EPF – (Employee Provident Fund) is considered as the saving platform for the people who work in Private, Public or Government sectored organizations.
Here you would get to know what actually Employee Provident Fund(EPF) is? and how will EPF be calculated based on dearness allowance and basic salary? What could be the interest rate of EPF? And how much can one save in EPF?
Would you like to know what EPF is and how will you get benefited..? Please take a look..!
Define Employee Provident Fund?
A provident fund has been created to provide stability and financial security to elder/old people. Generally, you can start contributing to these funds, when you start as an employee. Mostly the contribution will be made based on a regular basis.
Purpose of EPF/Use of EPF:
It’s motive is to help an employee to save part (portion) of their salary on a monthly basis.
You can visit ( http://uanmembers.epfoservices.in/ ) and can enjoy continuous services.
Hence a member (you) should list member id details to UAN, to actually file or view the claiming/ transfer process.
ACT OF EPF– 1952
In 1952, the EPF (MP Act), was accomplished by the Parliament and has come into force from the month of March (4), 1952.
EPF has been implemented by the (EPFO) Employee’s Provident Fund Organization. Usually, 12% of – DA, Basic and the Cash value (food allowance) will be contributed towards your EPF account. EPFO is considered as the statutory body of our Indian Government under Employment Ministry and Labor.
Currently, you can find the following 3 schemes:
This scheme is eligible for a member who has completed 20 years of his/her service and retires on reaching an age of 58 yrs.
This scheme will be eligible for the member who has successfully completed 20 years of service and would retire before reaching 58 yrs.
Short service Pension:
This scheme will be eligible for a member who has completed 10 years of service or more but should be less than 20 yrs.
Do You Know? – Who Can Become A Member Of EPF???
All the employees will be eligible for the scheme of provident fund (from the date you join the organization). Once you have become a member, you would be eligible for all the benefits of provident fund, insurance and pension (benefits).
Hence an employee should execute the following nomination towards their PF scheme.
- EPF Registration Form
- Return Forms
- Claims Forms
Hence you can register on the portal and can download e-passbook: (click on the below link to find more details).