Tuesday, 8 January 2019

EPFO - Employees' Provident Fund Organisation India

What is Employee Provident Fund Organisation (EPFO)?


EPFO (Employees' Provident Fund Organization) is a statutory body incepted by the administration of India. Epfo is India's biggest government-managed savings association, it basically encourages individuals to put something aside for retirement, among others. EPFO goes under the domain of Ministry of Labor and Employment and appeared in 1952.  This is currently known as Employees' provident fund. It is applicable all over India but except Jammu and Kashmir.

History of origin of EPFO:-

EPFO is Under the "Directive Principles of State Policy", the Constitution of India makes the arrangement that each State should make a course of action for its inhabitants in connection to one side to instruction, to work and for help with the occasion of seniority, joblessness, ailment and disablement. In view of this arrangement the Parliament sanctioned the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.

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Structure:-

The Act and every one of its Schemes are managed by a tri-partite Board called Central Board of Trustees (EPF). It has agents of Government (both Central and State), Employers and Employees. The Board is led by the Ministry of Labor and Employment, Government of India. The Central Board of Trustees (EPF) works 3 plans:


b. The Employees' Pension Scheme 1995 (EPS) 

c. The Employees' Deposit Linked Insurance Scheme 1976 (EDLI) 

The EPF Organization (EPFO), is an Organization that is built up to help the Central Board of Trustees (EPF) and is under the authoritative control of the Ministry of Labor and Employment, Government of India.

EPFO functions:-

EPFO helps the Central Board of Trustees (EPF) in the organization of Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the enlisted foundations in India and incorporates representatives of such foundations and global laborers who are secured. EPFO's working incorporates requirement of the Act the nation over (aside from Jammu and Kashmir), support of individual records, settlement of cases, venture of assets, guaranteeing brief benefits installment and refreshing records and so forth. 

EPF Organization is additionally the nodal office for actualizing Bilateral Social Security Agreements with different nations. Further, it is one of the biggest standardized savings associations in India, both as far as the recipient base and the quantum of budgetary exchanges embraced. The EPFO's pinnacle basic leadership body is the Central Board of Trustees. 

EPFO has been taking a few measures to disentangle the activity of EPF account both for boss and representatives by receiving IT-empowered instruments and methods. EPFO has embraced the quantity of computerized activities in the ongoing past. 

Generally speaking, the EPFO plays out the double job of being the organization and managing the usage of the Act and furthermore as a specialist organization for the secured recipients which incorporates the two businesses and workers i.e., individuals. 

EPFO's site which gives access to different data and online administrations can be gotten to here.

Services provided by the Employee Provident Fund Organization:-



International Workers:-

To assist bosses and representatives from India who are working/working abroad, the administration of India has gone into an Agreement with different nations through the EPFO. 

This offers weightage to annuity qualification, government disability commitments to be made, and so on. The EPFO issues a "Declaration of Coverage" to those representatives who are working abroad in nations that have an Agreement with the Indian Government, under this office. The nations which have an Agreement with the Indian government are - Germany, Belgium, Switzerland, France, Grand Duchy of Luxembourg, Denmark, Netherlands, Republic of Korea, Finland, Hungary, Sweden, Norway, Czech Republic, Canada and Austria. Universal laborers can likewise utilize the EPFO entrance for online utilization of COC (Certificate of Coverage). The subtleties that must be entered are manager subtleties, worker subtleties and subtleties of the place in which the representative works in, for example, the name of the foundation, address, and so on.

Indian Citizens:-

Indian Citizens, as a rule, can likewise utilize the EPFO online entry so as to enroll for UAN allocation. So as to enroll for the equivalent, subjects must give their email id, versatile number, KYC subtleties, for example, name according to Aadhaar card, the Aadhar number, or in the event that you don't have an Aadhar card, you can give your name as given in your PAN card, PAN number, and so forth. In would you be able to don't have a PAN Card or an Aadhar card, you can give the subtleties as given in your identification, for example, name, visa number, or, name as given in your voter's ID and the Voter's ID card number. You will likewise need to give other individual subtleties, for example, your date of birth, sexual orientation, and address for correspondence, father's name, mother's name, name of companion, training capability, industry, and so forth. Next, you need to fill in significant subtleties relating to your financial balance, for example, ledger number, IFSC code, and so on. At that point, transfer archives, for example, your photo and mark. Enter the captcha and tap on "Create Authorization Pin". When you get the Pin on the portable number you have given, enter this in the segment gave and continue to the following stage.

