The Employees Provident Fund Organisation is a statutory body under the Ministry of Labour and Employment administration by the Government of India. Moreover, on March 4, 1942 to assist the government in managing the administrative functions of the provident fund pension scheme and the insurance scheme for employees or workers in the organised sector.
Establishment of the Employees Provident Fund was to provide employees and their dependents with social security. However, the Employees’ Provident Fund and Miscellaneous Provisions Act 1952, enacted in 1951, applies to the entire country of India, with the exception of Jammu and Kashmir.
The Central Government governs The Employee Provident Fund scheme. It is one of the best investment options for salary workers. This scheme also promotes the habit of saving among employees in the organised sector, whether private, public, or government and you can avail these by just UAN Login.
The EPFO portal’s official website is https://unifiedportal-emp.epfindia.gov.in/epfo/.
Employees Provident Fund Schemes
The Employees Provident Fund is a three-person board. The Central Board of Trustees includes representatives from the federal and state governments, as well as employers and employees. The Central Board of Trustees manages the following schemes.
Employees Provident Funds Scheme 1952 (EPF): Contributions to the Employees’ Provident Fund scheme provide employees with retirement security. Form 10D handles the monthly pensions, while Form 10C handles the withdrawals and scheme certificates.
The Employees Pension Scheme 1995 (EPS): The Employees Pension Scheme 1995 (EPS) assists in the accumulation of monthly contributions from both the employee and the employer, which are only taken into consideration at the individual’s retirement. Partial withdrawal is also possible under this scheme. This scheme entails :-
- Form 19 handles the final settlement.
- In some cases, Form 31 is taken into consideration for a full or partial withdrawal.
- Where, Form 13 can transfer an existing account to a new one.
- However, Form 20 is used to make final settlement in cases where a nominee or beneficiary of a deceased member is involved.
- Form 14 can make finance life insurance policies.
The Employees Deposit Linked Insurance Scheme (EDLI) of 1976:
The scheme provides insurance payments to the employee’s family in the event of the employee’s death. Moreover, the benefit is up to 20 times the deceased employee’s salary or INR 6 lakh, whichever is less. Therefore, in the preceding example, Form 51 can claim the insurance benefit.
Registration under EPFO
Registration with the EPFO organisation is mandatory for the following:
- A factory with 20 or more employees.
- Employees earning less than $15,000 per month are eligible.
- Other organisations that employed equal to or more than 20 people in the previous year
The steps to register are as follows:
First Step: To register an organisation, go to the EPF organization’s official website, https://epfindia.gov.in.
Second Step: On the official website, there is a tab namely “Establishment Registration.” When you click the tab, another one appears for “single common registration under EPFO and ESIC.”
Third Step 3: The application is into sections. The first step is to finish filling out the employer’s information, which includes the following:
- Complete information about the owner.
- The employer’s PAN.
- Username selection for login and return filing
- OTP and link verification of the registered mobile number and email address, respectively.
Step 4: Once the information has been entered and the initial registration process has been completed and verified, the employer must log in to enter additional registration information. The employers login tab is used to log in.
Step 5: Register the employer’s DSC by selecting “Establishment” from the options and then selecting DSCR / E-SIGN, followed by the DSC registration tab.
Step 6: Finish the registration process by completing the Establishment Registration Process and submitting the application.
Employees’ EPFO Portal
The procedure for logging in to the EPFO portal for employees is as follows:
- Employees must first go to the EPFO website, which can be found at https://www.epfindia.gov.in/site en/index.php.
- Go to the EPFO Portal.
- Once on the EPFO website, the employee must go to ‘Services,’ then ‘For Employees.’
- Choose Employees.
- The employee must select ‘Member UAN/Online Service (OCS/OTCP)’ on the following page. The link can be found under ‘Services.’
- Select a UAN Member
- On the new page, the employee must enter his or her UAN and password. In addition to these details, the employee must enter the captcha information provided.
- UAN’s Login Page
- After that, the employee must click the ‘Sign In’ button.
Moreover, the page that follows will take you to the employee’s EPFO portal. Employees can access the website to update their Know Your Customer also known as KYC information, claim their PF amount, check their PF balance, and transfer their PF amount to the EPFO portal.