The EPFO is a non-constitutional government body, established in the year 1951, with the objective to provide nationalized saving schemes to the citizens of the country who work for most part of their lives and can lead a prosperous life once they retire from their services.The schemes provided under the social security organization are for Indian employees as well as for the employees from other countries which are under bilateral agreements with the Provident Fund organization of India.
Schemes offered by EPFO
The Employees’ Provident Fund Organization offers three major schemes for social security, they are as follows;
Employee Provident Fund Scheme, 1952:
Under this scheme, an organization which is providing employment to 20 or more employees are under a legal obligation to provide Employee Provident Fund to them. According to this scheme, both the employee and the employer make monthly contributions to the scheme which is expected to be 12% of the gross monthly income that the employee receives. During the tenure of service or post retirement, the beneficiary has the authority to withdraw funds under certain conditions.
Employee Pension Scheme, 1995:
Under this scheme, the employer is under an obligation to provide for the pension of an employee if the employee has provided its services for minimum of 10 years. The monetary benefits are delivered in the form of a monthly pension as long as the employee is alive after the age of 58. Post demise, the benefit is rendered to the spouse and children, if in case the children are less than 25 years of age.
Employee Deposit Linked Insurance Scheme, 1976:
Under this scheme, a pre-approved insurance plan is extended to the employees as a life cover to the member and its family. The benefits of this scheme are provided under the Employees’ Provident Fund Scheme (EPF) and the Employees’ Pension Scheme (EPS). As per the code of the policy issued, the fund is paid to the family members or to the nominee as declared by the insured person.
Vision & Mission of Employees’ Provident Fund Organization
The EPFO strives to become one of the leading social security organizations around the globe, by trying and converging the interests of stakeholders with the subscribers, to the best standards.
The main objectives as provided under its Vision 2030 statement are as follows;
- Universal Social Security coverage in the form of schemes related to Life Insurance, Pension and Provident Fund is provided to all workers in India on a compulsory basis
- New and improved policies that provide a benefit structure with social security support at a reasonable level must be initiated
- All EPFO benefits must be easily accessible online and offline both, with the state-of-the-art technology infrastructure
Objectives & Functions of EPFO –
The Employees’ Provident Fund Organization has to ensure the security of funds for its subscribers, the other major objectives are;
- Ensuring each employee has only one PF account
- Ensuring due-diligence and compliance from organizations falling under the scheme
- Providing online services are reliable and improved with time
- Ensuring that the claims are cleared within 3 to 20 days of application
- To encourage more and more organizations to avail the schemes applicable
Major functions of the EPFO can be listed down as;
- Helping the Central Board of Trustees in operation of the Insurance Scheme, Pension Scheme, and Provident Fund Scheme for all the registered establishments in the country
- To ensure the Act is enforced in every state in India except for Jammu and Kashmir
- Individual accounts must be maintained by the EPFO
- Settlement of claims is handled by the EPFO
Services under EPFO
Once you become a member of the EPFO portal, then you get access to a wide variety of services. This portal renders services to employers, employees, pensioners, and international workers as well.
1#. Services for Employers
If you are an employer and a member of the EPFO portal, then you get to use the following services:
- One can submit the challan and ECR
- Online Registration for the Organization
- Search facility for TRRN (Temporary Return Reference Number) query
- Grievance registration process
- UAN dashboard
- Add details about the outsourced work and contractors
2#. Services for Employees
The Employees’ Provident Fund Organization (EPFO) provides three major social security schemes critical to the salaried citizens of our country, to employees who work in the registered organizations and establishments. The employee gets the following facilities under this:
- Access to EPF member passbook & the EPF member balance
- Find out your claim status
- Online grievance management
- Portal for pensioners
- Helpdesk for in-operative pensioners
3#. EPFO’s Pensioners Portal
The Employees’ Provident Fund Organization (EPFO) is one of the largest providers of pension services in the country. With the help of its portal, the EPF department records and maintains the pension orders for more than 65 Lakh pensioners. The pensioners get access to various services like the following:
- Jeevan Pramaan Enquiry
- Know Your PPO Number
- PPO Enquiry or Payment Enquiry
- Pension Status
4#. EPFO for International Workers
The Employees’ Provident Fund Organization (EPFO) has created a multi-country ecosystem where workers from our country are employed with local employers can avail the services offered by the organization. This has been made possible with the cooperation between India and other countries which have signed an agreement that the employee from India is not required to remit their contribution to a particular country. It helps the employees working in a foreign nation to enjoy the benefit of the totalisation period, which eventually helps in fixing the eligibility of pension.
5#. EPFO UAN Help Desk
EPFO renders round the clock customer support. The portal has a separate segment dedicated to customer service. The member can go to the help-desk portal and provide the details like Aadhaar number, PAN, and other details. You can use this segment to get complete assistance with almost all EPF and UAN related issues.
6#. EPFO Login for employers
There is a separate segment for employers to log in. It helps them transfer claims and handle all the PF-related issues using this part of the EPFO portal. The process of logging in is the same for the employers as that for the employees. Employers need to have the UAN number, user ID, and password that they got at the time of activation of the account.