As per the latest circular issued by the Employees’ Provident Fund Organisation, a Provident Fund Account holder can avail of health insurance up to 7 lakhs rupees. The account holders can take part in this by filing an EPF e-nomination.
The EPFO recently declared that the members of this organisation could avail of various health benefits without any financial burden. They can enjoy accessible medical facilities, and the insurance money will cover them.
According to the latest reports, EPFO has 15.29 lakh net subscribers up till January 2022. As per the latest report published by the Ministry of Labour and Employment, almost 2.69 lakhs net subscribers have joined this scheme until January 2022. This is quite a big jump compared to December 2021.
The total number of net subscribers is 15.29 lakhs, per the records. Almost 8.64 lakhs of new subscribers have enrolled under the social security program. The Ministry of Labour and Employees states that it proves that the EPF and MP Act of 1952 aims to improve the living standards of the employees.
What Does Employee Provident Fund Stand For?
The employee Provident Fund is a scheme launched in the year 1952. The main goal of this scheme is to provide social security to millions of employees. The EMPO aims to provide a secure future to the employees in return for a small monetary contribution.
From the very first day, EPF is regarded as a voluntary contribution. The Ministry of Labour and Employment monitors this compulsory contributory fund. It is responsible for the active implementation of EPF rules and regulations from time to time.
As per the scheme, the employer has to deduct a fixed sum of money from their employee’s salary every month and then contribute it to their respective EPF account. The best part about this scheme is that you can utilise the MPF money at your convenience. In India, people use EPF money after their retirement. It helps them in leading an independent life after retirement.
The Employee Provident Fund Is a non-constitutional body that encourages the working class to save a fund that will ensure a safe and secure life for them after their retirement. People from all over the country look up to this scheme to build a safe future.
Typically both the employer and the employee contribute to this fund. 12% of the employee’s basic salary is deposited in the EPF. Sometimes dearness is also added to this fund. It ensures that the employee can save up a decent about of money from his basic salary at the time of retirement. The current interest rate on the EPF deposit scheme is 8.10% p.a.
Aims and Objectives of Employee Provident Fund The aims and objectives of the Employee Provident Fund are as follows.
● It is crucial to ensure that every organisation follows the basic rules and regulations instructed by the EPFO.
● To monitor all the employees working 9in a company have an EPF account. ● Provide easy access to all the account holders under the EPF scheme. ● They are encouraging and promoting voluntary compliance.
● It is also a primary duty of this organisation to check whether the online services are up to the make or not. And make improvements if necessary.
● If anyone asks for settlement, they should be steeled down as soon as possible. ● They also keep a tack on reducing claim settlements from 20 to 3 days.
What are the Eligibility Criteria For Applying In An EPF?
The eligibility criteria for becoming a part of the Employee Provident Fund Scheme are as follows.
● If a company has more than 20Employees, it must register and open EPF accounts for its employees.
● All the employees who draw a salary at the end of every month are eligible to come under this voluntary scheme.
● Correspondingly companies with less than 20 employees can also get registered under this scheme.
● EmployeesEmployees earning less than 15,000 per month must enrol in the EPF scheme.
● Employees earning more than 15,000 can also take part in this scheme.
What are THE Different Kinds of EPF Forms Available in The Market?
The different types of EPF Forms are4 as follows:
● is used for nominating and declaring the name of the nominee
● Form 5 is used for registering for EPF and EPS.
● Form 5IF is used to avail the claim for the EDLI scheme.
● Form 10C is used for helping the benefits and receiving the certification of the scheme. ● Form 10D is used to withdraw monthly pension facilities.
● Form 11 is used for transferring the EPF account.
● Form 14 is used primarily for purchasing a LIC policy.
● Form number 15G is mainly used to avail of all tax-saving benefits.
● Form 19 is used chiefly the settle the Employees’ Provident Fund Related issues. ● Form 20 is used when the policyholder has died, and now the nominee wants to settle down the Employee Provident Fund.
● Form 31 is generally used for Employee Provident Fund Withdrawal.
Advantages of Having An Provident Fund Subscription
Once an employee registers under the Employee Provident Fund Act, the company’s employee can enjoy the following benefits.
1. The policyholder has to contribute 12 % of his basic and dearness allowances that will directly go into the provident fund account for future use.
2. It’s not only the employee who has to contribute voluntarily to this fund. The employer also has to give his share of 8.33% in the scheme.
