Provident Fund guideline for all employee

1. PF SCHEME AWARENESS
PROGRAMME

2. What is EPFO

3. Introduction
The Employees' Provident Fund Organisation (EPFO) is a non-constitutional body that promotes employees to save funds for
retirement. The organisation is governed by the Ministry of Labour and Employment, Government of India and was launched in 1951.
- Employees whose basic salary is Below 15000
Schemes Offered Under the EPFO
Given below are the various schemes that are present under the EPFO:
● Employees' Provident Funds Scheme 1952 (EPF)
● Employees' Pension Scheme 1995 (EPS)
● Employees' Deposit Linked Insurance Scheme 1976 (EDLI)

5. EPFBenefits
Given below are the benefits of the EPF scheme:
● It helps in saving money for the long run.
● There is no requirement to make a single, lump-sum investment. Deductions are made on a monthly basis from the
employee's salary and it helps in saving a huge amount of money over a long period.
● It can help an employee financially during an emergency.
● It helps in saving money at the time of retirement and helps an individual maintain a good lifestyle.
● Interest Rate 8.10%

7. Employee deposit Linked Insurance (EDLI)
IN case of the death of a PF member, the family gets insurance of up to ₹ 7 lakhs under the EDLI scheme
and monthly widow/child/orphan pension under the EPS scheme , if employee has served organisation
minimum 12 months
EDLI Guidelines:
● On death of a member, the family member can or nominee can claim for EDLI benefit
● Then nominee have to apply through the employer
● No amount is taken from the member for this facility & Direct amount transfer in bank to Nominee
● Average PF balance,salary & service are the main factors to calculate amount.
To claim EDLI amount, below mentioned documents have to be submitted.
1. Application form in Prescribed Format.
2. Death certificate of the Employee.
3. Guardianship Certificate – If the EDLI claim is being made on behalf of a minor family member
or nominee, the legal guardian have to submit the guardianship certificate

8. Important Points to Remember about EPF
Pension
● All contributions made in the Employees’ Pension Scheme (EPS) account are to be done by the employer
● The employer makes a contribution of 8.33% of the employee’s pay for EPS
● The employee’s pay consists of basic wages with dearness allowance, retaining allowance and admissible cash value of
food concessions
● If you have completed less than 10 years service. but more than 6 months’ service, you can withdraw the EPS amount on
being unemployed for more than two months.
● Monthly Pension after retirement
● As per the scheme, the retirement age of the person is fixed at 58 years of age

11. General Guideline for PF
● At the time of Joining company UAN will be generated from HR div if already no. available then PF
account no will be generated from 1st to 5th of every month
● KYC updation is mandatory for PF withdrawal
● What mistake to be Avoided (KYC) :
○ Bank /Pan card account should be linked with PF account no.
○ Date of joining should be correct.
○ Mobile no should be linked.
○ At the time of joining PF Nominee form should be filled and same should be updated on
portal.
○ PF Portal , Pan card and aadhar card name should be same.

12. PF Guideline Continues…..
● How to check PF Deduction (Umang )
● PF Number for toll free - 9966044425