EPFO- Employee Provident Fund Organisation is a legal body created by the Indian Government; it is one of the Indian largest social security organizations as it covers a vast number of beneficiaries and taken high financial transaction volume. EPFO Portal supports the Central Board in Administering a compulsory provident Fund Scheme, pension scheme and insurance scheme for the workforce engaged in the organized sector in India. The EPFO scheme covers Indian workers as well as international workers.
There is more than 8.5 lakh crore under EFPO management, on 1 October 2014, Indian Prime Minister Mr. Narendra Modi launched Universal Account Number for employees covered by EPFO to enable PF number portability.
Services Provided by Employee Provident Fund Organization (EPFO)
On Schedule, the Employees’ Provident Fund and Miscellaneous Provision Act 1952, a list of factories have been provided that explain in detail the type of establishments that have to follow the rules and regulations as stipulated in the Act. The establishment which has not less than 20 employees has to take part in this contribution scheme. Almost all the activities related to the establishment will be done online as facilitated by epfo member portal.
Here is the list of few online services provided by the EPFO to employers are as follows
- Register the Establishment of Online
- UAN Member Details
- Aadhar Erroneous Data Download Online
- Online Payment for EPF Subscription
- Challan/ ECR Submission Online
- EPF Balance Check
- EPFO Grievance Management System
- EPFO Grievance Management System
Schemes Implemented by Employee Provident Fund Organization (EPFO)
The EPFO administers 3 main social security schemes they are as follows
- Employee Pension Scheme (EPS)
- Employees Provident Fund Scheme (EPF)
- Employees Deposited Linked Insurance Scheme (EDLI)
This scheme is implemented and executed as per the Provisions of the employee Provident Funds and Miscellaneous Provision Act, 1952
Employee Provident Funds Scheme 1952 (EPF):
Benefits of the Scheme:
- Accumulation plus interest rate upon Resignation, death retirement
- Partial withdrawal permitted for specific expenses like house building, marriage, and higher education, illness etc.
- There will be a common form for all 3 schemes
- If a member consists family they can nominate any one or more of the family members as defined under the Para 2
- If a family doesn’t have a family member, then they can nominate any other person who doesn’t have a member acquiring family.
- For final settlement by member – Form 19
- For Transfer of the previous account to the new – Form 13
- For withdrawal in certain cases – Form 31
- For financing LIC Policy – Form 14
- For final settlement in favor of nominee/beneficiary of a deceased member – Form 20
Employees’ Pension Schemes 1995 (EPS)
- Monthly remuneration for disability, superannuation, widow, children, survivor
- Amount of pension based on average salary during the preceding 12 months from date of exit
- Minimum pension on disablement
- Members should give the name of the spouse and children’s in the prescribed form
- if a member has no family, then one person can be nominated
- For Monthly Pensions – Form 10D
- For withdrawal benefits and scheme certification – Form 10C
Employee Deposit Linked Insurance Scheme 1976
- Benefits will be provided in case of death of an employee if he is a member of the scheme
- As per the revised scheme payment of benefits, the amount is 20 times of the wages or based on the deposit in the Provident Fund
- The nomination on the EPF Scheme will be applicable for the EDLI Scheme
- for claiming Insurance benefits by the nominee – Form 51F
EPFO provides many facilities for epf members as they can know there epf
balance check, epf balance inquiry, provident fund balance, epf member balance and much more.