Hello Guys,Welcome to The Updates World.Today in this article i am going to deep talk on Employees Provident Fund Orgainisation (EPFO).
Full form of EPFO
EPFO = Employees Provident Fund Organisation
What is EPFO ?
The employees Provident Organisation is a non constitutional body which is responsible to save funds for future work.These EPFO organisation comes under the Ministry of Labour and Employment.The EPFO launched in 1951.
EPF is the primary scheme under the Employees’ Pension Fund and Miscellaneous Provisions Act 1952. It is managed by the Employees’ Provident Fund Organisation (EPFO).
It covers every establishment where 20 or more people are working and certain organisations are covered under certain conditions and exemptions even though they employ fewer than 20 people each.
Who is eligible for PF ?
A person whose monthly income is less than 15 thousands needs to compulsory to be member of PF.Another Employees who’s monthly salery is more than 15 thousands is also eligble for becoming a member of PF if he approved by the Employer or Assistant PF Commissioner.
How PF is calculated ?
An employee pays a certain contribution towards his/her EPF account and an equal contribution is made by the employer. The employee receives a lump sum amount including his/her own and employer’s contributions with interest on both, at retirement.
Contributed by both employer and employee
Contributed by both employer and employee
Contribution paid by an employer is 12% of basic wages plus dearness allowance plus retaining allowance (DA). Equal contributions are payable by both the employer and the employee. If an establishment employs fewer than 20 people or meets certain other conditions as notified to the EPFO, the contributions made by the employer and the employee are limited to 10 percent each.
For most employees of a private company, their base salary is the primary factor used to calculate their contribution. For example, if an employee earns Rs 30,000 a month, the employee contribution towards their EPF would be Rs 3600 a month (12 per cents of basic pay). The employer contributes 12 per cent of basic pay for the same period.
It should be noted that not all the employer’s share goes into the EPF kitties. Out of employer’s contributions, 8.33% (Rs 1,500) will go into the Employees’ Pension Scheme, however, it is calculated on Rs15,000. For every employee earning basic pay of Rs 15,000 or above, the diversion is Rs 1250 per month.
If the basic salary is less than Rs 15,000 then 8.33 percent of that full amount will be added to EPS. The balance will be transferred into the EPF scheme. On retirement, the worker will receive his full share plus the remaining balance of the employer’s share retained to his account in EPF.
How we can check EPF balance ?
We can check our pf balance by visiting the EPF passbook.we have to enter your uan and Password to login in.
How to activate your UAN number ?
You can get the UAN number activated from the company or you can start it yourself from your smartphone, first you have to go to the PF Portal, you will get the UAN number from the company, you will get the UAN number on the salary slip.
UAN is allotted to EPF members by EPFO. The UAN acts like an umbrella for the multiple member IDs assigned to an individual by different institutions. The idea is to merge all Member Identification Numbers (member id/pf account number) allocated to a single member under a single UAN.
UAN will help members to view details of all their Member Identification Numbers (MIDs). When a member is already allotted UAN,It must provide the same upon joining a new establishment to enable the establishment to in turn mark the new allotted Member ID to the already allotted UAN.
UAN has been introduced to help manage employee provident fund accounts and even PF transfers and withdrawals will be easier than before. Most employers provide their employees with a UAN (Universal Account Number) and they just need to activate it by submitting relevant KYC documents to their employer.
If you’re changing jobs and already have an account number (UAN), you don’t need to get another one from your new employer. It is a one time permanent number which remains the same throughout one’s career.
Follow the steps I am giving below!
Step 1 : Go to unified portal
Step 2 : Click on Activate UAN
Step 3 : You will redirected to a new page,Just Fill your peronsal details
Step 4 : Click on Get Authonicate Pin and enter your otp.
Step 5 : Your UAN is successfully activated and a random password has been sent to your aadhar registered phone number.
How to Change UAN Password ?
Follow the Below Steps :-
Step 1 : Go to unified portal.
Step 2 : Click on Forget Password which is located under login section.
Step 3 : Enter You UAN and and submit your basic details then change your password.
Today in this article we are talking about EPFO.If you have any doubt regarding this post . Please Comment write below.
Thanking for giving you the most precious time to read this post. If you like the post please share so that many of the people know about the news.