COMPOSITE FORM FOR EPFO

    In case of death of an EPF member claim of PF, insurance fund and monthly pension  using a single form is introduced. This is  to simplify the application process for final settlement of the claims and it shall come into  effect from 20/02/2017.

   Composite Claim Form(Aadhar) consisting of form 19, form 31 and Form 10C is introduced by EPFO This composite form is Aadhar based.which means that  this document should  already be  linked to your EPF account. This form replaces the earlier formats Form 20, Form 5-IF and Form 10 D. This form, can be filled in with details as required and can be submitted to the respective EPF office for final settlement with out the attestation of the employer.

  Composite Claim Form(Non-Aadhar) consisting of form 19, form 31 and Form 10C is introduced by EPFO This form replaces the earlier formats Form 20, Form 5-IF and Form 10 D. This form, can be filled in with details as required and can be submitted to the respective EPF office for final settlement with  the attestation of the employer.

UNIQUE ACCOUNT NUMBER (UAN)

                    

UAN stands for Unique Account Number issued by the Employees' Provident Fund Office (EPFO) to the EPF members. It is a 12 digit number allotted to each member to enable the member to consolidate all his previous and present PF account ID  under the single UAN and enjoy the benefit which would flow from it.This number shall be linked to his PF and pension account and shall be valid life long both during his  active service period and also during his post retirement period.

The major benefit of UAN are listed below:

1. Link multiple PF account ID to UAN and enable continuity of PF account membership by transfer of the PF.
account from the previous employer to the present employer.
2. Enable simultaneous transfer of pension account from previous employer to the present employer.
3. It enables easy withdrawal claims.
4. Enables download of  PF passbook.
5. Download UAN card.
6. Enables SMS update  of PF deposits by employer and current balance status.
7. Update your KYC (Know Your Customer) details like PAN card, Aadhar Card, Bank account details etc.

PF & EPS A OVERVIEW

                                       

Basic Scheme & Eligibility

EPF was basically formulated to provide for the future of the industrial employees on a contributory basis both from the employee's and the employer's side. The benefits of membership in the EPF scheme are many due to which practically all employees opt for membership in this scheme. The main benefits flowing to an EPF member are listed below:

Benefit of  EPF:

* Monthly saving of 12% of the employee's salary along with equal amount contributed by the employer to the account.

* Partial/full withdrawal of the saved amount to finance purchase of house/flat or construction of a house,purchase of a site,for addition or alteration of the house,for refund of outstanding principal or interest,for own medical treatment,for marriage of self/daughter/son/brother/sister, for post matriculation education of son/daughter,for purchase of equipment for handicapped member.

* As a tax saving scheme which  earns interest on the contributed amount which is compounded periodically.

* Employees who are willing to save beyond the 12% mandatory value of his salary, can do so and enjoy the tax benefit along with the additional interest earned.

* If an employee, changes his job the PF account can be transferred from the existing company to the new company to continue with the scheme and gain cumulative advantage and benefit.

As member of the EPF, an employee is also enrolled automatically as member of the EPS. A part of the employer's contribution to the EPF account goes to the pension fund. Normally 8.33 % of the salary (Basic +DA) upto a maximum of Rs 15000, will work out to Rs 1250/-. This amount goes to the EPS account, remaining 3.67 % will go to the EPF account.

Benefit of EPS

* Member Pension upon retirement /superannuation.

* Member Pension Employee's Provident Fund Scheme

upon disablement while in service.

* Withdrawal Benefit upon leaving service after putting in less   

   than 10 years but more than six months of service.

* Spouse Pension upon death of member.

* Spouse Pension upon death of member as pensioner.

* Children Pension along with spouse pension (up to age 25) for   

   two children at a time.

* Orphan Pension upon death or remarriage of spouse (up to age 25).

* Disabled Child Pension to children/orphan (life-long).

* Nominee Pension to the Nominee when no family exists

* Dependent Parent Pension when no family and nominee exists.

Eligibility:

Employees who are working in an Organization /Company employing 20 or more persons should be covered under the EPF.

The contribution from the employee and employer are transferred to the account maintained by the PF office. The amount due to employee cannot be with held for any reason from the employee and he can claim and get it settled in his  favour.