EPF Full Form
what is the full form of EPF?
The full form of EPF is Employees' Provident Fund (EPF), a category of "Provident Fund Schemes," is a required savings and retirement scheme for qualifying employees. Employees can rely on the fund's corpus once they retire. Employees must contribute 12% of their base pay to this fund each month, according to EPF guidelines. The firm matches the employee's PF account contribution. Annual interest is paid on funds put into EPF accounts. Employees who retire can withdraw the whole amount collected in their EPF.
EPFO Schemes
The EPF Scheme of 1952
Highlights of EPF schemes:
After retirement or death, the accumulation plus interest is distributed.
Partial withdrawals were permitted for educational purposes, marriage, sickness, and home building.
Housing programme for EPFO members in order to accomplish Prime Minister Narendra Modi's aim of housing for everybody by 2022.
1995 Pension Scheme (EPS): The Pension Scheme's Highlights: The monthly payout for superannuation, disability, survivor, widow(er), and children. Minimum disability pension. Participants in the former Family Pension Scheme, 1971, received a past service benefit.
The Insurance Scheme of 1976 (EDLI): The scheme's most notable characteristics
The benefit is granted in the event of the death of an employee who was a scheme member at the time of death. The benefit amount is 20 times the pay, with a maximum benefit of Rs. 6 lakhs.
EPFO is the world's largest social security organisation in terms of both the number of covered beneficiaries and the volume of financial transactions conducted. On October 1, 2014, Prime Minister Narendra Modi announced Universal Account Number for EPFO employees to facilitate PF number portability.
EPFO UAN (Universal Account Number)
The online registration and activation of a Universal Account Number (UAN) allows access to all of the information in an individual's account on the official website of the Employees' Provident Fund Organization (EPFO). After registering and activating your account, which takes only a few minutes, you will be able to do anything online, from seeing your account balance to withdrawing your Provident Fund (PF) amount as needed. You may then access your EPF account at any time of day or night using a computer device with an internet connection, making it extremely convenient and straightforward to manage. It is a 12-digit number assigned to each employee in an organisation. If a person has numerous member IDs issued by different organisations, all of the IDs will be combined into a single UAN number that will be the same for the rest of their lives. This number will not change even if an employee switches jobs. UAN provides a variety of advantages.
Reduces confusion caused by many IDs and will have a single UAN number for easy claim transfer and withdrawal
SMS services for online pass booking
Online KYC verification
Check your EPF balance online by downloading the UAN EPF book.
Organisational Structure of EPFO
The EPF is managed by the Central Board of Trustees. The Trustees Board includes the Central Board and the Executive Committee. A chairman serves on both the Central Board and the Executive Committee. The central board has a vice chair, and the central PF commissioner serves on the Executive Committee. Both are represented by representatives from the federal government, state governments, employees, and employers. (Numbers vary.)
EPFO's regulatory framework is as follows:
The organisation is organised into zones, each of which is led by a Central Provident Fund Commissioner.
There are now ten Zones around the nation.
Regional Provident Fund Commissioners oversee one or more regional offices in each state (Grade I)
Regional Provident Fund Commissioners lead Sub-Regions within regions (Grade II)
Each district has a district office.
EPFO initiatives to improve service efficiency
The EPFO offers online services for the following processes:
Nominations
determining balances
Members who want to settle their claims can do so online.
Code on Social Security 2020
The Code on Social Security 2020 requires social security to be provided to every establishment that has been notified by the federal government. Other significant aspects of the Code for Social Security 2020 are: The central government will establish social security funds for unorganised employees, gig workers, and platform workers. State governments will establish and operate separate social security funds for unorganised employees. The National Social Security Board may also operate as the board for the welfare of gig workers and platform employees and can suggest and oversee gig worker and platform worker programmes. The Code on Social Security 2020 includes a list of aggregators who will help support schemes for gig workers and platform employees. The Code on Social Security 2020 requires social security to be provided to every establishment that has been notified by the federal government. Other significant aspects of the Code for Social Security 2020 are:
The central government will establish social security funds for unorganised employees, gig workers, and platform workers. State governments will establish and operate separate social security funds for unorganised employees. The National Social Security Board may also operate as the board for the welfare of gig workers and platform employees and can suggest and oversee gig worker and platform worker programmes. The Code on Social Security 2020 includes a list of aggregators who will help support schemes for gig workers and platform employees. The 2020 Bill cuts the gratuity term for working journalists from five to three years. The National Social Security Board for unorganised employees will now include ten central government representatives. State governments will send ten delegates to the state Social Security Boards. The 2020 Bill includes new provisions that may become relevant in the event of an outbreak. For example, in the event of a pandemic, endemic, or national calamity, the central government may suspend or cut employer or employee contributions (under PF and ESI) for up to three months.
Online Services
Portal Principal Employers-CAIU: EPFO would establish a Central Analysis and Intelligence Unit (CAIU) to collect and analyse field-level data in order to establish a transparent and accountable labour inspection system.
Pensioner’s Portal: It functions as the single window mechanism for services related to pensions of Central government employees or their families.
EDLI and Pension Calculator: EDLI benefits are only accessible to family members/ nominees selected by the member during his lifetime, or to surviving family members in the event of the member's death while working. Members are recommended to file their e-Nomination and update it timely in case of family changes, so that in the unfortunate event of his death, the benefits are given to the intended family member/nominee via an online claim. This version of the Pension Calculator will only return results for member pension cases with a pension start date on or after 01-04-2014, as defined by the Employees" Pension Scheme 1995. The benefits shown are for earnings up to the pay cap of Rs 6500/- till August 31, 2014, and Rs 1500/- after that date. When these details are entered, the system will display the amount of monthly or early pension. If the pension sum is less than Rs 1000/-, the member will be eligible for a Rs 1000/- minimum pension as of 01-09-2014 or the pension start date, whichever is later. In the event of early pension, the pension reduction amount of 4% per year will be removed from the early pension for each year from the pension established at the age of 58 years until the age (minimum 50 years) from which early pension was selected.
