The EPF is the standard form of Employee Provident Fund, this scheme is regulated by EPFO. EPF is an advantage provided to the employee during retirement and a fund created for social security for stability and financial security during retirement. It is mandatory for every organization that more than 20 employees must have EPF registration. And the organizations must follow the respective guidelines and comply with the same.
Compulsory Registration
According to the guideline of EPFO, an organization that has more than 20 employees has to mandatory register.
Voluntary Registration
An establishment that has less than 20 employees can choose to voluntarily register.
All Establishments
Any form of organization that is recognized according to the requirements of the act will have to register under the Employee Provident Fund.
Risk coverage: The basic benefit of the Provident Fund is to cover the risks for employees and their dependents that may arise due to retirement, illness, or their demise.
Uniform account: An important aspect of the Provident Fund account is steady and transferable. It can be fetched to any other place of employment.
Employee Deposit Linked Insurance Scheme: This scheme is for all PF (Provident Fund) account holders. According to this, 0.5% of the salary is deducted from the life insurance premium.
Durable goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes in handy during such occasions.
Sustenance in an emergency: There are certain unanticipated occasions like marriage or other family occasions, any mishappening, or medical emergencies that require urgent finance. The PF amount can be of immense help.
Covers pension: The employee’s 12% contribution for EPF is beyond, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).
EPF registration can be done through the official website of the EPFO. Application for EPF registration is available there. EPFO is the largest social security organization globally that has a large volume of financial transactions. The EPFO is under the administrative control of the Ministry of Labour and Employment, Government of India constituted under Employee’s Provident Funds & Miscellaneous Provisions, Act 1952. EPF is the benefits availed to the employee on their retirement in the form of a Provident Fund. EPFO provides assorted services including various schemes.
There are three operating schemes of EPFO that are mentioned below:
EPF Scheme 1952
Pension Scheme 1995 EPS (Employee Pension Scheme))
Insurance Scheme 1976 (EDLI)
You can access online services by registering on the EPFO member portal. If you have an EPF account, you can register yourself at the EPFO portal by following the steps mentioned below:
Open the EPFO official site and go to the member portal and click on “Activate UAN (Udyog Aadhar Number).”
Now, you need to fill in your personal details for registration such as your UAN/member ID along with your Aadhaar number, DOB, name, mobile number, and captcha code.
Once you enter the required details in the portal and click on submit, An OTP will be sent to the registered mobile number. Enter OTP to validate your details.
then, you have successfully registered on EPF/UAN member portal.
For Employees:
Go to the EPFO portal
Under the ‘Services’ section, click on ‘For Employees.’
The new dashboard will open and go to Member UAN/Online Services (in the ‘Services’ section). You can directly reach to the EPFO Member Portal/e-SEWA Portal.
If you have an activated UAN (Universal Account Number) Now login using UAN. Below the ‘login’ section, there is also an option to activate UAN. In case you have not activated it, click on ‘Activate UAN’ and follow the instructions mentioned above as ‘How to Register on EPFO Portal?’
To check your PF balance and the status of any claim like PF settlement or partial PF withdrawal, you can login to your UAN whenever you have activated your account.
For Employers:
Go to the EPFO Official site and click on ‘For Employers’ under the ‘Services’ section.
Click on ‘Online ECR or Challan Submission/OTCP’ under ‘Services’ from the new dashboard that opens on the next page. You should go to the EPF Unified Portal for Employers and ensure that you can login in ‘Employer’s Sign In’ and not ‘Establishment Sign In’ or switch the option that displays below the sign-in tab.
When an employer successfully registered for his Establishment then he can login using his Username. In the ‘Services’ section, there is an option for ‘Online Registration of Establishment.’ Read the instruction manual and proceed.
Login to UAN member e-Sewa portal using your UAN and password
Click on the ‘Manage’ tab and select the ‘KYC’ option shown in the go-down menu.
After that fill in your KYC details such as Aadhaar, Passport, Driving License, Ration Card, Election Card, National Population Register, and Bank details.
Select the box of the given KYC option whichever you are going to update and enter the details associated with that option.
Click on ‘Save’ Your data will be saved under the ‘Pending KYC’ section
Your details will be verified by the EPFO with the department. For example, your PAN (Permanent Account Number) will be verified by the Income Tax Department
After the successful verification by the department concerned, your KYC will be updated on the portal.
Q. How to Transfer EPF Online?
A. The employee is required to log in to the member portal using UAN and go to ‘Online Services and click on ‘Transfer Request.’ Generally, people need to transfer EPF when they switch jobs or get transferred.
Q. How to check your UAN status?
A. The facility for checking the status of your UAN is available on the prescribed official portal
Q. What are the benefits of EPF registration?
A. There are certain benefits of the scheme you can get help for unexpected events like marriage or other family occasions, any mishappening, or medical emergencies that require urgent finance. The PF amount can be of immense help.
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