What is epfo?
EPFO stands for Employee Provident
Fund Organisation. It is a statutory body under the Ministry of Labour and
Employment, Government of India. EPFO is responsible for the administration and
regulation of the Employees' Provident Fund (EPF), a social security scheme for
employees in India.
The primary objective of EPFO is to
ensure social security and financial stability for employees by providing
retirement benefits, such as a pension, and managing their provident fund. EPF
is a fund to which both the employer and the employee contribute a certain
percentage of the employee's salary.
EPFO manages the contributions made
by employees and employers and maintains individual accounts for each member.
The organization also issues a Universal Account Number (UAN) to every EPF
member, which serves as a unique identification number for accessing and
managing the PF account.
EPFO also provides services such as
online PF withdrawal claims, transfer claims, account balance inquiries, and
other member-related services through an online portal. It ensures transparency
and efficiency in managing and disbursing the funds to the beneficiaries.
Overall, EPFO plays a crucial role
in safeguarding the financial well-being of employees in India and ensuring
that they have a reliable source of income and security after retirement.
What are the eligibility criteria
for an employee to be a member of EPFO?
To be eligible for EPFO membership,
an employee must meet the following criteria:
1. Employee Status: The EPFO
membership is applicable to employees working in establishments that come under
the purview of the Employees' Provident Fund and Miscellaneous Provisions Act,
1952. This includes organizations with 20 or more employees, certain specified
industries, and establishments voluntarily registered with the EPFO.
2. Salary Threshold: As of
September 2020, employees earning a basic salary of up to Rs. 15,000 per month
are eligible for EPFO membership. However, this threshold may be subject to
changes over time, so it is advised to check the latest guidelines.
3. Voluntary Membership: Employees
earning a basic salary exceeding the prescribed threshold can also choose to
become EPFO members voluntarily, subject to employer and regional provident
fund office approval.
4. Age Limit: There is no specific
age limit for EPFO membership. Both young and older employees can be members as
long as they meet the other eligibility criteria.
It is important to note that the
EPFO membership is mandatory for eligible employees, and both the employee and
employer are required to contribute a certain percentage (currently 12% of
basic salary plus dearness allowance) towards the EPF account.
It is always advised to refer to
the latest guidelines and consult with the employer or EPFO office for detailed
and accurate eligibility criteria and membership requirements.
More details about the benefits and
provisions offered by the EPFO to its members.
EPFO offers various benefits and
provisions to its members. Here are the key ones:
1. Provident Fund: The primary
benefit offered by EPFO is the Employees' Provident Fund (EPF). Both the
employee and the employer contribute a certain percentage of the employee's
salary (currently 12% of basic salary plus dearness allowance) towards the EPF.
The accumulated funds in the EPF account earn interest, providing employees
with a savings and retirement corpus for their post-employment years.
2. Pension Scheme: EPFO also
administers the Employees' Pension Scheme (EPS), which provides a pension to
members who have completed at least 10 years of service. The pension amount is
determined based on the employee's years of service and average monthly salary.
3. Insurance Coverage: EPFO
provides a life insurance benefit through the Employees' Deposit Linked
Insurance (EDLI) scheme. Under this scheme, a life insurance cover is provided
to all members, and the insurance amount is based on the average monthly
salary. In case of the member's untimely demise, the nominated beneficiary
receives the insurance amount.
4. Withdrawal Facilities: EPFO
allows its members to make partial withdrawals from their EPF account under
certain specified circumstances, such as marriage, education, medical
treatment, home loan repayment, etc. Members can also withdraw the complete EPF
balance after retirement or after remaining unemployed for a specific period.
5. Online Services: EPFO has
introduced various online services to facilitate easy access and management of
EPF accounts. Members can check their EPF balance, download passbook, make
claims for withdrawals or transfers, update KYC details, and track the status
of their requests through the EPFO's online portal.
6. Transferability: EPFO ensures
portability of EPF accounts by enabling the transfer of EPF balances when an
employee changes jobs. This allows members to consolidate their EPF savings and
continue enjoying the benefits of the scheme throughout their career.
It is worth mentioning that EPFO
periodically revises its benefits, provisions, and rules, so it is advised to
stay updated with the latest notifications and consult with the EPFO office for
detailed information and guidance specific to individual circumstances.
To claim your Provident Fund (PF)
from UAN (Universal Account Number), you need to follow these steps:
1. Visit the EPFO (Employee
Provident Fund Organisation) member portal at:
https://unifiedportal-mem.epfindia.gov.in/memberinterface/
2. Log in to the portal using your
UAN and password. If you have not yet activated your UAN, you will need to do
so before you can log in.
3. Once you have logged in, select
the ‘Online Services’ tab from the top menu bar, and then click ‘Claim
(Form-31, 19 & 10C)’ from the drop-down menu.
4. On the next page, you will see
the details of your PF account, including your name, date of birth and UAN.
Check these details carefully to ensure they are correct.
5. Next, select the type of
withdrawal you want to make – full withdrawal or partial withdrawal (advance).
If you are making a partial withdrawal, you will need to provide a reason for
your withdrawal.
6. Once you have selected the type
of withdrawal, enter the amount you want to withdraw and your bank account
details (including IFSC code).
7. Submit your claim, and it will
be forwarded to your employer for verification and approval.
8. After your employer approves
your claim, the amount will be credited to your bank account.
It's important to note that the
verification and approval process can take several days or even weeks,
depending on various factors such as your employer's response time and the
workload of the PF office. It's also a good idea to keep track of your claim
status through the member portal.
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