Jeevan Praman via Mobile App: Pensioners can create DLCs (Digital Life Certificates) for various PPOs using a single biometric authentication using Jeevan Pramaan.
International Workers Portal: Any employee who is a foreign person working in India for an employer registered with the EPFO or an Indian employee working in a foreign country with whom India has a social security agreement is considered an international worker (IW) (SSA).
TRRN Query Search
Mission and Vision
Vision: An innovative social security organisation striving to provide Nirbadh (seamless and uninterrupted) service delivery to its stakeholders by utilising cutting-edge technologies.
Mission: To address the changing demands for comprehensive social security in an open, contactless, anonymous, and paperless manner, to ensure Nirbadh services with multi-locational and auto claim settlement processes for EPFO catastrophe proofing, to make life easier for members and retirees, and to make doing business easier for employers by using the government of India's ICT platforms to reach millions.
Frequently Asked Questions (FAQs)
Check your EPF balance by ensuring that your employer has activated your Universal Account Number (UAN). All employees who participate in the EPF plan are assigned a UAN, which is a unique identification number. Regardless of the organisation for which they work, all employees should have only one UAN throughout their careers. It is straightforward to access your PF account services, such as withdrawal, checking your EPF balance, and applying for an EPF loan, thanks to UAN. UAN is important because the whole EPF service procedure is now done online. Once your UAN number has been activated, complete these steps:
Step 1: Go to the EPFO's website. Go to 'Our Services' and choose "For Employees" from the drop-down menu.
Step 2: Under "Services," select the 'Member Passbook" option.
Step 3: A login page will be shown. After your UAN has been activated, enter your UAN number and password here.
Step 4: Click on the 'View Password [Old: Full]' option after selecting the 'Member ID.'
Step 5: Your PF information will appear on the screen.
Step 6: Click the 'Download Passbook' button to print this passbook.
Check Your PF Balance Via SMS
Once your UAN has been linked to your KYC information, proceed as follows: Send a text message to 7738299899.
The response will be written in the format "EPFOHO UAN ENG."
In the SMS, you must choose your chosen language of communication. Simply enter the first three characters of your desired language. Use the first three characters of the word English, i.e., EPFOHO UAN ENG, if you want to get updates in English.
The new regulation permits the EPF to remove 75% of the EPF corpus after one month of unemployment. After finding new work, the remaining 25% can be transferred to a new EPF account. According to the former norm, 100% EPF withdrawal is permitted after two months of unemployment.
PF Withdrawal Procedures: EPFO has specified a number of PF withdrawal restrictions in order to guarantee that employees continue to be registered in the scheme and avoid making withdrawals from their PF corpus in order to save money for the future or for retirement. They are listed below. All withdrawals made before completing 5 years of continuous service are taxed. Withdrawals from the EPF are tax-free after 5 years of constant service. Withdrawals will not be taxed if the employee was terminated or is jobless due to illness, for example. If an employee leaves the programme before completing 5 consecutive years, both the principal and interest earned are taxed. Nonetheless, the sum will be taxed in the current fiscal year. If an employee withdraws from the programme before completing 5 consecutive years, he or she will be taxed 30% of the principal amount and interest accumulated if their PAN has not been filed with the EPFO authorities. If the employee has provided the EPFO with his or her PAN number, 10% TDS (tax deducted at source) would apply. Transferred funds from a PF account to the National Pension Scheme (NPS) will not be taxed when withdrawn. If an employee changes employment and opens a new PF account, it will be deemed continuous service to the plan as long as there is no break in contributions. Employees must make it easier for customers to use the Composite Claims Form to make a partial withdrawal or a final settlement claim. If the employee has linked his or her Aadhaar card to their UAN, they can use the Composite Claims Form to make a withdrawal straight to the EPFO without the need for employer attestation. Those who have not seeded their Aadhaar card data with their UAN must submit the Composite Claims Form along with their employer's certification to make a withdrawal.
If the employee has linked his or her Aadhaar card to their UAN, they can use the Composite Claims Form to make a withdrawal straight to the EPFO without the need for employer attestation. Those who have not seeded their Aadhaar card data with their UAN must submit the Composite Claims Form along with their employer's certification to make a withdrawal.
If your tax affairs are in order and you have supplied all of the appropriate documentation (such as a copy of your ID, a completed instruction form saying where the money should go, and verification of banking details), the cash should be paid out at 10X within 14 to 21 working days.
EPF is available to all salaried employees. Furthermore, any employees earning less than Rs. 15,000 must register for the EPF. Employees earning more than Rs 15,000 can, however, choose to remain in the EPF plan freely.
If you quit your job or leave a firm and start working somewhere else, your EPF account will no longer receive monthly payments. This does not, however, indicate that the account will be terminated. When you join another firm with the same UAN, your new employer will open a new EPF account for you. You can then request that EPFO integrate the old and new EPF accounts.
If you do not get a new employment, you will have an extra three-year grace period from your final payment to withdraw your whole EPF amount. Your EPF account will be considered inactive if you do not comply. You might have to go through some complicated steps to acquire access to this money.