EPFO is one of the biggest social security agencies in the world in terms of the volume of financial activities performed and the number of clients. Employees’ Pension Scheme (EPS), sometimes called EPF Pension, is a social security program offered by the Employees’ Provident Fund Organization (EPFO). The plan provides organized sector employees to receive a pension when they reach age of 58 and retire. You can know your pension status on an EPFO pension portal.
Keep reading if you want more pension-related information like order number of pension payment, pension details of pensioner, passbook information, pension’s credited date, submission of life certificate, etc. If the retirees’ life certificates are not submitted or are rejected, it is helpful to be aware of their status, according to EPFO. Additionally, it gives the specifics and justification for pension cessation. Also, you will learn about pension withdrawal and critical details about the portal.
EPFO Pension Portal: All You Need to Know
- The Employee’s Provident Fund is available to all salaried employees (EPF). Salaried employees who make less than Rs 15,000 per month must have an EPF account.
- Any registered business with more than 20 workers is required to register with the EPFO.
- If a person earns more than Rs 15,000 per month in pay, they are considered non-eligible employees and are not required to join the EPF; however, they can still enroll.
- Companies with less than 20 workers may voluntarily register as well.
- EPF registration requires the submission of both firm information and owner information. Registration can be done on the official website of EPF.
What are the Goals of EPFO?
- To guarantee that each employee has a single EPF account.
- Easy facilitation of compliance is necessary.
- Ensure that businesses consistently abide by the rules and guidelines established by the EPFO.
- To ensure that online services are trustworthy and improve their services.
- For simple online access to all member accounts.
- Settlement times for claims will be cut from 20 days to 3 days.
- Voluntary compliance is encouraged and promoted.
- To make an online request for a PF withdrawal, you should follow the steps given below:
- You must log in to the EPFO website using your UAN and password.
- To verify KYC Details, click on MANAGE.
- Then select “Claim” from the drop-down list under the “Our Services” header.
- Select the withdrawal claim you want to submit under the section labeled “I Want to Apply For” (complete withdrawal, partial withdrawal, or pension withdrawal).
- One must fill out the form by typing their name (as it appears on their UAN, Aadhaar card, and bank account), address, PAN card number, the reason for leaving, and date of joining, and then submit it.
- Within ten days approval amount is credited to the account of the employee.
Contribution of Employees and Employers in EPF
By the EPF plan, contributions from both the employer and the employee are equal. When an employee retires, they get a lump sum payment with interest that includes their and the employer’s contributions. A total of 12% of the employee’s base pay is contributed by both the company and the employee. While the employee’s whole 12% payment goes into their EPF account, 8.33% of the employer’s 12% contribution is instead sent to the employee’s EPS (Employee’s Pension Scheme) account. 3.67 percent of the employer’s balance is deposited into the employee’s EPF account.
Services Offered by EPFO
Withdrawal of EPF online: With the UAN, it is simple to withdraw EPF funds online. Employees may withdraw their EPF funds if they have been jobless for more than two months. However, the employee’s Aadhaar and bank information must be connected to the UAN.
- The International workers can generate certificates of Coverage: EPF members working in countries with Social Security Agreements with India can create a Certificate of Coverage (CoC) with the help of online centralized software that the EPFO has launched.
- Monthly reports for exempt businesses: Exempted companies can easily file their monthly returns online with the help of the IT tool that the EPFO has introduced.
- UMANG App: The Unified Mobile Application for New-age Governance (UMANG) has been made available to EPF members by the EPFO. To access the services of the UMANG app, employees need to log in using their UAN and password. The UMANG app offers several functions, such as accessing EPF passbooks and changing profile information.
- You can make online payments of PF: All organizations are required to make PF payments electronically.
- You can claim passbook and status: With the help of the UAN, the EPFO members can read and download the EPF passbook and check the status of their claims.
Saving money over time is made easier using EPFO. If there is an unfortunate financial emergency, pension withdrawal might support you. We hope this helped you learn about EPFO portal, and everything related to it.