- Previously, employees have to wait until end of the year for the employers of the private or government sectors to provide them with a statement of the EPF balance.
- Now a days, employees don’t have to wait as an organization called EPFO (Employee provident fund organization) is introducing many of its schemes online and offering its services in a more convenient and simple ways.
- All one needs to do is to register in the EPFO and get his UAN (Universal Account Number).
- EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members.
- The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952. The Employees’ Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India. The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
- The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India. The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 135 locations across the country. The Organization has a well-equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for trainings and seminars. The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India.
- The Board operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).
- Accumulation plus interest upon retirement and death
- Partial withdrawals allowed for education, marriage, illness and house construction
- Housing Scheme for EPFO Members to achieve Hon’ble Prime Minister’s Vision of housing to all Indians by 2022
- Pension Scheme 1995 (EPS)
- Monthly benefit for superannuation/retirement, disability, survivor, widow(er) and children
- Minimum pension on disablement
- Past service benefit to participants of erstwhile Family Pension Scheme, 1971
- Insurance Scheme 1976 (EDLI)
- Benefit provided in case of death of an employee who was a member of the scheme at the time of death
- Benefit amount 20 times of the wages. Maximum benefit of 6 lakh.
Employees’ Provident Fund
- All employees with wages up to Rs 15,000 required to join the Fund.
- Accumulations payable on retirement, resignation, death.
- Partial withdrawals permitted for financing life insurance policies; Acquiring house or site; Marriage of self or dependents; Education of children; Treatment of illness etc.
Employees’ Pension Scheme
- Entitlement for pension after 10 years of service & on attaining the age of 50 years.
- Minimum pension of Rs 1,000
- Pension admissible to dependents; widow, children, dependent parent, nominee.
Employees’ Deposit Linked Insurance Scheme
- Maximum admissible amount Rs 6 lac
EPFO MEMBER SERVIES:
EPFO has been introduced UAN to facilitate linking of multiple EPF accounts of a member.by using an UAN a member can track his previous PF transactions and members with Aadhar enabled UAN will eventually able to access EPF services directly.
EPFO has also been introduced various of its service in the form of a mobile app UMANG mobile application to access its services on mobile phones
Besides these EPFO has introduced SMS services and MISSED CALL services using which an employee can get the details of his EPF account.
List of services an employee can get having an EPFO account
- Correct updated information about his/her EPF Account
- Electronic updates on credits/debits to EPF Account
- Portability of EPF Member Account
- Uniquely identifiable Member Account
- Digitally certified member accounts to preempt frauds/ mis-credits
- Claims settlement without employers’ intermediation