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EPFO: The Complete Guide To Provident Fund And Pension Services

EPFO boasts of over 70 million active members now and is continually being modernized with new digital advances to make its services accessible to all.

EPFO - Vision & Mission

EPFO aspires to provide a seamless, technology driven experience to its members. It has some of the purposes to be;

Transparency: All activities should be transparent and freely available to all members, so they may track their savings and incentives online.

Ease of Living: EPFO has digitized claim filing process, balance monitoring & KYC updation through digital platforms like Unified Member Portal and UMANG app.

Uninterrupted Services:- EPFO guarantees that the services provided are never discontinued even in event of natural catastrophes or pandemics and it ensures that the expectations of its members are always satisfied.

Member First Approach: EPFO renders services to its members through quick support, easy to use platforms and proactive communication.

EPFO services are provided to workers of enterprises covered under the workers’ Provident Funds and Miscellaneous Provisions Act 1952. This category contains industries with 20 or more persons in manufacturing, service industry and commerce. Employees on scales not exceeding Rs. 15000 per month have to be covered.

But it does have a provision for those earning greater salaries. EPFO services can be used by foreign workers working in countries who have a Social Security Agreement with India. The employer should be obligated to enroll the qualifying workers and the employee may avail himself or herself of the advantage of the contributions to the provident fund and the pension and insurance coverage. Usually the self-employed and unorganized sectors are not included unless they want to go for particular plans like Voluntary Provident Fund (VPF) on their own.

Schemes of EPFO 

EPFO has three main techniques to provide financial security in emergency, retirement and unanticipated circumstances.

Employees’ Provident Fund Scheme, 1952.

    Purpose: The strategy was developed to encourage employees to save a part of their monthly income and get interest on it in time. This cash total gives a financial cushion for retirement or hard times.

    6. Feature:

Both the employees and employers contribute 12 per cent of the base salary and dearness allowance of the employee to the EPF account.

        The government claims interest on the account is paid yearly.

        Partial withdrawal is also allowed for schooling, medical emergency or buying a property etc.

        When you retire, you get the whole amount back. Plus interest.

    How to access your EPF account

        The employer will provide you a Universal Account Number (UAN). You may check your data by login onto the EPFO portal and activating your UAN.

Employees’ Pension Scheme, 1952.

    Objective:- EPS (Employee Pension program) is a pension program where employees are given a regular monthly pension after their retirement. It secures the employee financially during his post-retirement years.

    Features:

The pension program will get 8.33 percent of employer’s contribution.

        Children, handicapped workers and survivors have a right to retirement payments.

        Pension is calculated on the basis of the average pay of the employee and years of service.

    Eligibility: A member must have at least 10 years of service to be eligible for pension benefits. Normally you can start to take your pension from age 58.

Employees' Deposit Linked Insurance Scheme, 1976 3. 

    Purpose: The EDLI program provides financial help to the family of an employee , in the event of his death in service prior to the regular date of retirement.

    Main Features:

It offers insurance protection up to ₹7 lakh to the nominees or legal heirs.

        The employer pays the contribution and there is no extra premium to pay.

    Application Process for EDLI Benefits Claim? The application for EDLI Benefits Claim can be filed online at the EPFO Member Portal. Required papers are death certificate and nominee details

EPFO Services How To Avail

EPFO services have been made available easily through digitalization. Here’s how to get started:

1. EPFO Login

EPFO login site is the portal to login your account and use lakhs of services.

    How to Login on EPFO Portal:

Visit EPFO official website.

        From the home page click on “Services”

        Click on “For Employees.

        Click on “Member UAN / Online Services”

        Enter your UAN, Password and captcha for login.

    How to Find EPFO Login Details

        Your UAN will be provided to you by your employer and will also be included on your payslip.

        To activate your UAN, visit the EPFO Member Portal and provide your credentials such as Aadhaar number, PAN and telephone number.

        Set a password to login when enabled.

    Lost password?

Go to the login page and click on the “forgot password” option and change it.

2. EPFO Passbook Download

You may also verify your donations and interest earned using EPFO pass book.

    How To View EPFO Passbook:

Visit the EPFO Website

        Click on E-Passbook, home page.

        UAN Login & Password

        View or download your passbook and view details about your gift.

    Why it matters:

It lets you track your savings and workplace contributions.

        It shows and clears your EPF account.

3. EPFO UAN Login Services.

The Universal Account Number or UAN is a unique number assigned to an individual’s EPF accounts with several employers.

    How to Login in EPFO UAN:

Activate your UAN if it is dormant on EPFO Member Portal.

        Login with UAN & Password .

        Use the site to access Passbook, claiming, update KYC etc.

    Advantages of UAN in EPFO:

Easier account management (even if you switch jobs).

        It gives you an overview of all your EPF contributions.

EPFO Services for Members

There are few EPFO services which make life simple of its members. The Unified Member Portal provides the following core services:

    Update KYC details: Members can update their Aadhaar, PAN and bank account details online.

    Online Claims File claim for partial withdrawals, pension and insurance benefits on site.

    Claim Status Tracker - Track your claim status and get SMS notifications on updates.

Benefits for EPFO Members

The Employees’ Provident Fund Organisation (EPFO) provides several benefits which make it a very valuable asset for the employees. Here’s how members work:

    Retirement Financial Security:

        EPFO gives you a consistent corpus to fall back on post retirement. Set aside a little of your salary each time you get paid and it may add up to a lot of money. The money you put in and the income it will generate will be your buffer throughout your post-retirement years.

        Members get a lump sum payment after retirement that they can spend for living costs, medical care or to meet post-retirement goals.

    Emergency Safety-Net:

        EPFO rules enable partial withdrawal in exigencies such as ailment, children’s education or marriage. This power means you can access cash when you need them most.

        EPFO has made withdrawal procedure easier using its web platform and now it’s easy to receive cash in critical scenarios.

    Pension Benefits:  

        Employees’ Pension Scheme (EPS) - To pay pension to the employee after retirement on monthly basis This offers you with a regular income when you are not working.

        The pension also extends to the family members such as spouse or dependent children in the case of the employee’s death providing financial security to dependents.

    Insurance Covered: 

        The Employees’ Deposit Linked Insurance (EDLI) plan is an insurance cover provided by EPFO to the family of an employee in event of his/her untimely death.

        The insurance gives a payout of up to ₹7 lakh to the nominee or legal successor which may be employed for financial help in tough times.

    Portability and flexibility 

        In the era of Universal Account Number (UAN), it is quite straightforward for the employees to maintain their provident fund accounts with EPFO especially when they change their employers.

        UAN connects all the EPF accounts so that they may be transferred fast. Also, account data can be seen.

    Transparency and Accessibility:

        EPFO has also started Member Portal and UMANG app as an online facility for the members to access their passbook, track their contributions and file claims at their convenience.

        Members are regularly updated and notified about their accounts and advantages.

Contact Us

Best PF ESI Consultant in Ahmedabad by Connect 2 Payroll Consultant and Outsourcing Company in India. If you have any help or query regarding EPFO services then you may contact EPFO helpdesk:

Overview

EPFO has been a lifeline for the labour force. Whether you are preparing for retirement or have enough funds for peace of mind, the EPF site gives convenient tools to manage your savings, filing of claims and most all, planning. Activate your UAN now and find out the various benefits that EPFO has to offer. Your future self will love you for that!