Employees’ Provident Fund Organization (EPFO) is a statutory body made by the Government of India to manage the EPF under the Employees’ Provident Fund and Miscellaneous Provisions Act,1952. EPFO Portal is the official government site that gives all the information related to Employees Provident Fund.
EPF or PF- Eligibility and Benefits
Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the guidance of the Government of India.
The savings scheme is aimed towards the salaried individuals to help in their habit of saving money to build a proper retirement corpus.
The EPF scheme has served over 5 crore individuals and is directed by three different acts, The Employees’ Provident Fund Scheme Act,1952, The Employees’ Deposit Linked Insurance Scheme Act 1976, and the Employees’ Pension Scheme Act,1995.
The fund is built with monetary contributions given by employees and their employers each month. Both parties extend 12% of each of the employees’ monthly salary as their shares of contribution in EPF.
The built fund demands a pre-fixed rate of interest set up by the Employees Provident Fund Organisation. The accrued interest on the EPF is tax-free and can be taken without paying the same. The employees avail themselves a lump-sum amount on their retirement which includes the accrued interest.
Individuals can apply to avail of many online services of EPF India by accessing the official portal. The EPF online portal is a user-friendly platform that makes sure to keep the flow of services transparent, efficient, and hassle-free.
Benefits of EPF India Scheme
The Employees’ Provident Fund scheme gives forth many benefits for the EPF employee members. It gives them a sense of financial stability and security.
These are the benefits that an EPF employee member can get through the schemes—
1.Capital appreciation– The PF online scheme gives a pre-fixed interest on the deposit held with the EPF India. Then the rewards extended at maturity ensure growth in the funds of employees and accelerates capital appreciation.
2.Corpus for retirement– About 8.33% of an employer’s contribution is directed towards the Employee Pension Scheme. The sums deposited in the long run for the employee provident fund helps to build a healthy retirement corpus. This corpus extends a sense of financial security and independence to them after retirement.
3.Emergency Corpus– As the future is unseen there are bound to be uncertainties and emergencies. So it becomes a requirement to be financially independent and secure beforehand. An EPF fund acts as an emergency corpus when an individual needs emergency funds.
4.Tax-saving– Under Section 80C of the Indian Income Tax Act, an employees’ contribution towards their PF account is considered to be eligible for tax exemption. Also, the earnings generated by the EPF scheme are exempted from taxes. Such exemption can be got upto a limit of Rs.1.5 lakhs.
The tax benefits applicable to the Employees Provident Fund scheme provide improved earnings to it’s members. It also gives savings and an individual’s purchasing power increases in the long-term.
5.Easy premature withdrawal– Members of EPF India are given benefits to avail benefits of partial withdrawal. The individuals can withdraw funds from their PF account to meet their specific needs like pursuing higher education, construct a house, bear wedding expenses or avail medical treatment.
How to login into the EPFO portal
To avail of online services of EPFO one needs to create an account on the EPFO portal given your UAN is active. If one’s UAN is being activated for the first time an SMS will be sent on your mobile number having the password to login to the EPFO account.
The Employees’ Provident Fund Organisation’s member e-service website gives EPF members
many services online. Some of the services that an EPF member can get on the website are:-
1.Viewing and downloading Employees’ Provident Fund(EPF)passbook
2.Filing claim for withdrawal of money
3.Transfer of EPF account
To avail of these services, one has to register on the EPFO portal after which one can log in to the member e-sewa website.
Registering on EPFO portal
One needs to follow the steps mentioned below to register oneself on the EPFO member sewa portal:-
Step 1-Go to member e-sewa portal:https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2-Click on ‘Activate UAN.’ UAN stands for Universal Account Number.
Step 3-A new webpage will appear on the screen. You will be asked to enter any of the following details: PAN, member ID, Aadhaar, or UAN. Other details that are mandatorily needed are Name, Date of birth, Mobile number(registered in EPFO records), and captcha code. All the details must be as per EPFO’s records.
Log in to one’s account on the EPFO portal
When you have registered yourself on the EPFO portal by activating your UAN, follow these steps given to log in to your account:-
Step 1-Go to https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2-Enter the UAN, password, and captcha code
Step 3-Click on ‘Sign in’.
Once the details are entered correctly on the portal, you will be logged into your account.
How to check one’s EPF balance
You can check your EPF balance by following these steps:-
1.Employees need to log in to the member portal by visiting the EPFO website. You need to enter your 12 digit Activated UAN number and the password to view your details.
2.When you have entered the portal, you can find all kinds of online services that are available on the EPFO website. From there you can track your queries related to the status of your claim, transferring requests which are required if your current employer has created another UAN number to track your PF account.
3.You can see many tabs present on the dark green ribbon. Clicking on the ‘view’ tab will take you to your profile, service history, UAN card, and your passbook address. This password address is a separate website link where you can view your PF account.
4.To see your PF passbook, you need to visit the epfindia.gov.in website. It is a different website where you can view many other details related to EPFO. You need to go to the ‘our service’ tab and under our service tab, you need to click on the ‘for employees’ link. To view the EPF contributions done by your employer every month you need to then click on the ‘member passbook’ link.
5.After clicking on the member passbook link, you will be redirected to a separate tab where you need to re-enter your activated UAN and the same EPFO passwords which you used for the EPFO member login portal.
6.When you have entered your credentials you can visit your EPF passbook and view your PF contribution made by the company.