The government of India established the Employees Provident Fund Organization (EPFO) as a statutory entity. To ensure continuous service delivery of its services to its subscribers throughout the COVID-19 pandemic, it has implemented a number of policies and digital initiatives. The Prayaas scheme is one such effort by the EPFO to assist the subscribers.
The EPFO is attempting to disburse the employee's pension amount, or PF (Provident Fund) amount, on the day of his or her superannuation under the Prayaas plan. Every month while the employee is employed by the company, the employer and employee each contribute 12% of the employee's basic salary to the PF fund.
1. The Employee Provident Program (EPS) subscribers would receive their pension on the day of retirement under the Prayaas scheme, which is its major benefit.
2. By submitting their pension paperwork to the EPFO on their retirement date, employees can easily and swiftly receive their pension.
3. The employees' time will be saved because they won't have to wait and follow up with the PF or the company to pay their debts and receive their pension.
4. The retired employees do not need to go to the PF office or the business to finish the paperwork for pension withdrawal.
5. By getting their pension on the same day as retirement, the workers can enjoy retirement.
1. Employees and employers must begin the documentation process early to ensure a smooth transition so that the pension can be received on the day of retirement.
2. The employees must add e-nominations, update their online profiles, and complete KYC. The organization must receive complete pension claims from retiring employees.
3. The business should submit the required pension claims and supporting paperwork to the PF office along with the advance payment of the PF contribution due for the retirement month.
4. In order to complete the necessary paperwork on time and deliver the Pension Payment Order (PPO) on the day of the employee's retirement or superannuation, they must file an ECR (Electronic Challan cum Return) before the 15th of the month in which the employee is retiring and submit Form-10D to the PF office with the necessary documents.
5. The employee's pension will be routinely routed through the subscriber's (employee's) bank account by the EPFO when the EPFO issues the pension order on the day of retirement.
6. The employees can also submit the online life certificate they received after retiring whenever it is most convenient for them throughout the year.
7. A few employees from the organizations earned their PPO on the day of retirement through the Prayaas plan.
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