All You Need To Know PF Consultant in Ahmedabad

Top First PF Consultant in Ahmedabad

Everything You Should Know About Employee Provident Funds

Under the direction of the Indian government, the Employees Provident Fund Organization (EPFO) launched the reputable Employees' Provident Fund (EPF) retirement benefits program. The program was created to encourage salaried people to save more money, which will help them accumulate a sizable retirement fund for a safe and secure future. More than 6.7 crore salaried individuals and 6.9 lakh contributing organizations make up the active subscriber base of the EPFO. The Top Payroll Solution Provider in India by Pro Legal HR ESI PF Consultant Firm in Ahmedabad.

How Is EPF Operational?

The largest social security organization in the world is called EPFO. Three plans are overseen by the EPFO:

The Central Board of Trustees, which is made up of members from the federal and state governments as well as employers' and employees' organizations, is in charge of overseeing the EPF Scheme 1952, Insurance Scheme 1976 (EDLI), and Pension Scheme 1995 (EPS).

Top Payroll Solution Provider in India by Pro Legal HR ESI PF Consultant Firm in Ahmedabad. Monthly matching contributions from businesses and workers fund the EPF. Each month, the employee contributes 12% of their dearness allowance and base pay. Additionally, the employer funds the employee's account in an equal amount (8.33% for EPS and 3.67% for EPF).

The EPFO sets a pre-fixed interest rate that is paid to the fund that grows steadily each month. You can withdraw the interest amount tax-free and without having to pay any taxes. When an employee retires, they may get a lump sum payment that includes any interest accrued over the years.

UAN: What Is It?

EPFO finds it easier to handle member accounts thanks to the Universal Account Number (UAN). Every member of EPFO is given a 12-digit unique UAN number. Through UAN, an employee can use the EPMO member site to view their PF account.

You may question, how does UAN aid. Your UAN doesn't alter even if you shift jobs. When you move jobs, just your member ID changes, and the new ID is connected to your UAN. In this manner, regardless of your many employers, all of your PFs are consolidated under one roof. Either you or your employer can use your UAN to ask EPFO to issue you a new member ID. Alternatively, you can submit a request for a member ID directly to EPFO.

Is this your first job, and you're trying to find your UAN? Your UAN will typically be disclosed to you by your company, or it may be located on your pay stub.

The Objective Of EPFO

EPFO's primary objectives are to guarantee:

Social Security benefits are available to all paid workers nationwide.

Every member may easily access their PF accounts online.

Every salaried person has a single UAN, and all of their member IDs are connected.

Employers' ability to use government systems with ease

The process of compliance is as easy as possible.

Employers abide with EPFO guidelines.

Claims are resolved in three days instead of twenty.

Voluntary adherence to donations