EPF: Employees Provident Fund Benefits, Contribution Rate

Employees’ Provident Fund: The central government has launched a saving program for the benefit of salaried employees to manage their post retirement obligations by creating EPFO (Employees’ Provident Fund Organization). The saving program is often referred to as EPF (Employees’ Provident Fund).

 

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The above saving program has been launched for the salaried employees to encourage them to collect a respectable fund that they can use it for future.

The present document will revolve around EPF by narrating its highlights, features, eligibility, interest rate, benefits, steps for employers’ EPF Registration, and more.

 

EPF Meaning

The Employees’ Provident Fund Scheme is widely popular as EPF. It was establish in the year 1952. It basically acts as a retirement benefit program where both the employee and employer have to make monthly contribution until the retirement of the employee.

Apart from the tax benefits, the EPF comes up with somewhat greater interest rates as compared to the other saving plans.

It further allows 12% of dearness allowance and base salary from the employee and employer side to the entire EPF plan. The EPF is better known as the tax-saving tool having somewhat greater interest rates on investment.

Another clause is that it has up to 8.33% of the employer’s total contribution (12%) allocated to the Employees’ Pension Scheme (EPS).

 

 

Employees’ Provident Fund Highlights

 

Name of the Scheme EPF
Full Name Employees’ Provident Fund
Launched By Employees’ Provident Fund Organization
Beneficiary Employees
Official Website https://www.epfindia.gov.in/site_en/index.php

 

EPF Objectives

Take a look at some of the objectives of the Employees’ Provident Fund (EPFO): 

  • It guarantees that each employee will have a single EPF account
  • It also makes sure that all businesses will follow EPFO rules and guidelines
  • These rules are quite feasible to apply
  • All members should have an access to the available accounts
  • Promotion and encouragement of voluntary compliance
  • The 20-day claim settlement period will be cut to 3 days

 

 Benefits of EPF

Take a look at some benefits of the Employees’ Provident Fund:

  • You can plan a long term saving
  • It makes monthly deductions from the salary of the employee until his retirement
  • It’s not necessary to have a single, lump-sum investment
  • If the employee comes in an unwanted situation, he can get a great help from his savings

 

 Employee Provident Fund Organization

The Employees’ Provident Fund Organization (EPFO) is mainly a non-constitutional organization. It’s main objective is to encourage employees to save money for their retirement. It was established in the year 1951 that covers various programs under the Ministry of Labour and Employment, Government of India.

 

Universal Account Number (UAN)

If you are an employee and have an EPF account, you can always access it online and can even perform some actions like checking your PF balance and withdrawals. You can always access your EPFO member portal using your Universal Account Number (UAN).

To access the portal, you are given a 12 digit unique UAN number. This UAN number won’t be changed even if you change your job. But your member ID changes after you change your job and the new ID is connected to your UAN number.

 

EPF Interest Rate 2023

As per the current financial year, the PF interest rate is up to 8.10%. Now, you can easily calculate the total balance in your account year by adding this sum to the employer and employee contributions.

 

Employees’ Provident Fund Contribution Rate

 

Category Contribution Percentage(%)
Employees Provident Fund 3.67
Employee’s Deposit Link Insurance Scheme (EDLIS) 0.50
Employees’ Pension Scheme (EPS) 8.33
EDLIS Admin Charges 0.01
EPF Admin Charges 1.10

 

EPF Forms Types

Please check the different types of Employees’ Provident Fund forms below:

 

Form Type Form Use
Form 31 The PF Advance Form is another name for it. It can be utilized to get EPF account withdrawals, loans, and advances.
Form 10D A monthly pension may be requested using this form.
Form 10C To make a benefit claim under the EPF program, utilize this form.The money the employer contributes to EPS is withdrawn using Form 10C.
Form 13 The PF amount from your prior work is transferred to your present employer using this form. This aids in maintaining all PF funds in a single account.
Form 19 To request the ultimate settlement of an EPF account, utilize this form.
Form 20 If the account holder passes away, the family may utilize this form to withdraw the PF amount.
Form 51F A nominee may use this form to claim benefits under the Employees’ Deposit Linked Insurance.

 

EPF Eligibility Criteria

Please check the EPF program eligibility as given below:

  • Being a salaried person, you should open your Employees’ Provident Fund account if your monthly take home salary is up to Rs. 15,000
  • All companies having 20 employees may voluntarily join EPF program
  • In case, a company has over 20 employees, it needs to register for the EPF program
  • The employees can get the benefits of EPF across the country except Jammu and Kashmir.
  • If you get the salary over Rs 15,000, then you can open an EPF account with permission from the Assistant PF Commissioner

 

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Methods to Check EPF Balance

You can go ahead and check your EPF balance using the below given methods:

EPFO Portal: The first way to check your EPFO balance is by using your EPFO member portal. You can always use your UAN number and password to log into the EPF. You can check your EPF balance under your member ID

Missed Call Service: You can make use of your missed call service to check your EPF amount by calling 011-22901406

SMS Service: You can check your EPF balance through SMS to 7738299899 if your UAN is active

UMANG App: You can always make use of your phone to check your EPF balance by downloading the Unified Mobile Application

 

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Employers’ EPF Registration steps

Kindly adhere to the below mentioned steps if you wish to go for employer’s EPF Registration 

  • First, you need to visit the official website of the Employees’ Provident Fund Organization (EPFO), https://www.epfindia.gov.in/site_en/index.php
  • Next, click Establishment Registration after you reach to the homepage

 

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  • It will open a new page with registration form
  • Next, fill the form with all the required details
  • It’s only after that the mobile PIN will be sent to you
  • Finally, complete the registration by uploading all the required documents

 

 

How to Transfer EPF Money

  • First, you need to visit the official website of the EPF member portal
  • Next, click registration once you reach the homepage
  • Fill the registration form with all the required details
  • Next, visit the Online Transfer Claim Portal and request for EPF transfer
  • You can also request a transfer claim online without submitting Form 13
  • Next, click Request for Transfer of Funds
  • Enter all the details and then authenticate it
  • Once you submit, it will generate a tracking ID which will be sent to your registered mobile number
  • Finally, track your online application using your tracking ID

PMAY List 2023

EPF Passbook

You can always view the statements of your Employees’ Provident Fund account using the EPFO passbook feature. Please note that the passbook will be available to all members who have already registered their UAN on the EPFO portal.

It’s because your EPFO passbook consists of all the information like the name of the office, plan specification, establishment ID, employee’s name, etc.

 

EPF Withdrawal Protocols

You are free to choose your EPF in full or in part. But the withdrawals are permitted under certain conditions as given below:

  • After you attain retirement
  • If you are unemployed for over 2 months
  • Transitioning between jobs or changing careers

  

Partially EPF Withdrawal Protocols

  • Repayment of home loan
  • Renovating a housing property
  • Higher education
  • Purchasing land or constructing a house
  • For a wedding

 

 

Also Check: TAFCOP Portal

 

 

 

 

 

 

 

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