EPF Scheme Employee Provident Fund Activate UAN

 Employee Provident Fund is the EPF scheme that should be known by every employee who is working under a completely settled corporate company or industry. The total scheme is managed by the EPFO which is called Employees Provident Fund Organisations. As per the Miscellaneous provisions Act, 1952 the EPF is the main scheme which was brought up for the employees. This scheme applies to all the establishments or sets up corporations.

Employee Provident Fund

If any establishment is having 20 or more than 20 employees, this EPF scheme is covered to all the employees. If any organizations are having less than 20 employees, EPF is an application by giving some exemptions and conditions.

Here is the complete information about the EPF. This article contains the details and some of the FAQs about EPF.

• All the employees in EPF, the amounts will be deposited in the UAN account. UAN is the Universal Account Number. With the help of this UAN, any employee can check their balance in their PF account. It has a very simple procedure to activate the UAN numbers. Once the activation is done, one can access their account.

• The one who is getting the pay-slips with their salaries, they can find their UAN number on their payslips. If in case anyone is not able to find their UAN numbers on their pay-slips have to reach their Organisations finance department. Only the one who gets the PF amount deducted from their earnings will be applicable.

To get this EPF, the employee has to pay some amount towards this scheme. According to the rules, any employee’s salary at the joining time is more than fifteen thousand (Rs15000/-) will not be eligible for EPF. That employee is called as the non-eligible employee. Any employee who is earning 15000 or more, than they must have to take EPF membership compulsory.

The employer will pay an equal amount to the employee. At the time of retirement, the EPF scheme provides in a lump sum amount, which is given to the employee. Along with this, the employee’s self-paid amount and the employer’s contribution are also included in the EPF amount. If an employer who takes the salary amount more than Rs.15000/- and still wants to become a member of EPF needs to get the permission of the Assistant PF Commissioner. For this, both the employee and employer have to agree.

PROCEDURE OF EPF ACTIVATING UAN-

Employees who never checked their EPF and want to know their EPF balance first have to activate their UAN. Here is the procedure for activating the UAN. Follow the below steps-

• Visit the official page of the EPFO Website.
• Then click on Activate UAN.
• You can get this option on the bottom-right corner.
• Provide the details which they are asking like your Name, DOB, and Mobile number, and then enter the captcha text.

• Then select the Authorization pin.
• Before selecting the I Agree, you have to check all the details you have given are correct or not.
• One OTP will be sent to your mobile numbers which you have provided.
• Give that OTP and then select Validate OTP and Activate UAN.
• Once the activation, is done successfully a password will be sent to your mobile numbers. Keep it safe. But after the activation, you have to wait for six hours. After six hours only you can log in to your account and check the balance.

If any employee is changing his establishment or joining a new one need not register any new UAN for him. As one UAN number will be applicable for him to transfer his PF from one organization to another. To identify all the identification numbers of the member this UAN number will be helpful. If any employee has been allotted with the UAN number you can proceed with the same number wherever you are joining. It is mandatory for all the employees must activate their UAN numbers. As this UAN number will help the employee and make them easier in transferring their PF’s, manage their EPF accounts and withdrawals.

The employees can activate their UAN numbers at the new organizations by just providing the relevant KYC documents. These documents need to be provided to the employer. Even after getting into a new establishment firstly employees has to furnish their existing UAN. This furnishing can be done by submitting the New Form No. 11- Declaration Form. Employees can take this form from the employer.

FAQ’s

1. What is this EPF scheme?

EPF is an Employee Provident Fund. It is the retirement plan of the employee and employer. Here both of them will contribute a certain amount of salary as savings. At the time of retirement, they will get the saved amount in a lump sum.

2. Who can join or who is eligible for this EPF Scheme?

If any employees pay is Rs.15000 or less than that, they must join this EPF scheme. Any employee who is earning more than the limited EPF which is Rs.15000 and still wants this EPF scheme must take the permission of the Assistant PF commissioner. This scheme can be joined by the employee who earns more than 15000 if both employee and employer have to agree with it.

3. Did my employer will also contribute to my EPF?

Account?

As per the new rules, yes the employer will also contribute 12% of the salary of an employee. The salary is the retaining allowance and also the dearness allowance.

4. Is a higher amount will be contributed to my EPF account?

A higher amount can be contributed via the VPF Voluntary Provident Fund. Hence yes you can contribute the higher amount to your EPF account. From the tax amount interest, you will be exempted. Moreover, both EPF and VPF are the same.

5. Is an employee can still contribute if they stop working?

An employee who stops working cannot contribute to EPF as per the EPFO rules. The contribution of the member is applicable to the share of the contribution of the employer.