Benefits of being a member of a EPFO registered establishment(company) :
- A lumpsum amount available on superannuation.
- Provision to withdraw advances to take care of contingencies like marriage, sickness, buy land/house etc
- Minimum monthly pension of Rs 1000 on superannuation. In case of unfortunate demise of the member, pension is payable to spouse and 2 eldest children.
- Maximum lumpsum of Rs 6 lakhs to the nominated beneficiary, in the event of death due to natural causes, illness or accident of the EDLI insured member.
- Opportunity to own a house along with subsidy contribution from Government – https://simplifypf.wordpress.com/2017/04/22/pf-members-to-become-house-owners-housing-scheme-by-epfo/
To claim all of the above benefits – One has to remain a member of EPFO and not settle his account every-time he changes job.
Government attempted to bar employees from withdrawing their provident fund corpus before the retirement age of 58 years through a notification. While the intent was good, the same had to be withdrawn in the face of widespread protests.
EPFO decided to retain members in a refreshing new way – Re-invent processes and improve services through continually engaging Employers and Employees. The intent is also to attract employers to get registered under EPFO and extend benefits to all their employees.
For Employees
- Lumpsum PF
- Pension -Minimum Rs 1000
- House – EPFO Housing Scheme
- Insurance – Maximum 6 lakhs
- Easy advances from PF account without additional documents
- Easy Composite claim forms and Pension Claim Forms
- Online claim settlement – No dependence on employers
- Automatic claim transfer in case of change of jobs
- Filing grievances through EPFiGMS
For Employers
- Simple registration process through OLRE
- Online return filing
- Online payment of remittance
- Benefit of declaration in Employees Enrolment Campaign 2017.
- Benefit in respect of new employment generated under PMRPY/PMPRPY
- Provision of social security to indirect employees by sharing details of contractors on Principal Employer’s Portal
- Monitored Inspections through Shram Suvidha Portal.
- Extensive advertising on radio/television to persuade coverage
- Filing grievances through EPFiGMS
As a result of the above efforts put in, the image of EPFO has undergone a substantial make-over. EPFO wants employers and employees to readily come forward to avail their world-class services rather than under statutory compulsion.
Hope the customer-centric initiatives continue to flow out of this vibrant organisation. In the long run – Only the fittest will survive. So can we see the best out of EPFO?
Is it a resounding YES……..I hoped so
SimplifyPF 