EPFO stands for Employees’ Provident Fund Organization. It is a statutory body of the Indian government under the Ministry of Labour and Employment. The EPFO administers and manages the Employee Provident Fund (EPF), a social security scheme that provides financial security to public and private sector employees after they retire or in case of certain contingencies, such as disability or death i.e insurance & pension benefits
The EPFO was established in 1951 by the Employees’ Provident Funds and Miscellaneous Provisions Act, which was passed by the Indian parliament. The EPFO is responsible for the administration of three schemes: the Employees’ Provident Fund Scheme, the Employees’ Pension Scheme, and the Employees’ Deposit Linked Insurance Scheme.
Recently, the EPFO has introduced several new features to the EPF scheme to make it more convenient and accessible for employees. Some of these new features include:
- Electronic Challan-cum-Return (ECR): The EPFO has introduced an online system for the submission of monthly EPF contributions by employers. The ECR system allows employers to generate electronic challans and returns for the payment of EPF contributions.
- Universal Account Number (UAN): The UAN is a unique number that is assigned to every EPF member. The UAN makes it easy for members to access their EPF accounts and view their account balance and transaction history.
- EPF Mobile App: The EPFO has launched a mobile app that allows members to access their EPF accounts on their smartphones. The app allows members to check their account balance, view their transaction history, and submit requests for withdrawals and transfers.
- Online Claim Submission: The EPFO has introduced an online system for the submission of EPF withdrawal claims. Members can now submit their claims online and track the status of their claims through the EPF portal.
- Non-Stop Transfer of EPF Accounts: The EPFO has introduced a new system for the automatic transfer of EPF accounts when a member changes jobs. This system, known as Non-Stop Transfer of EPF Accounts, allows members to link their UAN with their Aadhaar number and bank account, enabling the automatic transfer of their EPF account when they change jobs.
- EPF interest rate is now 8.15% for the financial year 2022-23 .
These new features have made it easier and more convenient for employees to access their EPF accounts and manage their retirement savings.
