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EPF is a scheme introduced by government through Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 as a social security scheme for the benefit of employees to use the accumulated funds on their retirement. This scheme encourages an employees to save certain amount of rupees from their salary as a retirement fund for their better future. In India the government has fixed the retirement age of 59 years. After attaining this age, those employees who are working in a private sectors will be considered as a retired employees and for government employees, the retirement age is fixed at 60 years of age. This scheme proved to be a boon to employees to save in present for betterment of their future and to enjoy their retirement life with financial stability.
EPF Registration is a mandatory legal process for organizations with 20 or more employees under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. It establishes a social security scheme where both employer and employee contribute 12% of basic salary towards the employee’s retirement fund. This government-backed program ensures financial security for workers post-retirement at age 59-60. EPF registration creates a systematic savings mechanism, providing employees with accumulated funds, insurance benefits, and pension schemes. Smaller organizations can also register voluntarily to offer EPF benefits, enhancing employee satisfaction and legal compliance while building long-term financial security.
Organizations must register under EPF if they meet any of the following conditions:
Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
The PF account can be transferred while changing jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
Emergencies are part and parcel of life at any point of time. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can claim their money online and can get it at any time.
The members who are registered under the UAN portal can get the details which are available at the Employee Provident Fund Organization (EPFO) by just giving a missed call to 011-22901406 from their registered mobile number. If the member’s UAN is linked with the bank’s account number, PAN card or Aadhar number, then the member can easily get the PF balance and previous contribution details. Activated members of the UAN can get to know their previous EPFO balance and PF contribution by sending an SMS to 7738299899 from their registered mobile.
To complete the EPF registration process, businesses need the following documents
