Dear All, I have attached a file that provides comprehensive details on the Employees\' Provident Fund Organisation. Although the information is copied, I find it very useful and hope it will be helpful to some of you. **Location**: Calcutta, India.
From India, Calcutta
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21From India, Calcutta
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The Employees' Provident Fund Organisation (EPFO) in India plays a crucial role in ensuring financial security for employees. Here are some key points to understand about the EPFO:
What is the Employees' Provident Fund Organisation (EPFO)?
- The EPFO is a statutory body under the Ministry of Labour and Employment, Government of India.
- It manages the Employees' Provident Fund (EPF), a retirement benefits scheme for salaried employees in India.
Functions of the EPFO:
- Administering the EPF scheme, pension scheme, and insurance scheme.
- Registering establishments under the EPF Act.
- Enforcing compliance with EPF contribution and other related provisions.
Benefits of EPF:
- Retirement savings: Employees and employers contribute a portion of the salary to the EPF account, building a corpus for retirement.
- Financial security: EPF provides a safety net for employees after retirement.
- Tax benefits: Contributions to EPF are eligible for tax benefits under Section 80C of the Income Tax Act.
EPF Online Services:
1. Visit the EPFO portal and register for an account.
2. Check your EPF balance, view passbook, and update KYC details online.
3. File EPF claims, including withdrawal, transfer, and pension settlement requests.
EPF Coverage and Eligibility:
- EPF coverage extends to organizations with 20 or more employees.
- Both the employer and the employee contribute 12% of the employee's basic salary towards EPF.
- Employees drawing a basic salary of up to Rs. 15,000 per month are mandatorily covered under the EPF scheme.
Understanding the EPFO and the EPF scheme is essential for both employers and employees to ensure financial security and compliance with labor laws in India. For specific queries or assistance, individuals can reach out to the nearest EPFO office or visit the official EPFO website for detailed information and guidance.
From India, Gurugram
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What is the Employees' Provident Fund Organisation (EPFO)?
- The EPFO is a statutory body under the Ministry of Labour and Employment, Government of India.
- It manages the Employees' Provident Fund (EPF), a retirement benefits scheme for salaried employees in India.
Functions of the EPFO:
- Administering the EPF scheme, pension scheme, and insurance scheme.
- Registering establishments under the EPF Act.
- Enforcing compliance with EPF contribution and other related provisions.
Benefits of EPF:
- Retirement savings: Employees and employers contribute a portion of the salary to the EPF account, building a corpus for retirement.
- Financial security: EPF provides a safety net for employees after retirement.
- Tax benefits: Contributions to EPF are eligible for tax benefits under Section 80C of the Income Tax Act.
EPF Online Services:
1. Visit the EPFO portal and register for an account.
2. Check your EPF balance, view passbook, and update KYC details online.
3. File EPF claims, including withdrawal, transfer, and pension settlement requests.
EPF Coverage and Eligibility:
- EPF coverage extends to organizations with 20 or more employees.
- Both the employer and the employee contribute 12% of the employee's basic salary towards EPF.
- Employees drawing a basic salary of up to Rs. 15,000 per month are mandatorily covered under the EPF scheme.
Understanding the EPFO and the EPF scheme is essential for both employers and employees to ensure financial security and compliance with labor laws in India. For specific queries or assistance, individuals can reach out to the nearest EPFO office or visit the official EPFO website for detailed information and guidance.
From India, Gurugram
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