EPFO as popular labeled is a government based organization. It was established by the Indian government to foresee matters to do with salaried workers. They can be either form the public sector or private. It is a social security scheme and covers a lot of benefits for the employees in their retirement age.
The organization works under the ministry of labor and employment. It was official launched in the year 1952. This is through the provident fund ordinance, the scheme is recognized in all states beside Jammu and Kashmir. The central body of trustees has the upper hand in the EPFO as it makes the relevant decisions and rules which govern the scheme. If anybody want to know EPF India PF Balance Check with UAN number or PF number by UAN login at unifiedportal-mem.epfindia.gov.in
How does EPFO help the employees? This being a body which manages overlooks the employee’s fund. Employees should be registered and have an account where they can save a percentage of their salary and benefit from it after retirement.
Companies and organization who have more than 20 employees should be registered with the scheme. Both the employee and employer should give 12% of the salary and it is tax free amount. The funds are collected and invested in one pool and they have to gain interest each year.
What are the EPFO structure?
The EPFO scheme is divided in several zones according to the administrative work. The organization has the highest ranking manager as additional central provident fund commissioner. The commissioners are located in all the states and in each state there a regional offices which looks and caters for the regional provident fund commissioners RPFC.
From the regional the order of power is then divided to sub-division. They manage the regional provident fund commissioners grade II. They get the help of the assistant provident fund commissioners. After this they get assistance from the district offices located in the regions, and enforcement officer has to be present to supervise and resolve any issues in the region and local sector.
Services provided by the EPFO
The EPFO gives retirement benefit to the employees who are registered and have invested.
After the maturity period member can benefit from the scheme by applying for loans using their EPF savings.
They give loans for special loans like the education, weddings and hospitalization. This are some of the special occasions as you can withdraw premature.
Information needed to register for the EPF
Before investing you need to first register. The account is valid and don’t have to change to new when you leave for a new job. Just link the account to your new employer details.
Give the name and the address of the company you are working for.
Branch and the location of the company.
Give the dates when the company was registered.
Now enter the employee details and the position they hold in the company.
The number of employees in the company.
Now you have to fill the type of work and business the company offers.
Before a company is established they have to be legally established. Give the legal status of the company.
Enter the C.E.O details and also the bank by which the company works with in transacting the funds.
This the simple way for a company or organization would register for EPFO.
