What is EPFO

Employee’s Provident Fund are under the Employee’s Provident Fund & Miscellaneous Provisions Act, 1952. The organisation is governed by the Ministry of Labour and Employment, Government of India.

Employees’ Provident Fund (EPF) is a retirement benefit scheme maintained by the Employees’ Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance. Out of the employer’s contribution, 8.33% is directed towards the Employee Pension Scheme.

Objectives of EPFO

  • To ensure every employee has only one EPF account.
  • Compliance must be facilitated easily.
  • Make sure organisations follow all the rules and regulations set up by the EPFO on a regular basis.
  • To ensure that online services are reliable and to make improvements in their facilities.
  • For all member accounts to be accessed online easily.
  • Claim settlements to be reduced from 20 days to 3 days.
  • Promotion and encouragement of voluntary compliance.

Service offered By EPFO

  • Universal Account Number
  • Registration of Establishments Online
  • PF Withdrawal
  • UAN Member E-Sewa for Employees
  • Online Payment of PF
  • SMS and Missed Call Services

EPFO apply for whom?

  • This savings scheme applies to the workforce of organisations that come under the Employees’ Provident Fund Organisation (EPFO).
  • It is mandatory for such organisations where the number of employees exceeds 20.
  • It is compulsory for salaried employees earning up to Rs.15000 salary (basic + dearness allowance).
  • Employees with more than Rs.15, 000 salary can contribute voluntarily.

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