As you know Employees Provident Fund is given at the time of retirement and leaving the job. PF scheme is thus a very beneficial for employees in any company because it literally save your earnings including all the features like good interest rate, tax exemption etc.
The idea behind implementing this scheme was to provide social security and a safe or secure future to the employees as a reward for their hard work and dedication towards the organization.
This stands a mandatory contribution for all working professional under the Employee’s Provident Fund Act.
Benefits of Employee’s Provident Fund
- If you have to make any complaint related to your EPF, then you can do it through EPFO.
- EPF is governed by a statutory body, so it is mandatory for all organizations to follow all the rules laid down by EPFO.
- EPFO makes online services easily available with the help of EPF, the claim settlement time has been reduced from 20days to 3 days.
- EPF for employees allows them to save a lot of money in the long.
- Monthly contribution to EPF makes it easy for employees to save a good amount for their requirement, as they do not need to withdraw lump sum amount for investment.
- Employees can also withdraw a part of their EPF in case of emergency.
- EPF creates a source of long term investment for the employees while creating a retirement fund for them. That part of the employee’s salary that is deducted for EPF is not taxed.
- If an employee changes jobs, he can get his EPF account transferred to another company.
Services Provident by EPFO
- Online Registration: – Any company can register itself and its employees through online on the EPFO portal.
- UAN details can be generated: – Employees can generate their UAN details using the EPFO online portal and then log in to the UMANG app for east access to all PF related information.
- Online EFP Subscription: – Organizations can easily make PF payment or subscription online.
- Redressal of Grievances: – In case of inquiries regarding settlement of pension, PF withdrawal, PF transfer etc, EPF members can make complaints.
- Online claim Transfer Status & Passbook: – Members can easily check or download their PF passbook with the help of UAN.
- Missed call and SMS Service: – Users can easily get their account details by sending an SMS or through a missed call.
