EPF is one of the main platform of savings in India for nearly all people working in Government, Private or Public sector organizations. It is implemented by the Employees Provident Fund Organization (EPFO) of India.

Companies which have employee strength of 20 or more are required to be registered with PF Department. The capacity of 20 includes contract employees like housekeeping, security or other contractual workers in the business. Those companies which do not have the endorsed number of employees but willing to register themselves to provide the advantages of Provident Fund to their employees can register voluntarily with the Regional Provident Fund Office. Registration has to be done within One month from the date of hiring 20 employees. Any delay may result in a penalty.

The employer must register the establishment online. With the convenience of online registration the employer can register the establishment by providing the following details:

 Establishment details:

• Name of the establishment
• Address
• Incorporation Date
• PAN
• Type of establishment
• If the establishment is a factory then the following details must be provided:
• Name of the establishment
• Address
• Incorporation Date
• PAN
• Type of establishment

Pension Coverage

Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.

Cover of Risk

In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.

Single Account/one EPF Account

The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.

Emergency Fund

Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can make claims online.

Employee Deposit Linked Insurance Scheme

Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.

Extended Goals

The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.

Checking the EPF balance

The members who are registered under the UAN portal can get the details which are available at the Employee Provident Fund Organization (EPFO) by just giving a missed call to 011-22901406 from their registered mobile number. If the members UAN is linked with the banks account number, PAN card or Aadhar number, then the member can easily get the PF balance and previous contribution details Activated members of the UAN can get to know their previous EPFO balance and PF contribution by sending an SMS to 7738299899 from their registered mobile.