EPFO Full Form In Banking

Employees Provident Fund Organization


Dear Mates, welcome to FullFormsDetailed. Mates, you must have heard the name EPFO. But you know EPFO full form in banking. If not, then in this post you will get the first full form of EPFO along with complete details about EPFO. So read this post to the end.

EPFO Full Form In Banking
EPFO Full Form In Banking

History/Introduction of EPFO 

  • Through the Employee's Provident Fund Ordinance appeared in 1951. 
  • That was subsequently supplanted by the Employees Provident Fund Act of 1952. 
  • At present, this case is known as the Employees Provident Funds & Miscellaneous Provisions Act, 1952. 
  • It applies across India, aside from the province of Jammu & Kashmir. 


🌐EPFO Official Website


What is the full form of EPFO in banking?

➤ The full name of EPFO is Employee Provident Fund Organization. It is a legal body intended to help the CBT (Central Board of Trustees) by the Indian government. It is set up by the Miscellaneous Provision Act, 1952 and Employees Provident Fund. It is under the managerial locale of the Indian government's Department of Labor and Employment. At different places the nation over, it has around 122 workplaces.


➤ EPFO is one of India's greatest federal retirement aide associations. It upholds the Central Board in the organization of an obligatory opportune asset commitment program. It likewise fills in as a nodal organization for different countries to uphold Bilateral Social Security Agreements. 


EPFO Structure 

a. The association is separated into a huge number in India, headed by the Additional Central Provident Fund Commissioners. 

b. No less than one provincial office drove by the Regional Provident Fund Commissioner, Grade I, is required for each state. 

c. The association has been additionally partitioned into various districts oversaw by the Regional Provident Fund Commissioners, Grade II. 

d. In many regions, EPFO has additionally set up region workplaces with a Compliance Officer to screen the nearby foundations and settle objections. 


EPFO Services

A. In the case of employee 

1. UAN part e-Sewa for staff 

2. Gives online UAN status 

3. Staff' EPFi Grievance Management framework 

4. COC Request structure to save the information on the EPFO entry 

5. Online Transfer Claim Portal for online accommodation of move claims 

6. Inoperative or Broken Accounts help desk area support. 

7. Annuity supports' foundation to get to information or data applicable to benefits.


B. In the case of employers

1. The foundation's internet based enrollment (online registration)

2. Offers UAN ((Universal Account Number) Information 

3. Arrangement of EPFO Grievance Management 

4. Online installment for EPF Subscription 

5. Online Submission of Challan or ECR Submission 

6. Online Transfer Claim Portal.


EPFO Programs 

The different projects or plans carried out by EPFO are;

a. Employee's or Workers Pension Scheme 

b. EDLI {Employee's Deposit Linked Insurance Scheme}

c. EPF {Employee's Provident Fund Scheme} 


What is EPFO payment?

Employees Provident Fund (EPF) is a plan where retirement benefits are gathered. Under the plan, a worker needs to pay a specific commitment towards the plan and an equivalent commitment is paid by the business. Representatives drawing not as much as Rs 15,000 a month need to compulsorily become individuals from the EPF. 


What is EPFO account?

Employee Provident Fund (EPF) is a retirement advantage conspire kept up with by the Employee's Provident Fund Organization (EPFO). The worker and the business add to the EPF plot on month to month premise in equivalent extents of 12% of the fundamental compensation and dearness remittance. 


What is EPF in bank statement?

For Provident Fund (PF) withdrawal, the Employee's Provident Fund Organization (EPFO) has made specific standards for EPFO supporters. After the presentation of UAN (Universal Account Number), which is an exceptional 12-digits code like one's PF account number, one can undoubtedly pull out one's PF/EPF cash on the web. 


What is difference between PF and EPF?

PF is the well known name for EPF or Employees' Provident Fund. Just workers of organizations enrolled under the EPF Act can put resources into the EPF or PF. Both the business and worker are needed to contribute 12% of the representative's fundamental compensation and dearness stipend consistently to the EPF account.


PF Balance Check using the Umang/EPFO application

A. Once the application is downloaded, just click on "Member" & then go to "Balance/Passbook".

B. Afterwards, enter your UAN no. & registered cell/mobile no. The system will verify your cell/mobile no. against your UAN. If all the details are valid, you can see your updated EPF balance details.


Conclusion


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