3. Typically the amount accumulated in the Employee Provident Fund account is divided into two parts, the employee pension scheme and the provident fund being second.
4. The pension a scheme holder will receive is decided based on the number of years of service and the average salary withdrawn by the person.
5. When a person retires, they also get a lump sum of money from EPS and PF.
6. Suppose someone withdraws money from their EPF account to meet a financial emergency. In that case, the policyholder doesn’t need to refund the money unless it is misused.
7. Suppose a member of the EPF has completed the age of 58 years and does not withdraw any money from their account in the last 10 years. In that case, they enjoy unique benefits on their pension scheme.
8. The policyholder can settle the account, and when they decide to do so, the member receives his share from the PF. Along with employer contribution and the rate of interest accumulated.
9. It could also help you meet the emergency situation in times of financial crisis.
10. It is like a long-term financial saving scheme which helps you save up a lump sum amount of money to help you lead a comfortable lifestyle.
How can you File Your E-Nomination Online?
Let us take a look at the following steps that are involved in the process of filing an E-Nomination online.
● First, you need to click on thewww.epindia.gov.in.
● Once the website opens, click on the service tab in the Employees section.
● Then click on Member UAN/Online service.
● You will find a direct link; click on that link.
● Once you click on that link, sign in using your UAN number, password and the captcha.
● Then click on the manage and select the E-nomination option from the drop-down option.
● A new page will open where you will be asked to declare your family details. Please fill up the family declaration column and answer in yes or no.
● Under the family details, you need to add the name of your nominee and attributes about them.
● If you decide to have multiple nominees, then you can break down the percentage of the amount they will receive in your absence as per your preference.
● If you decide to have only one nominee, they are entitled to 100 % of your money in your absence.
● Then you need to click on the save EPF Nomination.
● Once you get done with the E-sign, then click on the proceed.
● You will automatically be directed to the demographic authentication page. ● Click on the virtual ID, the consent box, and then click on the verify option. ● Then all you need to do is submit your Aadhaar number or virtual ID and click on Get OTP.
● Once you receive the OTP on your mobile number, enter the OTP and click on the submit button.
● This marks the end of your successful application for your E-Nomination online.
List of documents you will require for Registering Under the Employee Provident Fund.
The list of items bellowed should be attached along with the EPF form at the time of registration.
● You need to submit an address proof. It can be either your electricity bill or your telephone or water bill.
● The employee needs to present the PAN card of the proprietor.
● You also need to submit the Aadhar Card of the proprietor as well.
● Licence certificate or any establishment certificate. You can also provide a GST certificate if you want.
● The digital signature of the proprietor should be submitted along with the form. ● You also need to submit a cancelled bank statement along with your form. Even current bank statements will also work.
● If you have any other licence proof, you can also attach that along with the other documents.
How can You Take Part in the Employee Provident Fund Registration Process?
The steps involved in getting registered under the EPFO are as follows.
First, you need to visit the official website of EPFO and then click on the Establishment Registration Button to proceed to the next step.
After completing step 1, the EPFO website will open the Unified Shram Suvida Portal; sign up in the portal. The employee needs to click on the signup button. When the next page arrives, the employer has to provide basic details like name, email address, mobile number and verification code to complete the process.
The third step involves the registration process. Once you have successfully created an account on the UUSP, the employee needs to log in to the UUSP and click on the Registration for EPFO-ESIC button. You will find this button on the screen’s left-hand side.
Once you have completed the previous step, it’s time to move on to the next step. Two options will appear on your screen “Employee State Insurance Act, 1948 and Employee Provision Fund and Miscellaneous Provision Act, 1952, second. You will have to click on the second option and submit the option.
Now when you have completed all the steps mentioned above. The last step is attaching the relevant documents and the registration form. The candidate must secure the employer’s digital signature and the form.
Once you successfully upload the employer’s signature to the website, you will receive a confirmation message from the EPFO. The message or the email will clearly state that you have completed the registration process.
Over the EPF is a beautiful and highly effective measure that has been prevalent for ages. It has succeeded in providing social security to all the people in society.
The EPFO helps you save up a lump-sum amount of money for your future. It will ensure that you don’t struggle with your retirement days.
The EPF empowers the elderly section of society. It helps them lead a life with all sorts of comfort after retirement. It gives them financial independence and encourages them to live a life without any financial burden. And the best part about this money is that it is like your safety back up in any financial crisis.