Overview of Employees' Provident Fund (EPF) and EPFO
EPF (Employees' Provident Fund) is a retirement savings scheme established under the Employees' Provident Funds and Miscellaneous Act, 1952. Managed by the Employees' Provident Fund Organisation (EPFO), it is designed to provide financial security to employees post-retirement. Both the employer and employee contribute 12% of the employee’s basic salary and dearness allowance to the EPF account. The accumulated amount, along with interest (currently 8.25% per annum), is disbursed at the time of retirement or during other eligible withdrawals.
EPFO (Employees' Provident Fund Organisation)
The EPFO is a statutory body under the Ministry of Labour and Employment, established in 1951 to manage the administration of the EPF scheme. Its primary function is to facilitate compliance with provident fund regulations, ensure every employee has a single EPF account, and streamline claim settlements and online services.
Key Features and Services
- Long-term savings: Provides a retirement corpus.
- Automatic deductions: Regular contributions from salary make saving easy.
- Emergency support: Partial withdrawals for medical emergencies, home purchases, etc.
- Post-retirement security: Ensures financial stability post-retirement.
Schemes Under EPFO
- Employees' Provident Fund Scheme 1952 (EPF): The primary retirement savings scheme.
- Employees' Pension Scheme 1995 (EPS): Provides pension benefits.
- Employees' Deposit Linked Insurance Scheme 1976 (EDLI): Offers life insurance coverage.
EPFO Services
- Inoperative Accounts Helpdesk: Tracks and manages dormant PF accounts.
- Online Withdrawal and Transfer: Allows hassle-free transactions using the UAN portal.
- UMANG App: Provides mobile access to EPF services.
- Missed Call and SMS Services: Enables balance checks and updates through messaging services.
Contribution Breakdown
- Employee's Contribution: 12% of basic salary and dearness allowance goes directly to EPF.
- Employer's Contribution: Divided into:
- EPF (3.67%)
- EPS (8.33%)
- EDLI (0.50%)
- Administrative charges
Eligibility for EPF
- Mandatory: Salaried employees earning less than ₹15,000 per month must enroll in EPF.
- Organizational Requirement: Organizations with 20 or more employees must register for EPF.
- Voluntary Enrollment: Employees earning more than ₹15,000 can also join EPF with approval.
EPF Balance Check Methods
- EPFO Portal: Login using UAN and password to check balance.
- UMANG App: Access EPF balance and other services via mobile.
- Missed Call/SMS: Give a missed call to 011-22901406 or send an SMS to 7738299899 with the message "EPFOHO UAN".
Types of EPF Forms
- Form 31: For PF advance/loans or partial withdrawals.
- Form 10D: For monthly pension claims.
- Form 10C: For withdrawing EPS benefits.
- Form 13: For PF transfer between jobs.
- Form 19: For final settlement of EPF.
- Form 20: For family members to claim PF in case of death.
- Form 51F: For claiming EDLI benefits by nominees.
EPFO Portal Login
- Employee Login: Accessible via UAN and password for submitting claims, updating KYC, checking balance, etc.
- Employer Login: Requires username and password for managing employee KYC, claim approvals, and other administrative tasks.
EPF Passbook
- The EPF passbook provides detailed information on contributions made by both employee and employer, as well as the interest earned. It is accessible through the EPFO portal for members registered with UAN.
FAQs on EPF (Employees' Provident Fund)
1. What is EPF?
EPF is a retirement savings scheme where both employees and employers contribute 12% of the employee’s basic salary and dearness allowance. The accumulated corpus is paid to the employee upon retirement or resignation.
2. Who is eligible for EPF?
- Employees earning less than ₹15,000 per month must be registered for EPF.
- Organizations with 20 or more employees must register for EPF.
- Employees earning more than ₹15,000 per month can opt for EPF voluntarily with approval.
3. What is the current EPF interest rate?
The current interest rate for EPF is 8.25% per annum.
4. What is the Universal Account Number (UAN)?
UAN is a 12-digit unique number assigned to each EPF member. It remains constant throughout the employee's career and is linked to all EPF accounts.
5. How can I check my EPF balance?
- EPFO Portal: Login with UAN and password.
- UMANG App: Check balance with UAN and password.
- Missed Call/SMS: Give a missed call to 011-22901406 or send "EPFOHO UAN" to 7738299899.
6. How do I withdraw EPF?
- Submit a claim through the EPFO portal using UAN.
- Complete Form 19 or 31, depending on the nature of the withdrawal.
- Ensure all KYC details are updated and verified.
