The Employees’ Provident Fund Scheme is a retirement profit scheme for workers working within the organised sector.
EPFO additionally gives a number of on-line providers to its members, together with on-line registration, fee of contributions, and checking the standing of claims.
Employees’ Provident Fund Organisation is a statutory physique underneath the Ministry of Labour and Employment, Government of India. EPFO administers three schemes, particularly the Employees’ Provident Fund Scheme, the Employees’ Pension Scheme, and the Employees’ Deposit Linked Insurance Scheme.
The Employees’ Provident Fund Scheme is a retirement profit scheme for workers working within the organised sector. It mandates that staff contribute a sure share of their wage to the fund, which is matched by the employer. The fund earns curiosity on the amassed quantity and is payable to the worker on retirement or in sure different circumstances.
The Employees’ Pension Scheme is a pension scheme that gives a month-to-month pension to staff on retirement. The employer and the worker contribute a sure share of the worker’s wage to the fund, which is used to offer the pension.
The Employees’ Deposit Linked Insurance Scheme is an insurance coverage scheme that gives a lump sum fee to the nominee in case of the worker’s loss of life whereas in service. The employer contributes to the fund, and the profit is payable to the nominee of the worker.
EPFO additionally gives a number of on-line providers to its members, together with on-line registration, fee of contributions, and checking the standing of claims.
Is there any monetary loss to EPF members because of the delay in updating of curiosity within the member passbook?
According to EPFO, updating of member’s passbook with curiosity is an entry course of. The date on which the curiosity is entered within the passbook of the member has no precise monetary bearing because the curiosity earned for the yr on month-to-month working balances is at all times added to the closing stability of that yr and it turns into the opening stability for the subsequent yr.
Hence, the member doesn’t endure any monetary loss in case there’s any delay in updating curiosity within the passbook.
Further, if a member withdraws his EPF dues earlier than the curiosity is up to date within the passbook, in that case additionally on the time of his declare settlement, the due curiosity is calculated and paid from the date it turns into due robotically by the system.
Hence, on this case too, there isn’t any monetary loss to a member.
With the adoption of digital strategies in governance, many providers can be found on-line and a consumer/subscriber will not be required to go to the workplace in-person. One such facility is checking the stability of your provident fund account.
There are 4 easy methods which can be utilized by the subscribers to know the PF stability on-line. Read extra
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