Employees’ Provident Fund Organization (EPFO) is a statutory body made by the Government of India to manage the EPF under the Employees’ Provident Fund and Miscellaneous Provisions Act,1952. EPFO Portal is the official government site that gives all the information related to Employees Provident Fund.
How to register to the account of EPFO:
Important points to remember, while registering the account.
For viewing the EPF account passbook, registration is mandatory.
For registration a single mobile number is allowed.
A single employer is allowed to view only one account.
Although a single individual can have multiple ID numbers, a single ID number is allowed on one mobile number.
For creation of a separate account, mobile number and ID proof is necessary. A new log in ID and password is not required.
Under different establishments, a maximum of 10 accounts can be viewed.
EPFO operates in the below schemes:
Employees Provident Fund Scheme 1952 (EPF)
Employees Pension Scheme (EPS)
Employees Deposit Linked Insurance Scheme (EDLI)
Steps to register and log in to the EPFO portal
Visit the EPFO portal and register yourself.
Enter the details on the registration as reflected on the main page.
You must activate UAN number to log in to the EPF account.
During the registration process, ensure to add the correct details, which will be required later.
Once the registration is done you can login to the portal.
Post filling the details, it will ask to login to the portal using any one document. You will have to select any one document tab and enter the details.
Before submitting the details, cross check thoroughly.
After submission of details, you will receive a PIN on the registered mobile number.
For registration, enter the PIN received.
Registration requires entering personal details like name, DOB, Mobile number etc.
Once the registration is done successfully, you can download your e-passbook.
EPF or PF- Eligibility and Benefits
Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the guidance of the Government of India.
The savings scheme is aimed towards the salaried individuals to help in their habit of saving money to build a proper retirement corpus.
The EPF scheme has served over 5 crore individuals and is directed by three different acts, The Employees’ Provident Fund Scheme Act,1952, The Employees’ Deposit Linked Insurance Scheme Act 1976 and the Employees’ Pension Scheme Act,1995.
The fund is built with monetary contributions given by employees and their employers each month. Both parties extend 12% each of the employees’ monthly salary as their shares of contribution in EPF.
The built fund demands a pre-fixed rate of interest set up by the Employees Provident Fund Organisation. The accrued interest on the EPF is tax-free and can be taken without paying the same. The employees avail a lump-sum amount on their retirement which includes the accrued interest.
The individuals can apply to avail many online services of EPFO India by accessing the official portal. The EPF online portal is a user-friendly platform that makes sure to keep the flow of services transparent, efficient and hassle-free.
Benefits of Universal Account Number
It ensures all PF accounts of the employee are genuine
It facilitates online withdrawals and transfers when one changes job.
Helps tracking the change in the job of the employee
EPFO has launched a new online feature for employees to update the date of exit for the previous organisations they have worked with, thus making it easier to make the claim process smoother. Steps were taken in that direction by launching the online feature.
An employee can update the date of exit for the previous organisations they have worked with. It will help ease the notification to make claims. Earlier this was only possible for the employer. It will assist employees to transfer the funds online in case they are changing jobs or to make claims in case of unemployment for more than two months. When employers were not updating the portal it was a cause of problem for the employees. This new feature will enable the employee to update the exiting date without being dependant on the employer.
The date of exit can be updated after 2 months of leaving the job. This new facility is based on one-time password(OTP). Employees who have linked their EPF account with a verified Aadhaar Number. The mobile number should be linked to the Aadhar number on which the OTP will be sent for verification.
Benefits of EPF India Scheme
The Employees’ Provident Fund scheme gives forth many benefits for the EPF employee members. It gives them a sense of financial stability and security.
These are the benefits that an EPF employee member can get through the schemes---
1.Capital appreciation- The PF online scheme gives a pre-fixed interest on the deposit held with the EPF India. Then the rewards extended at maturity ensure growth in the funds of employees and accelerates capital appreciation.
2.Corpus for retirement- About 8.33% of an employer’s contribution is directed towards the Employee Pension Scheme. The sums deposited in the long run for the employee provident fund helps to build a healthy retirement corpus. This corpus extends a sense of financial security and independence to them after retirement.
3.Emergency Corpus- As the future is unseen there are bound to be uncertainties and emergencies. So it becomes a requirement to be financially independent and secure beforehand. An EPF fund acts as an emergency corpus when an individual needs emergency funds.
4.Tax-saving- Under Section 80C of the Indian Income Tax Act, an employees’ contribution towards their PF account is considered to be eligible for tax exemption. Also the earnings generated by EPF scheme are exempted from taxes. Such exemption can be got upto a limit of Rs.1.5 lakhs.
The tax benefits applicable to the Employees Provident Fund scheme provide improved earnings to it’s members. It also gives savings and an individual’s purchasing power increases in the long-term.
5.Easy premature withdrawal- Members of EPF India are given benefits to avail benefits of partial withdrawal. The individuals can withdraw funds from their PF account to meet their specific needs like pursuing higher education, construct a house, bear wedding expenses or avail medical treatment.