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Epfo Scheme 2024

The Employees Provident Fund (EPF) is a retirement savings program accessible to all salaried workers in India. It is overseen by the Employees’ Provident Fund Organisation (EPFO), a statutory body operating under the Ministry of Labour and Employment, Government of India. Under this scheme, both the employer and employee must contribute 12% of the employee’s basic salary towards the fund. EPF offers multiple benefits including pension, insurance coverage, and a lump-sum payment upon retirement, aiming to secure the financial future of employees post their working years.

What is an EPF account ?

The EPF account serves as a government-managed bank account where your EPF contributions are deposited each month. It acts as a repository for your EPF savings and provides various methods to check your balance, including the EPFO e-Sewa portal, mobile app, and SMS using your UAN number.

EPF Eligibility :

To qualify for the Employees’ Provident Fund (EPF), you need to meet the following criteria:

Employed in an organization with more than 20 employees.
Age between 18 and 54 years.
Basic monthly salary of Rs. 15,000 or more.

EPF Interest : The current interest rate for EPF in the financial year 2024-25 is 8.25%.

Benefits of EPF Account :

Retirement Savings : EPF facilitates systematic savings for your retirement, with contributions from both you and your employer accumulating over time.
Tax Advantages : Contributions qualify for tax deductions under Section 80C of the Income Tax Act. Interest earned and withdrawals at maturity are also tax-exempt.
Financial Safety: Backed by the government, EPF offers security and assured returns on your investments.
Partial Withdrawals: You can make partial withdrawals from your EPF balance before retirement for specific needs like medical emergencies or home purchases.

What is Employees’ Provident Fund (EPF) ?

EPF is a retirement savings scheme available to all salaried employees in India.
Administered by the Employees’ Provident Fund Organisation (EPFO), it requires both employers and employees to contribute 12% of the employee’s basic salary towards the fund.
Offers benefits such as pension, insurance, and lump-sum payment on retirement.

Objectives of EPFO :

Ensure each employee maintains a single EPF account.
Simplify compliance processes.
Enforce adherence to EPFO rules and regulations.
Improve online service reliability and introduce enhancements.
Reduce claim settlement time to 3 days.

UAN and EPFO Portal :

Unique 12-digit UAN consolidates multiple member IDs.
Provides online services for passbook downloads, KYC updates, and claim filings.
Activate UAN online when switching jobs to access these services.

Services Offered by EPFO :

Online Registration : Register establishments and access EPF accounts online.
Generate UAN Details : View PF details of all company members under a single UAN.
Pay EPF Subscription : Pay annual subscription fees online via SBI Net Banking.
Generate EPF Challan : Complete registration and generate E-challan online at EPFO e-Sewa portal.
Address Grievances : Lodge complaints or queries through the EPFO grievance management system, track status, and receive responses.
Transfer Claims : Manage and transfer EPF claims conveniently online.

History of EPF in India :

Launched in 1952 under the Employees’ Provident Funds Act to provide social security and a secure future for employees.
Implemented as a compulsory contributory fund under the Ministry of Labour & Employment.

Benefits of Employees Provident Fund (EPF) :

Builds a savings corpus over your employment tenure.
Helps fund retirement and post-retirement lifestyle.
Requires monthly deductions from salary rather than a lump sum investment.
Provides tax concessions to contributors.

Applying for EPF in India :

Enrollment for EPF as an employee is facilitated by your employer, who handles the entire process.
Business owners intending to enroll under EPF must meet eligibility criteria and submit specific documents.

Eligibility Criteria :

The organization must be a registered company engaged in activities listed under Schedule 1 of the EPF Act.
Minimum employee strength should be 20 individuals.

Documents Required for EPF Application :

Partnership firm: Copy of the partnership deed.
Public or private limited company: Certificate of Incorporation, Memorandum, and Articles of Association.
Society: Registration certificate and rules and objectives document.
General documents: Income tax documents, PAN details, partition deed, first sales invoice, salary details of employees, and balance sheet.

EPFO – Employees Provident Fund Organisation :

Statutory body under the Ministry of Labour & Employment, Government of India.
Administers schemes like Employees’ Provident Funds Scheme (EPF), Employees’ Pension Scheme (EPS), and Employees’ Deposit Linked Insurance Scheme (EDLI).

Registering your company with the EPF :

Here are the steps and information required for registering your company with the EPF :

Owner’s Details : Provide personal details of the owner, including designation and residential address of directors and partners.
Company Information : Include the name and registered address of your company.
Office Details : Specify the locations of your head office and any branches.
Incorporation Details : Provide the date of registration or incorporation of your company.
Employee Detail : List details of all employees and indicate the total number of employees.
Nature of Business : Describe the type of work conducted by your organisation.
Legal Information : Furnish legal particulars pertaining to your organisation.
Payroll Information : Submit details regarding wages and salaries of employees.
Banking Details : Provide information about the bank through which your business transactions are conducted.
PAN Details : Include the PAN details of your company.
Documentation : Complete and submit a Performa for Coverage, along with Form A and Annexure 1.

PF Contribution of Employer :

Month	Employer Contribution (3.67%)	Employee Contribution (12%)	Monthly Balance at month end	Interest Applicable
June	Rs. 734	Rs. 2,400	Rs. 3,134	Nil
July	Rs. 734	Rs. 2,400	Rs. 6,268	Rs. 22.85
August	Rs. 734	Rs. 2,400	Rs. 9,402	Rs. 68.55
September	Rs. 734	Rs. 2,400	Rs. 12,536	Rs. 91.40
October	Rs. 734	Rs. 2,400	Rs. 15,670	Rs. 114.26
November	Rs. 734	Rs. 2,400	Rs. 18,804	Rs. 137.11
December	Rs. 734	Rs. 2,400	Rs. 21,938	Rs. 160.00
January	Rs. 734	Rs. 2,400	Rs. 25,072	Rs. 182.81
February	Rs. 734	Rs. 2,400	Rs. 28,206	Rs. 205.66
TOTAL	Rs. 6,606	Rs. 21,600	Rs. 31,340	Rs. 982.64

This table summarises the employer and employee contributions, the monthly balance at the end of each month, and the interest applicable for each month.

Understanding EPF Contributions :

Employee’s EPF Contribution :

This contribution, deducted from your salary by the employer, amounts to 12% of your monthly pay.

Employer’s PF Contribution :

Employers also contribute 12% of your monthly salary to various funds:

- 3.67% goes towards the EPF (Employee Provident Fund).
- 8.33% is allocated to the EPS (Employee Pension Scheme).
- 0.50% is directed to the Employee’s Deposit Linked Insurance Scheme.
- 1.10% covers EPF Administrative Charges.
- 0.01% is utilized for EDLIS Administrative Charges.

Illustrative Example :

Assume your monthly salary is Rs. 20,000. Here’s how the contributions would be distributed based on the percentages outlined above.

OFFICIAL WEBSITE >> epfindia.gov.in >> Employees’ Provident Fund Organisation (EPFO)

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