Recent measures taken by the EPFO:-

The retirement finance body EPFO wishes to expand paperless methods at all dimensions. It has taken certain measures as of late to help toward that path. 

  • Managers have been asked for to outfit insights concerning their new workers to the retirement support body EPFO. Prior, Form-9 was documented by a representative when he/she joined an association where the Employees' Pension Scheme was in power. The businesses are currently required to present the subtleties physically. 


  • EPFO has the office to make the up front installment and pay regularly scheduled payments to purchase a house with the assistance of the PF account. Workers who have effectively actuated their UAN and connected their Aadhaar number with their PF record can make claims for PF settlement, annuity advantage or halfway withdrawal utilizing the UAN interface. 


  • The entire procedure will be finished online without the cooperation of the business or the EPFO office. The case asked for by the representative will be coordinated to the database. It will be prepared and after that the worker's record will be credited. 


  • Simple withdrawals can be produced using the PF for reasons like therapeutic crises, instruction costs, marriage costs, and so forth. The representative isn't required to submit testaments or archives. 


  • The work service has revised government managed savings plans to empower annuity, PF and protection installments to be made electronically.


EPFO’s agreement with international workers:-

Representatives who work in nations that have made a concurrence with the Indian government may get a Certificate of Coverage that the EPFO has been approved to issue. The understanding will profit Indian representatives and bosses working in different nations. 

1.It will guarantee that the workers don't forgo making commitments to the nation of origin. 

2.The understanding will ensure the representative gets annuity benefits in the nation he/she lives in. 

3.The arrangement will likewise make sure that businesses don't make twofold commitments to             similar workers for standardized savings.

Default in Payment of EPF

Period of Default on PF contribution - Penalty Charged per annum (in percentage)

Period less than 2 months -  17% of the PF contribution

2 months to less than 4 months - 22% of the PF contribution

4 months to less than 6 months - 27% of the PF contribution

6 months and above - 37% of the PF contribution

Advantages of the Schemes Implemented by the Employee Provident Fund Organization (EPFO) :-

Coming up next are the advantages of the Employees' Pension Scheme (EPS), Employees' Provident Fund Scheme (EPF) and Employees' Deposit Linked Insurance Scheme (EDLI) embraced by the EPFO: 

Advantages of the Employee' Provident Fund Scheme (EPF), 1952:-

The representative can get an ordinary annuity after retirement. The gathered sum added to the Pension Fund every month throughout the years in addition to the intrigue accumulated on the equivalent is paid out to the representative upon his/her renunciation, retirement or demise. 

Workers can pull back cash from their benefits finance ahead of schedule under extraordinary conditions. Incomplete withdrawal of the PF sum is allowed for exceptional cases, for example, advanced education, house development, disease, marriage, and so on. 

Advantages of the Employees' Pension Scheme (EPS), 1995:-

Under this plan month to month benefits are offered to workers upon retirement, superannuation, and so on. 

Widows and youngsters are qualified for month to month (endless supply of the representative) 

The benefits sum paid out after retirement is determined dependent on the normal compensation earned in the a year near the representative's date of retirement and the aggregate long periods of qualified administration offered by him/her. 

Under this plan, members of the Family Pension Scheme (1971) will likewise get benefits for administrations rendered. 

Advantages of the Employees' Deposit Linked Insurance Scheme (EDLI), 1976:-

The group of a worker who has enlisted for this plan, will be qualified for different advantages upon the passing of the representative. The worker must be an individual from the Employees' Deposit Linked Insurance Scheme at the season of his/her passing. 

The advantage paid out to the worker's family will either be 20X the normal wage earned by the representative or the aggregate supports gathered in his/her PF account, whichever is the most reduced. 

The protection advantage can be as much as Rs. 3 lakhs.

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