EPFO Login: A part of most of our monthly salary is added to the EPF account. It may be annoying to some people, because of the fact that they are unable to spend it. But, what is this EPF and why does a chunk of your salary go into it? In this article, we are going to discuss everything you should know about EPF.
What Is An EPF?
Employee’s Provident Fund (EPF) is a retirement benefit plan entitled to the all the salaried employees of the public, private and government organization. It is one of the most popular and beneficial retirement plan introduced for the salaried employees in India. This fund is overseen and maintained under the Employees Provident Fund Organisation of India (EPFO). It is a statutory body under the Ministry of Labour and Employment. By law, it is mandatory for any private company with more than 20 employees to register with the EPFO.
EPFO Login – Online Services & Benefits Provided By EPFO
This retirement scheme was introduced with the sole purpose of creating a savings platform for the employees. Every month a part of their salary is saved in the EPF account, which can be used by them in an event for which they are no longer fit to work or upon retirement. Both the employer and the employee contribute 12% of the salary every month in the EPF account. You can also choose to contribute more than 12% of your salary but, that is completely voluntary.
Who Can Become An EPF Member?
Every employee of the registered company is eligible to be a part of the EPF from the date of his/her joining the company. An EPF member is eligible to all the provident fund benefits, insurance benefits, and pension benefits.
To become a member of the EPF, a person has first to register himself on their official website. For those who do not know the procedure, we have listed the entire process below, in this article.
How To Login To EPFO Member Portal?
An EPFO member can get all the information about their EPF account after, they log into the EPFO member portal at http://members.epfoservices.in
After logging an EPFO member can check his EPF balance, access his online EPF account passbook and can also transfer his EPF balance online.
EPFO Login procedure:
You need to follow the following steps to login into the EPFO member portal:
- Open the member portal of the Employee Provident Fund.
- A registration form will appear. Fill in the required details in the given blank spaces.
- Make sure that you have provided the correct document type because, in the future, you have to log in to the portal using the same document type provided by you. For example, if you register yourself into the portal using your PAN card then, you have to select PAN number in the tab ‘Select Any One Document’ and provide your PAN card number.
- Check the details that you have entered before submitting.
- After submitting your details, you will receive your PIN number.
- Enter your authorization PIN to get yourself registered.
- Once you have been registered, you can log into the EPFO member portal.
By following these simple steps, you can login into the EPFO member portal whenever you want. EPFO login will entitle you to check your balance or download your EPF passbook and much more.
Online Services Provided By EPFO
The EPFO provides a number of online services to both its employees and employers.
The online services provided to its employees includes account balance inquiry, transfer facility, claim status check, etc.
- Account Transfer Claim portal: The EPFO has recently introduced a new system of online provident fund transfer for its members. This new system will make the transfer process efficient, transparent and hassle-free for everyone.
- Balance Enquiry and Claim: Members of the EPFO can check their PF account balance online. In order to do so, you will be asked certain questions. The questions may include details such as your name, mobile number, Once you enter the required details, you will be able to check your PF balance online.
- Online Passbook: An EPFO member can also download his e-passbook after registering himself on the EPFO member portal. His e-passbook will contain all his transaction details.
The EPFO provides a number of online services to the employers as well. The online services may include:
- ECR/Challan submission
- E-Return tool
- Know the designated SBI branch for EPF remittances
- Online transfer claim portal for employers
The remittances made by the employer is reflected on the list of payments, which they can check logging into the employer portal.
Benefits Of Your Employee Provident Fund
Employee Provident Fund serves as a very important tool in the retirement planning. It is a great platform for the all salaried employees to save a fraction of their income, every month. The EPF provides a kind of support to its members when they become unfit for working and also serve them in their retirement. It also provides a healthy growth to your money. If continued for a long term, it can help a person meet his retirement goal. When we run short of funds for any event or an emergency, we resort to borrowing. In times like this, EPF can be of great help because of the certain benefits it provides. Many of us are unaware of these benefits.
Here is the list of benefits, a member can avail to:
- Pension Benefit:
- Pension to member
- Pension to family in case, the member, is dead
- Scheme certificate:
- Shows the information about service and family details of a member.
- Issued to a member who has not attained the age of 58 years, while leaving the establishment, if he applies for it.
- When joining another establishment or service, a member can give up this certificate.
- A member can apply for his pension if, he has attained the age of 50 or above by giving up his scheme certificate.
- This is better than withdrawal benefit. The family of a member will be entitled to a pension if, the member dies to retain a valid scheme certificate.
- Insurance Benefit: According to Employee Deposit Linked Insurance (EDLI) scheme, in any company where group insurance scheme is not offered to the employees, the establishment has to contribute 0.5% of monthly pay as a premium for the life insurance plan. This may be a very small amount, but for people working in a small organization, it can help them support their family.
- Special Occasion Benefit: The EPF can prove to be of great help in times of any emergency or special occasion:
- You can withdraw 50% of your balance from your EPF in times of need like when you need funds for marriage or education purpose etc. But, you have to provide valid documents to prove it. You can withdraw only three times in your life. However, to avail this benefit, you should be in service for 7 years.
- You can also withdraw from your EPF when you have to repay your house loan, or you have to repair or construct a new housing.
- In times of medical emergency, you can withdraw the entire balance till date from your EPF account.
- Death Benefit:
- Provident fund entitled to family or to nominee
- Pension to family/parent/nominee
- Capital return of pension
- Insurance entitled to family or nominee
- Nominee is determined depending on the information provided by the member
It is important to remember that these benefits are a part of retirement tool. Therefore, it should not be utilized recklessly. Rather, one should avail these benefits only when there’s no other option available.
The EPF is a great retirement plan for all the salaried employees. Because of its increasing popularity, EPFO has upgraded its technological front to make it easier for members to access their EPF account. Members can now easily check their EPF balance online or via SMS and missed a call. For the convenience of people, the EPFO has recently launched their mobile app.
To conclude, Employee Provident Fund serves a crucial role in times of need and emergency. It is a 100% risk-free, tax-free and secure investment for your life after retirement. Therefore, it is recommended not to withdraw from your EPF account until and unless it is really required. The EPF balance should always be treated as the last option.