In today's corporate world, EPF registration is crucial for securing funds for retirement years. This serves as a financial incentive and continues to act as a boon to the organisations which invest in this scheme and ensure compliance with the regulations established by EPFO.
Besides its unparalleled power, EPF largely contributes towards the long-term benefits, beginning with financial saving for retirement or withdrawal of the same during a family emergency; it has everything covered for you.
Accordingly, under this broad umbrella of Employee Provident Fund Registration, it has various schemes in place, which are the Employees' Pension Scheme 1995 and the Employees' Deposit Linked Insurance Scheme 1976, which are closely administered and regulated by the Employee Provident Fund Organisation (EPFO).
With that in mind, EPFO makes sure that online services are utilised in a way that ensures their reliability along with the improvements made to various facilities. Nonetheless, from understanding the intricacies of EPF to educating you about the services, we have got you covered.
What is EPF registration?
Employee Provident fund registration comes under the spectrum of Employees' Provident Funds and Miscellaneous Act, 1952, one that employee provident fund organisations undertake. To note, EPF is charged in all those cases where there are 20 or more employees, while other organisations employing less than 20 people also fit the criteria that would cater to exemptions and constraints.
It is important to note that both the employer and employee contribute a portion of their salary, up to 12%, along with the dearness allowance charged for EPF. This amount is then combined with the required interest and given to the employee once they retire. It is a combination of both the employee's and employer's contributions.
Note- The rate of interest on EPF deposits is around 8.15 p.a
It is important to note that the Employee Provident Fund organisation is a reliable institution that allows employees to secure their funds, especially for their retirement years. It is under the administration of the Ministry of Labour and Employment, Government of India, and has been in operation since 1951. It is crucial that we ensure the safety and protection of our hard-earned funds, and the Employee Provident Fund organisation provides a valuable service in that regard.
What Services are Provided by EPFO?
Some of the key services that are provided by EPFO are listed below and are as follows-
- UMANG App
The Employee Provident Fund Organisation has launched a new mobile application called Unified Mobile Application for New-age Governance (UMANG) for those who have used EPF facilities. The app offers services like updating profile details, verifying information related to the EPF passbook, and more.
- Online withdrawal of EPF
The EPF Withdrawal can be facilitated online with the help of the UAN. To access this facility, it is especially significant that those employees who have been unemployed for more than a period of two months will be found eligible to withdraw EPF amount. But before doing so, it is essential to have your bank details linked with the UAN.
- EPF Grievances Registration
For issues ranging from the transfer of PF to settling pension, the members may step in and raise a complaint easily online. The redressal committee would listen to your problems amidst EPFO priorities. Surprisingly, around 80% of these complaints are solved within a week or maybe less than that. With these rounds of grievances, the complaints have relatively lowered.
Therefore, not only this but other provisions are mentioned under the Employee Provident Fund Organisation, which continues to serve people by safeguarding their financial savings.