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.
