The Employees Provident Fund (EPF as an acronym) is a fund managed by The Employees provident Fund Organization, a statutory body under the Ministry of Labour and Employment, Government of India. The employees and the employers have the facility of checking the EPF status or Employees Provident Fund status and EPF Balance status whenever required by logging into the site of EPF Organization.
Advantage Of EPF & Need For Employees/Employers To Verify EPF Status Or Employees Provident Fund Status & EPF Balance Status :
Currently we know that the main advantage of a contribution to EPF for an employee is having a compulsory savings by way of provident fund, Service pension on retirement/death/disablement and a lump sum payout on death of the employee by way of Insurance to the nominee/family. In the case of the employer the benefit is that the future well being of its employees are taken care of and one has a contented workforce. One can also check the EPF status or Employees Provident Fund status, EPF balance status to ascertain whether payments have been accounted for.
How To Apply For EPF And Eligibility :
Every employee (including part-time workers and those employed by or through contractors) are eligible to become a member of the scheme from the date of the employee joining the registered Organization. The employee concerned has to be enrolled as a member of the EPF by declaring in form No 11 or F9 depending on whether the employer Organization has in force the Employees' Provident Funds & Family Pension Fund Scheme or the Employees' Pension Scheme. It is also a necessity for the employee to give a declaration in form 2 nominating a particular person to receive the fund balance
or pension as the case may be, in the event of death or disability. The Employees Provident Fund status can be checked by the employee by logging on to web site of the concerned EPFO
How To Check Status Of EPF Account, Transfer, Withdrawal (Online And Offline) :
If one wants to check the EPF status and EPF balance status account offline the member has to depend on the annual statement of account that is sent to all employees at end of the financial year. For transferring a EPF account from one Organization to another one has to submit the application in form No.13 and for withdrawing the balance on retirement/termination an application in form No.19 has to be submitted to the concerned PF Commissioner. In the case of online process, balance, status of transfer request and withdrawal can be had on website itself on giving your PF No and the branch with which one has the PF account.