January 4, 2023
Shreeja Ray

Solving Queries About Provident Fund

If you are a salaried employee in India, you are aware of the portion of your salary that is deducted. This portion of your pay is normally contributed to your Employee Provident Fund or EPF account.

What exactly is EPF?

The Employee Provident Fund (EPF) is a fund to which both the employee and the employer pay a predetermined amount of money that can be used by the employee in the future. The Employee Provident Fund Organisation of India manages it (EPFO).

The aims of the EPFO are:

EPFO aspires to reinvent itself as the world's top social security organization that offers the best facilities to its beneficiaries.

1. Reduce the time required to resolve disputes from one month to seventy-two hours.

2. Provide hassle-free service to subscribers through EPFO offices.

3. Confirm that all qualifying facilities meet the requirements of the specified statute.

4. Promote and encourage voluntary conformity.

5. Accounts for members are often updated.

6. Online access to the Member Account is offered.

EPF Benefits:

Following are the advantages of EPF:

1. Under the Indian Income Tax Act, a worker's contributions to his PF fund qualify for tax exemptions. Moreover, earnings generated through EPF systems are tax-free. This exemption has a maximum restriction of Rs. 1.5 Lakhs.

2. It contributes to long-term savings.

3. There is no need to make a single, substantial investment.

4. Monthly deductions enable the employee to save money.

5. It could give a worker with financial support in the event of an emergency.

6. It contributes to the retirement savings and maintenance of a decent lifestyle.

EPF applicability

Let us examine the criteria under which EPF applies –

Employer eligibility for EPF

Any business with 20 or more employees is obligated by law to deduct EPF contributions.

Under certain conditions, organizations with less than 20 employees may qualify.

EPF eligibility for workers

1. Every salaried employee with a monthly income of less than 15,000 INR is required to join the EPF.

2. A worker whose monthly income exceeds INR 15,000 (the current specified limit) is entitled to join the EPF if he or she receives clearance from the Assistant PF Commissioner and employer.

3. A worker may also choose to opt out of EPF if his/her salary is greater than INR 15,000 and he/she has never contributed to EPF. This can be done by filling out Form 11, which is an EPFO self-declaration form.

How to login to EPFO Portal?

Through the EPFO member e-Sewa portal, the majority of the services offered by the EPFO are conveniently accessible online. These services include the ability to access and download an EPF passbook, withdraw money, transfer money between PF accounts, etc.

By checking in and registering on the EPFO site, you may quickly take advantage of these services. To log in to EPFO, you must have a UAN. To log into your account, follow the instructions below.

1. Check out

2. Put your UAN number, password, and captcha code in the fields.

3. Select "Sign in"

Advantages of keeping KYC documents up to date on the EPFO portal

Even though it is not required of you to keep your KYC information up to date on the EPFO portal, all members can obtain some benefits by doing so. The following is a list of the advantages that will be available to every member after they have updated their KYC details.

1. Transferring money between EPF accounts will be both quicker and simpler.

2. You are able to make withdrawal claims online and receive SMS alerts on PF activation and other operations of a similar nature.

3. If a member withdraws funds from the account before the five-year mark, a TDS charge of up to 34.608% will be applied to the amount of the withdrawal. If the PAN is kept up to date, this can be brought down to 10%.


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