Importance of EPFO

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    By on Business

    The Employees’ Provident Fund Organisation (EPFO) is a statutory body and an attached office of the Ministry of Labour and Employment, Government of India. It was established to help make social security a reality for workers in the unorganized sector.

    The EPFO has been very active in the last few years and has introduced several changes that have benefited the employees. Though it is not mandatory for an organisation to be registered with EPFO, it is highly recommended.

    Objectives of EPFO

    The main objectives of EPFO are:

    1. To provide for the establishment of a Provident Fund Scheme for employees engaged in certain industries
    2. To facilitate the establishment of a Central Record Office for the purpose of maintaining records relating to such schemes and accounts
    3. To facilitate the administration of such schemes by providing for adjudication of disputes arising out of them
    4. To provide for the constitution and maintenance of an Employees’ Pension Scheme
    5. Ensure every employee has only one EPF account, which can be accessed at any time. This helps in increasing transparency and accountability.
    6. Encourages voluntary compliance
    7. Ease online accessibility

    Services of EPFO

    The Employees’ Provident Fund Organisation (EPFO) has launched a number of online services for its subscribers. EPFO subscribers can now avail the following services online:

    • Helpdesk for Inoperative Accounts – If your EPF account is not showing any transactions, you can request our Helpdesk to find out the reason. Our Helpdesk will help you to resolve the issue. While the helpdesk is not for learning things like the lta full form it surely can help you with a lot of detail regarding your pay slip. Check this page out for more info.
    • Online withdrawal of EPF – You can withdraw your EPF balance online through Net Banking or UMANG App. After downloading the app, fill in all details to apply for withdrawals. Once your application is approved by the department, you will receive an OTP on your registered mobile number via SMS which you need to enter while making payment using Net Banking or UMANG App’s UPI facility. If you change your number you should get your new registered using the epfo mobile number change process which is extremely user friendly.
    • International workers can generate a Certificate of Coverage – International workers who have been residing in India for more than 182 days during each year of assessment are eligible for coverage under the Employees’ State Insurance Act 1948 and Central Social Security Act 1986. All international workers must register with ESIC within 30 days from their commencement date or date of residence in India whichever is later.

    Checking EPF balance

    There are two ways to do it:

    • Using the EPFO portal

    The EPFO portal allows you to check your EPF balance online through its mobile app or web portal. You just need to enter your PF account number, date of birth and password to view your retirement account details. However, if you do not have an account number, the EPFO will give you an option to create one on their site.

    • Using the UMANG app

    The UMANG app allows users to perform various activities such as booking train tickets or paying bills with ease by providing access to multiple apps in one place. You can also use this app to check your EPF balance using missed calls or SMS services provided by it.

    • Using a missed call service

    This service works by dialling a number from your phone and allowing it to ring once before disconnecting; this will then automatically trigger an SMS from the service provider containing all the required information about your EPF balance and other details related to it.