Employees’ Provident Fund Organisation 2023 – As per our readers’ demand and comments, we are publishing this article. If you want to know about Employees’ Provident Fund Organisation, continue reading and learn more.
Employees’ Provident Fund Organisation
The Employees’ Provident Fund Organisation (EPFO) is a social security organization that operates under the Ministry of Labour and Employment in India. Its main responsibility is to manage and administer the following schemes:
- Employees’ Provident Fund Scheme, 1952
- Employees’ Deposit Linked Insurance Scheme, 1976
- Employees’ Pension Scheme, 1995
The EPFO is one of the largest social security Organizations in the world in terms of clientele and financial transactions. It is governed by a Central Board of Trustees, which includes representatives from the government, employers, and employees.
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Employees’ Provident Fund Organisation – Details
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What is the purpose of the Employees’ Provident Fund Organisation?
The Employees’ Provident Fund Organisation (EPFO) is a non-constitutional body established in 1951, which falls under the Ministry of Labour and Employment, Government of India. The purpose of EPFO is to administer a compulsory contributory Provident Fund Scheme, a Pension Scheme, and an Insurance Scheme for the workforce engaged in the organized sector in India. The EPF scheme promotes employees to save funds for retirement and provides retirement benefits.
Apart from its primary responsibilities, the EPFO is also the nodal agency for implementing Bilateral Social Security Agreements with other countries. The EPFO is governed by a tri-partite Board, known as the Central Board of Trustees. This board consists of representatives from the government, employers, and employees.
How to check EPF Balance?
There are several ways to check the EPF balance. One way is to give a missed call to 011-22901406 from the registered mobile number. Another way is to send a text message to 7738299899 with ‘EPFOHO UAN ENG’ where UAN is the personal UAN and ENG is the preferred language. EPF members can also check their balance through the UMANG app, which is available on both Android and iOS platforms. Additionally, members can check their balance by logging in to the EPFO portal using their UAN and password. It is important to note that the EPF balance can only be checked if the mobile number is registered with the EPFO and the UAN is activated.
What are the benefits of EPF Scheme?
The Employees’ Provident Fund (EPF) scheme offers several benefits to employees. It is a savings scheme that encourages employees to save funds for retirement. Under this scheme, both the employee and employer contribute 12% of the employee’s basic salary and dearness allowance towards EPF. The current rate of interest on EPF deposits is 8.10% p.a.
The EPFO offers three schemes, namely the Provident Fund Scheme, the Pension Scheme, and the Insurance Scheme. Through its online portal, subscribers can access their PF accounts and perform various operations such as withdrawal and checking their EPF balance. The EPFO also offers easy redressal to compliance and grievance for employees.
Moreover, earnings generated through EPFO schemes are exempted from taxes, making it a tax-efficient way of saving for retirement.
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