Jagran Josh
Check the full form of EPFO, Exams related to it and all the other details like Login, Passbook, services offered by EPFO and benefits of opening an EPF account. Know the types of forms available in the EPFO website and the offices that EPFO holds all over India.
EPFO full form: EPFO is one of the world’s largest Social Security Organisations if we consider the clientele and the volume of financial transactions undertaken. At present the organization maintains 27.74 crore accounts (Annual Report 2021-22) pertaining to its members. The Employees’ Provident Funds and Miscellaneous Act, 1952, has EPF as its core programme. The Employees’ Provident Fund Organisation (EPFO) is in charge of running the programme.
All businesses with 20 or more employees included must sign up for the EPF scheme. While some businesses with fewer than 20 employees may also be included with certain restrictions and exemptions.
A total of 12% of the employee’s base pay and dearness allowance are separately contributed by the employee and the employer to the EPF.Following retirement, the employer receives a lump amount that comprises both their own and the company’s contributions, as well as interest on both. EPF deposits currently earn 8.15% p.a. in interest
What is the full form of EPFO?
Employee Provident Fund Organisation is the full form of EPFO. It was established by the Indian government to assist the Central Board of Trustees (CBT). Created under the Miscellaneous Provision Act of 1952 and the Employees Provident Fund, EPFO is one of India’s largest social security organisations and encourages workers to set up money for their retirement. Administrative jurisdiction over it resides with the Indian government’s Department of Labour & Employment. It has122 offices scattered around the country.
EPFO supports the Central Board in managing a scheme that calls for mandatory contributions to provident funds. It additionally serves as a nodal organisation for other nations to carry out bilateral social security agreements.
What is the UPSC EPFO exam?
The Union Public Service Commission holds the UPSC EPFO examination in order to find qualified applicants for the positions of Enforcement Officer and Accounts Officer in the Employees Provident Fund Organisation, a statutory body under the Ministry of Labour and Employment of the Government of India.
What is the EPFO SSA exam?
The Social Security Assistant (SSA) examination is administered by the Employees’ Provident Fund Organisation (EPFO). The Preliminary exam, Main exam, and Computer Data Entry Test are the three components of the SSA exam. The EPFO SSA test does not have a set syllabus, however applicants can obtain a sense of the type of questions that will be asked by reading through question papers from prior exams.
An overview of EPFO:
The EPFO Board is responsible for managing the contributory provident fund, pension plan, and insurance programme for the workers employed in India’s organised sector.
|
EPFO |
Employees’ Provident Fund Organization |
|
Date of establishment |
15th November, 1951 |
|
Ministry |
Ministry of Labour & Employment, Government of India |
|
Accessibility |
To employees and employers |
|
Schemes |
EPF, EPS, EDLI |
|
Current Central Provident Fund Commissioner(CPFC) |
Smt. Neelam Shami Rao |
|
Website |
epfindia.gov.in |
EPFO Objectives: What are the purposes?
We have listed the objectives of EPFO that it believes and focuses on:
- To guarantee that each employee has an EPF account.
- Easy facilitation of compliance is necessary.
- Ensure that businesses consistently abide with the rules and guidelines established by the EPFO.
- To assure the dependability of online services and to upgrade their infrastructure.
- All the member accounts can have simple online access.
- Settlement times for claims to be reduced from 20 days to 3 days.
EPFO Schemes Offered: Numbers of Schemes launched
EPFO mainly offers three schemes for the benefit of the workers:
|
Scheme |
Year |
|
Employees’ Provident Funds Scheme(EPF) |
1952 |
|
Employees’ Pension Scheme(EPS) |
1995 |
|
Employees’ Deposit Linked Insurance Scheme(EDLI) |
1976 |
EPFO Benefits: Who it Benefits Employee
There are several benefits of having an EPF account mentioning some of them below:
- It carters in long-term financial planning and saving for the employee.
- Making a single, lump-sum investment is not necessary. Monthly deductions from the employee’s pay are made, which over a long period of time allows for a significant amount of savings.
- An employee may benefit from it financially in the time of crisis.
- It aids in maintaining a good living and helps one save money for retirement and after.
What is EPFO Universal Account Number(UAN)?
All EPF subscribers have online access to their PF accounts and can use it to make withdrawals and check their EPF balance. The EPFO member portal can be accessed easily with the help of the Universal Account Number (UAN).
Each member of EPFO receives a 12-digit number known as the UAN. Even if an employee changes jobs, their UAN stays the same. When a member’s job changes, their member ID also does, and the new ID is connected to their UAN. However, in order to use the EPFO services online, employees must activate their UAN number.
Your employer will be providing you with your UAN. If you are unable to do so, you can quickly locate the UAN by logging into the UAN site with your member ID. Visit: epfindia.gov.in to for EPFO UAN login.
