Employees’ Provident Fund (EPF) provides three benefits – lump sum gain at the time of retirement, monthly pension after retirement and also insurance cover during the employment.
However, you may enjoy all the benefits only if your employer deposits the amount, that he deducts every month from your salary to the designated PF Trust.
To check if all the amounts are deposited on time, you have to visit the EPFO site (https://passbook.epfindia.gov.in/Mem...Book/Login.jsp) and log-in with your UAN. Once logged in, you may go through your EPF passbooks available under different links for all the previous employers, unless you have transferred or withdrawn the previous PF amounts. You may also download the passbooks periodically to maintain your vigil.
Although the PF amount is deducted monthly out of the salary of almost all the private sector employees, the implementation of EPF is compulsory for private sector organisations having 20 or more employees.
Also, the scheme is compulsory for the private sector employees having a monthly basic salary of Rs 15,000 (the figure is revised periodically) or less and optional for employees earning more. The amount of basic salary includes basic wages, retaining allowance and dearness allowance (DA), including the cash value of any food concession.
Out of the basic salary, 12 per cent is deducted every month as employee’s PF contribution, while the employer makes a matching contribution of 12 per cent and the Central government also contributes 1.16 per cent of eligible basic salary. Out of the total deduction of 24 per cent (12 per cent employee contribution plus 12 per cent employer contribution), 15.67 per cent goes to EPF and 8.33 per cent (from employer’s contribution part) goes to EPS. Other outgoes include 0.5 per cent for employees’ deposit linked insurance (EDLI), 0.85 per cent for EPF administrative charges and 0.01 per cent for EDLI administration charges.
The passbook will reflect figures of an employee’s entire contribution under EPF. The employer’s 12 per cent matching contribution will be reflected partly under EPF (3.67 per cent) and the remaining part to EPS (8.33 per cent). Withdrawals, if any, and the interests credited on the contributions will also be reflected in the passbook.
In case you find that the employer has not deposited the PF amount after cutting it from your salary, or deposited it late or failed to deposit the matching contribution, you may approach the Regional Provident Fund Commissioner (RPFC) of the region your office is situated in to report the matter or file an FIR against him.
As per the EPFO guidelines, the employer, apart from depositing the contribution amounts, will also have to deposit interest at 10 per cent per year for a delay between 2 and 4 months, 15 per cent per year for delay between 4 and 6 months and 25 per cent per year for delay over six months.
From India, Ghaziabad
252However, you may enjoy all the benefits only if your employer deposits the amount, that he deducts every month from your salary to the designated PF Trust.
To check if all the amounts are deposited on time, you have to visit the EPFO site (https://passbook.epfindia.gov.in/Mem...Book/Login.jsp) and log-in with your UAN. Once logged in, you may go through your EPF passbooks available under different links for all the previous employers, unless you have transferred or withdrawn the previous PF amounts. You may also download the passbooks periodically to maintain your vigil.
Although the PF amount is deducted monthly out of the salary of almost all the private sector employees, the implementation of EPF is compulsory for private sector organisations having 20 or more employees.
Also, the scheme is compulsory for the private sector employees having a monthly basic salary of Rs 15,000 (the figure is revised periodically) or less and optional for employees earning more. The amount of basic salary includes basic wages, retaining allowance and dearness allowance (DA), including the cash value of any food concession.
Out of the basic salary, 12 per cent is deducted every month as employee’s PF contribution, while the employer makes a matching contribution of 12 per cent and the Central government also contributes 1.16 per cent of eligible basic salary. Out of the total deduction of 24 per cent (12 per cent employee contribution plus 12 per cent employer contribution), 15.67 per cent goes to EPF and 8.33 per cent (from employer’s contribution part) goes to EPS. Other outgoes include 0.5 per cent for employees’ deposit linked insurance (EDLI), 0.85 per cent for EPF administrative charges and 0.01 per cent for EDLI administration charges.
The passbook will reflect figures of an employee’s entire contribution under EPF. The employer’s 12 per cent matching contribution will be reflected partly under EPF (3.67 per cent) and the remaining part to EPS (8.33 per cent). Withdrawals, if any, and the interests credited on the contributions will also be reflected in the passbook.
In case you find that the employer has not deposited the PF amount after cutting it from your salary, or deposited it late or failed to deposit the matching contribution, you may approach the Regional Provident Fund Commissioner (RPFC) of the region your office is situated in to report the matter or file an FIR against him.
As per the EPFO guidelines, the employer, apart from depositing the contribution amounts, will also have to deposit interest at 10 per cent per year for a delay between 2 and 4 months, 15 per cent per year for delay between 4 and 6 months and 25 per cent per year for delay over six months.
From India, Ghaziabad
Nominations To EPF Account Can Be Added Online: Need Of A Nomination
EPF account is a critical savings account of retirement planning. The interest and contribution will give a healthy growth of your money, and this will be a good source of income in old age.
Nomination:
The nomination is the process of naming an individual(s) as a nominee or administrator to receive his or her EPF savings upon the member’s death.
Why do you need to make a nomination:
It is always important to nominate a person to your EPF account.Then only the nominated person(s) can withdraw your EPF savings in the event of death. If you did not make any nomination for your EPF savings, your dependants might encounter difficulties when staking their claim on your EPF savings
The Employees’ Provident Fund Organisation (EPFO) launched an e-nomination facility for EPF account holders. In a circular dated 12 September, the fund manager said that the facility can be availed by members who have linked their Aadhaar and verified it on its “member sewa portal.”
You will need to login into your account on the Sewa portal and check if your UAN (Universal Account Number) is activated on avail the facility. The service also requires you to have your photograph available on the portal.
Members can only nominate his/her family members as per EPFO rules. However, if the member does not have a family, they can nominate only one person. This nomination will become invalid after the member acquires a family.
For those who haven’t nominated anyone, a message will pop-up on the screen to file their e-nomination, when they login into the portal.The list of members that have not filed nominations is also displayed to the employers at their log in page.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
EPF account is a critical savings account of retirement planning. The interest and contribution will give a healthy growth of your money, and this will be a good source of income in old age.
Nomination:
The nomination is the process of naming an individual(s) as a nominee or administrator to receive his or her EPF savings upon the member’s death.
Why do you need to make a nomination:
It is always important to nominate a person to your EPF account.Then only the nominated person(s) can withdraw your EPF savings in the event of death. If you did not make any nomination for your EPF savings, your dependants might encounter difficulties when staking their claim on your EPF savings
The Employees’ Provident Fund Organisation (EPFO) launched an e-nomination facility for EPF account holders. In a circular dated 12 September, the fund manager said that the facility can be availed by members who have linked their Aadhaar and verified it on its “member sewa portal.”
You will need to login into your account on the Sewa portal and check if your UAN (Universal Account Number) is activated on avail the facility. The service also requires you to have your photograph available on the portal.
Members can only nominate his/her family members as per EPFO rules. However, if the member does not have a family, they can nominate only one person. This nomination will become invalid after the member acquires a family.
For those who haven’t nominated anyone, a message will pop-up on the screen to file their e-nomination, when they login into the portal.The list of members that have not filed nominations is also displayed to the employers at their log in page.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
A.Y.25-26 All in One fo All Salaried Person.zip
Perf.mgt.articl e.doc