Business

Everything you Need to Know About EPFO

The employee provident fund bill was passed in the parliament in 1952 to provide the Employee’s of factories and other establishments provident fund. The Employee provident fund Organisation, the country’s largest social security body under the Ministry of Labour and Employment formed to regulate and manage the mandatory life insurance, pensions and provident funds of the Indian workforce.

What is EPFO E-sewa Portal?

E-sewa portal is a one-stop solution for accessing EPF requests digitally without physically visiting EPFO Office. This portal was introduced in such a way that employees can always keep a track of their provident fund process, to claim the provident fund and can update the updated information to KYC. The employer can also update the information regarding the organization or employees in the E-sewa portal to make their EPF contribution. If you want to learn more about EPFO E Sewa portal then click here.

What does an EPFO do?

EPFO has taken several measures to simplify the operation of EPF accounts by adopting IT enabled tools and techniques. EPFO is responsible for updating records, ensuring prompt pension payment, settlement of claims, investment of funds and maintaining individual accounts.

Rules of accounting works for EPFO when it comes to managing finance.  EPFO is the nodal agency for implementing Bilateral social security agreements with other countries. EPFO is the one who oversees the implementation of the EPF Act and also works as the service provider, EPFO assists the central board of trustees in the administration of pension schemes and insurance schemes for the employees in the registered establishments.

Who is Eligible for EPFO?

EPF is the compulsory deduction in the salary of the employees working in a registered establishment in order to save so that the employees can be financially independent after retirement.

In Case of Employees

  • It is mandatory for any salaried employee with a salary of less than 15,000 rupees to become a member of EPF.
  • An employee whose salary exceeds the threshold limit of 15,000 can be a part of EPF once the assistant PF Commissioner and employer approves.

In Case of Employer

  • As per the Law companies with 20 or more are required to deduct PF.
  • In certain conditions companies with less than 20 employees can also deduct PF.

How do I Register for EPFO E-sewa?

Steps to register –

  • Step 1: Go to EPFO portal and then click on the online services – employees
  • Step 2: Now click on the Member UAN/ online services, and will be directed to the UAN Member e-sewa portal. By clicking on activate UAN you will be able to register.
  • Step 3: For registration you need to provide all the personal details.
  • Step 4: Once you submit an authorization pin will be sent to the registered Mobile Number
  • Step 5: Enter the PIN to validate your details. Thus the Registration process is complete.

Conclusion

The EPF process has become real efficient due to the EPFO E-sewa portal. Employees and Employers have become more responsible about their financials and Compulsory EPF has helped people to become independent during their retirement.

Roy

Blogger By Passion, Programmer By Love and Marketing Beast By Birth.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also
Close
Back to top button