Employee Provident Fund Organization(EPFO): is one of the statutory body established by Indian Central Government.The EPFO came to existence through The Employees’ Provident Fund Act, 1952.EPFO act introduced three major schemes.which are very popular schemes in India for the government as well as private sector employees.
EPFO Member portal provides huge services to employees and employers.Employees services like UAN, UAN Activation, UAN Helpdesk, PF Balance by SMS, Balance Transfer through Portal, PF Balance Withdrawal, PF Balance by a Missed call, UAN login registration, UAN member can transfer PF balance one account to another account through UAN portal.
employers services include like Generate the UAN number to new employees, PF transfer one account to another UAN account, settle the EPF claims and EPFO launched three schemes under Employees’ Provident Fund Act, 1952 implemented by the Central Board of Trustees (CBT).
Each and every Decision related to the Schemes handily by the Central Board of Trustees (CBT).Employee Provident fund Organization three Schemes are.
- The Employees’ Pension Scheme (EPS)-1995
- Employees’ Deposit Linked Insurance Scheme (EDLI)-1976
- Employees’ Provident Fund Scheme (EPF)-1952
The Employee cant chooses this three schemes and schemes can be transferred with the change in job.
The Employees’ Pension Scheme (EPS)
The Employee pension Scheme introduced in the year 1995 is applicable from 16/11/1995.Before launched this scheme we have the family pension scheme.In the family pension Scheme, the employee will not get any amount in his/her life time only after his/her death the amount will get to the spouse.
When EPS Launched the employees has been happy because now pension amount will get at the age of 58 years.if in the case of the employee dies that amount will get to a spouse as well as Children’s so this is the big change between family pension scheme and Employee pension Scheme.
Rules Under EPS to Getting Pension
- The employee must and should the member of Employee Provident Fund Scheme.
- At least 10 years of service compulsory
- The employee has the two options one is you can take amount after your age 58 years and the second one is you may withdrawal your pension amount after you cross the 50 years.
Employees’ Deposit Linked Insurance Scheme (EDLI)
EPFO was launched, Employees Deposit Linked Insurance Scheme in 1976.EDLI scheme main aim is providing life insurance coverage to all their employees.It is a group term insurance provided by EPFO.The scheme is applicable all organizations which are part in EPFO.
The scheme details are the employee dies during service time the amount will get to the family members of the employee.EDLI is a social security scheme. All the Employee pension Scheme members convert to EDLI scheme.
Rules to EDLI
- The Scheme coverage is 24 hours
- NO minimum limit of service
- Who is the member of the PF that person cover EDLI
- The Insurence Amount linked with Employee pay.
Benefits of EDLI
- EDLI claim amount is 30 times more than the employee salary
- Premium Amount same for All the Employees.
- The contribution towards this scheme is 0.50% of the employee’s salary
- EPF contribution by Employee: 12%.
Employees’ Provident Fund Scheme (EPF)
The government of India was Launched Employees’ Provident Fund Scheme (EPF) in 1952.The EPF scheme is now known as the Employees’ Provident Fund and Miscellaneous Act, 1952.According to Employees’ Provident Fund Act, 1952 every employee contributes 12% of the basic pay + DA towards the EPF account.This amount will get at the age of 58.
- Financial Security(Loss of income, Retirement, Emergency time): Employees contributing to the EPF from Starting off his career so that any loss of income occurred in his/her career EPF can full fill his loss of income.After his retirement EPF balance very use full to his Health and also emergency time it will give support
- Pension: After his retirement employee will get the pension from EPF through the bank so at the age of Retirement he will get financial benefit from EPF.
- Universal access
- Insurance: Who joined in EPF Scheme those employees get Insurence from EPFO through the Employees Deposit Linked Insurance Scheme.
- Long-term savings option: EPF is one of the organized Long term saving program
- Tax-free earnings:
- Special Occasions: it will Help.(House, Marriage, Education, Medical Emergency)When do you have special occasions such as marriage time of your daughter or Construction of Your Dream House or Education of your children’s it will help.
Employees’ Provident Fund Scheme (EPF) is the main program under the the Employees’ Provident Fund and Miscellaneous Act, 1952.EPF covered small organizations also minimum employment is 20 members so which organization have the more than 20 members that organization will have the chance to register in EPFO.
EPFO Reginal Websites
Employee Provident Fund Organization(EPFO) has the following regional websites employees as well as an employer can check their information on the following websites.
EPF Scheme (1952) Interest Rate.
Interest Rate (p.a.)
1952 – 1955
|1955 – 1957||3.50%|
|1957 – 1963||3.75%|
|1963 – 1964||4.00%|
|1964 – 1965||4.25%|
|1965 – 1966||4.50%|
|1966 – 1967||4.75%|
|1967 – 1968||5.00%|
|1968 – 1969||5.25%|
|1969 – 1970||5.50%|
|1970 – 1971||5.70%|
|1971 – 1972||5.80%|
|1972 – 1974||6.00%|
|1974 – 1975||6.50%|
|1975 – 1976||7.00%|
|1976 – 1977||7.50%|
|1977 – 1978||8.00%|
|1978 – 1979||8.50%|
|1979 – 1981||8.25%|
|1981 – 1982||8.50%|
|1982 – 1983||8.75%|
|1983 – 1984||9.15%|
|1984 – 1985||9.90%|
|1985 – 1986||10.15%|
|1986 – 1987||11.00%|
|1987 – 1988||11.50%|
|1988 – 1989||11.80%|
|1989 – 2000||12.00%|
|2000 – 2001||12.00%|
|2001 – 2004||9.50%|
|2004 – 2005||9.50%|
|2005 – 2010||8.50%|
|2010 – 2011||9.50%|
|2011 – 2012||8.25%|
|2012 – 2013||8.50%|
|2013 – 2015||8.75%|
|2015 – 2016||8.8%|
|2016 – 2017|
Employee Provident Fund Organization Providing huge services to various groups.here we are providing full details about EPFO services here is the list
- For Employees
- For Employers
- International Employees
- For Pensioners
we will see one by one services list
EPFO Services for Employees:
For Employees, EPFO runs the three social security programs already we are discussed in this article.following services are providing to Employees
EPFO Inoperative Account Help Desk
EPFO services for Employers:
following services are provided by EPFO to Employers