, you could genuinely get admission to the UAN portal.
Schemes Provided via way of means of the EPFO
The following are the numerous schemes to be had via the EPFO:
Employees’ Provident Fund Scheme, set up in 1952. (EPF)
1995 Employees’ Pension Scheme (EPS)
Employees’ Deposit Linked Insurance Scheme (EDLIS) turned into set up in 1976. (EDLI)
Services Provided via way of means of EPFO
The following are a number of the offerings furnished via way of means of the EPFO:
Helpdesk for Inoperative Accounts – The EPFO set up the Inoperative Accounts Online Helpdesk in February 2015 to help employees in monitoring inactive and antique inoperative bills that don’t accrue hobby. Employees can screen those bills and withdraw or switch finances to the cutting-edge Member ID. Employees should provide fundamental statistics approximately their previous process on the way to song inactive bills.
Online EPF withdrawal – With the useful resource of the UAN, the EPF withdrawal quantity can be genuinely executed on line. Employees who’ve been out of labor for extra than months are capable of withdraw their EPF contributions. However, the worker’s Aadhaar and financial institution records should be linked to the UAN.
International personnel can generate a Certificate of Coverage – EPF contributors running in international locations with Social Security Agreements with India can generate a Certificate of Coverage (CoC) the usage of the EPFO’s newly introduced on line centralised software.
Monthly returns for exempted establishments – With the EPFO’s newly to be had IT tool, exempted businesses might also additionally without problems document their month-to-month returns on line.
UMANG App – For EPF contributors, the EPFO has created the Unified Mobile Application for New-age Governance (UMANG). Employees can use their UAN and password to get admission to the UMANG app. The UMANG app gives a number of functions, including gaining access to EPF passbooks and converting profile statistics.
EPF on line switch – EPF The UAN may be used to switch finances from the worker’s previous Member ID to the brand new one. The method is painless, paperless, and straightforward.
Establishments can check in on line – The EPFO portal may be used to finish the Online Registration of Establishments (OLRE). Employees enjoy the on line availability of the PF code allotment letter as well.
Online PF bills – It is obligatory for all organizations to make PF bills on line. Currently, the EPFO has agreements with Kotak Mahindra Bank, Axis Bank, ICICI Bank, HDFC Bank, Bank of Baroda, Union Bank of India, Allahabad Bank, Indian Bank, Punjab National Bank (PNB), and State Bank of India (SBI).
Missed call and SMS service – Members who’ve activated their UAN can get admission to their PF balance, beyond contribution, KYC popularity, and different statistics via way of means of sending an SMS (Format: EPFOHO UAN) to 7738299899 or creating a ignored name to 011-22901406. Employers may even get an SMS if their EPF isn’t always paid on time.
Claim popularity and passbook – With the useful resource of the UAN, EPFO contributors could be capin a position to test the popularity in their claims in addition to see and down load the EPF passbook.
| Category | Percentage of contribution (%) |
|---|---|
| Employees Provident Fund | 3.67 |
| Employees’ Pension Scheme (EPS) | 8.33 |
| Employee’s Deposit Link Insurance Scheme (EDLIS) | 0.50 |
| EPF Admin Charges | 1.10 |
| EDLIS Admin Charges | 0.01 |
EPF Advantages
The following are the advantages of the EPF scheme:
- It aids in long-term financial savings.
- There is no need to make a single, large investment.
- Deductions are taken from the employee’s income on a monthly basis, which helps to save a significant amount of money over time.
- It can provide financial assistance to an employee in the event of an emergency.
- It aids in the saving of money for retirement and the maintenance of a comfortable lifestyle.
Login to EPFO Portal
The activation of UAN is the initial step in logging in to the EPFO site. This is simple to accomplish using the EPFO Login site.
Following UAN Login, the following actions are available:
The UAN Card and passbook are available for download.
Examine the status of PF linkage.
View member identifiers
Check the status of your PF transfer claim.
Personal information can be updated on the EPFO portal.
Update your KYC details.
An employee can access the EPF member portal by entering his or her UAN activation and password. Employers can also access the website by entering their permanent login ID and password.