EPFO PF: Employees Vs Employers Contribution Ratio
EPF contributions must be made by both the company and the employee. Each contributes 12% of the employee’s base salary and dearness allowance to the EPF. The specifics of the employer and employee contributions to the EPF are shown below:
Contribution of Employee to EPF: The employer deducts 12% of the employee’s pay on a monthly basis as EPF contributions. The EPF account receives the entire contribution.
Contribution of Employer to EPF: 12% of the employee’s pay is also contributed by the employer to the EPF.
Interest Rates of EPF: What is interest paid on PF?
PF interest rates are currently 8.15%. The amount of interest that has accumulated in the EPF account at the end of a fiscal year is simple and easy to compute. The total balance in the account is calculated at the end of the year by adding the total sum to the employer and employee contributions.
EPFO Eligibility Criteria for EPF
The eligibility criteria to open an EPF account is simple and requires the following requisite:
- It is mandatory for Salary workers to open an EPF account if their monthly in hand pay is less than Rs. 15,000.
- Any organization employing more than 20 people, the organization must register under the EPFO.
- There is a volunteer program to join EPFO if an organization consists of less than 20 employees.
- Employees whose salary is more than Rs. 15000 can register to EPFO by the permission of PF administrator.
- With the exception of Jammu and kashmir, the EPFO system is available all over India.
EPFO Login to EPF Account: How Employer and Employee can check details online?
The activation of UAN is the initial step in logging into the EPFO site. The EPFO portal makes this simple to do.
Employee’s EPFO login:Logging onto an employee’s EPFO site is a straightforward process. The employee must first log in to epfindia.gov.in using their UAN and password. On the portal, you can transfer PF funds, check your PF balance, and update your KYC information.
Employer’s EPFO login: When logging in for the first time to the EPFO employer portal at epfindia.gov.in, an employer must generate a username and password. The employer can approve the employee’s KYC information after logging into the site.
EPF Passbook: Importance and features
You can view your EPF account statements and print or download them using the EPFO passbook feature that is available on the website. The EPF passbook is available to all adherents who have registered their UAN on the EPFO portal.
The EPFO passbook contains information such as the employee’s name, establishment ID, specifics of the EPF plan, the name of the EPF office, etc.
EPFO Forms: Types and details
Below is a table describing the forms available in the EPFO website:
|
Type of Form |
Use of the form |
|
Form 31 |
The PF Advance Form is another name for it. It can be utilised to get EPF account withdrawals, loans, and advances. |
|
Form 10D |
Use this form to apply for a monthly pension. |
|
Form 10C |
To submit a claim for benefits under the EPF programme, complete this form. To withdraw the money that the employer contributes to EPS, utilise Form 10C. |
|
Form 13 |
TThe PF amount from your prior work is transferred to your present employer using this form. This aids in maintaining all the PF funds in a single account. |
|
Form 19 |
To request the EPF account’s ultimate settlement, utilise this form. |
|
Form 20 |
If the account holder passes away, the family may utilise this form to withdraw the PF amount. |
|
Form 51F |
A nominee may use this form to make a claim for benefits under the Employees’ Deposit Linked Insurance. |
EPFO Offices all over India:
- Head Office: The Central Provident Fund Commissioner (CPFC) is the EPFO’s CEO and the Central Board of the EPF’s ex-officio Member Secretary.
- Zonal Offices:
- Zonal ACC Office DELHI & UTTARAKHAND, JAMMU
- Zonal ACC Office PUNJAB & HIMACHAL PRADESH
- Zonal ACC Office UTTAR PRADESH
- Zonal ACC Office KARNATAKA (OTHER THAN BENGALURU) & GOA (HUBLI)
- Zonal ACC Office CHENNAI & PONDICHERRY (CHENNAI)
- Zonal ACC Office TAMIL NADU(EXCLUDING CHENNAI)
- Zonal ACC Office MAHARASHTRA(EXCLUDING MUMBAI)(PUNE)
- Zonal ACC Office BIHAR & JHARKHAND(PATNA)
- Zonal ACC Office KERALA & LAKSHADWEEP (THIRUVANANTHAPURAM)
- Zonal ACC Office RAJASTHAN
- Zonal ACC Office HARYANA
- Zonal ACC Office ORISSA (BHUBANESWAR)
- Zonal ACC Office TELANGANA (HYDERABAD)
- Zonal ACC Office ANDHRA PRADESH (VIJAYAWADA)
- Zonal ACC Office GUJARAT (AHMEDABAD)
- Zonal ACC Office MADHYA PRADESH & CHATTISGARH (BHOPAL)
- Zonal ACC Office BANDRA
- Zonal ACC Office THANE
- Zonal ACC Office NORTH-EASTERN REGION (GUWAHATI)
- Zonal ACC Office WB, A&N ISLANDS & SIKKIM (KOLKATA)
- Zonal ACC Office BENGALURU (BENGALURU)
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