EPF Benefits-Schemes | PF Pension – EPF Insurance, Loan | UMANG

By | November 14, 2017

Employees Provident fund Organization Schemes & EPF Benefits

Employee Provident Fund is known as PF. This is a type of retirement saving scheme available to all the salaried employees, is backed by the government on which fixed interest is paid. The employee provident fund is administered by the Employees Provident Fund Organization (EPFO). Today, many organizations offer the PF (provident fund) facility. The Employee Provident Fund (EPF) is a type of retirement saving scheme offered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, intended for the salaried employees. These are the main EPF Benefits for the employees.

Employee Provident Fund Organization has been in existence since 1951 when it was formed after the Employees’ Provident Funds Ordinance. In 1952 however the Employees’ Provident Funds Act replaced the Employees’ Provident Funds Ordinance. Presently the Act now goes by the name of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 and is law in all of India except in Kashmir and Jammu.

Why Provident Fund Important – EPFO Schemes

This organization is main responsible for administering

  • EPF Insurance scheme (IS).
  • PF Pension Scheme (PF).
  • Provident fund scheme (pf scheme).

The Headquarter of the Employee Provident Fund EPFO Organization is situated in the New Delhi. There is a regional office in every state & some states have two or three offices.

In this scheme, If the monthly salary of an employer is more than 15000 then only that employee opt for this scheme. That employee can’t leave this epf scheme till they are in the job. The employee deposits a part of his/her salary to this scheme. The employer also contributes in this scheme on behalf of the employee. The contribution is deposited every month. The interest rate of EPF is fixed every year. The PF interest rate is linked to the 10-year yield of the government bond. The employee gets the total PF balance with interest at the time of retirement.

EPF Benefits After Retirement / Death  | EPF Benefits after 5 Years

Employee Provident Fund is a very important aspect of retirement planning. Anyone can join before the retirement. There is no such restriction on the joining. Your EPF gives you some life insurance too. On 1 October 2014, Prime Minister of India Narendra Modi launched Universal Account Number (UAN) for Employees covered by EPFO to enable PF number portability.

EPF Benefits

Some Benefits of Employee Provident Fund offers like eg:

  • The employee is able to earn interest on the PF accumulation which is free from income tax.
  • EPFO holders can avail the facility of withdrawals for the purpose of, purchase/construction of house, illness, higher education, marriage etc.
  • In job change EPF is also beneficial for the new employees.
  • Provident Fund holders get insurance benefit up to Rs. 6 lakh is admissible to survivor of deceased member.
  • Pension benefits are also there.
  • Will get monthly benefits for retirement, disability, death claim form 20 etc..
  • Minimum pension on disablement.

Employee Provident Fund organization offers services for :

  • For employees : Both men and women avail this benefit.
  • Employers
  • For international workers
  • For pensioners

Every year new rules has done on the epf withdrawal like :

  • Full Employees Provident Fund balance cannot be withdrawn before attaining the new Retirement Age of 58 years.
  • Continuity of EPF membership is the new rule.
  • Increase in Age limit to withdraw 90% of PF balance.

Some instructions for EPF Members – EPF Benefits & Schems | PF Benefits PPT in Hindi

  • Epf members can access their passbook online at epfindia.gov.in.
  • Aadhar card is mandatory for online PF claim submissions.
  • There are different schemes launched under EPFO like :
    1. EPFO SCHEME 1952
    2. PENSION SCHEME 1955
    3. INSURANCE SCHEME 1956

As epfo services are available online also. With the online status anyone can check that the pension is credited in your PF account or not. And it will also show that your Pension credited amount along with the amount from the beginning!

These services are available on UMANG APP.  You can download this App from UMANG website or from the play/app stores. While EPF mobile services are being discontinued This is new service. So it is very easy to access like online PF a/c transfer, online PF passbook, locate epfo services, EPF Balance and lots more like this.

Employee Provident Fund organization offers some online services like :

  • Principal employers
  • Pensioners portal
  • Establishment information search
  • International workers portal
  • Ekyc portal

EPF Benefits : Universal Account Number Scheme Details :

UAN : UAN is known as Universal Account Number which is a 12 digit unique number assigned to all the employees of Employee Provident Fund Organization. It is unique identification number which is given to all members who contributes in EPFO. This is kind of lifetime identity given to members by the organizations. This is all about the UAN number.

Important Points to make the most of your EPF, which are as follows:

  • Always make sure you have nominated someone for your PF account. You can nominate one or more nominees for the PF account. They should be your family members.
  • Even if you shift your job, always maintain one PF account. This will be beneficial over the long run due to compounding of interest in the same account and secondly becomes easier to track.
  • This is much higher than the Bank FD rates and more secured. Additionally,

Conclusion :

As you can see, there’s a lots of good points to follow while looking at EPF. So do go through your salary slip and decide whether you would like to increase your EPF contribution and avail the tax benefit.

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