- Electronic Facility has been introduced to EPFO principal employers as the EPF compliances can be viewed easily producing a great relief about their contractors.
- The bigger permit to the subscribers of EPFO is that they can update the exit dates online themselves from their own concern whenever they will to switch their jobs. This step has been massively taken as the development holds significance as many employees in the past have complained that their former employer was not co-operating or updating exit date, leaving Employees’ Provident Fund Organisation subscribers plundered. Earlier, an EPF account holder had to wait for their former employers to make changes with the exit dates.
- Prior to this exclusive facility, the subscribers were unable to have an exit date on the EPFO neither could withdraw any sort of money from their respective accounts made at EPF. Even they were prevented from transferring the account from the previous one onto a new one.
- Giving such an access or say providing such a facility, actually permitted the employees/ subscribers to carry out the EPF processes from the comfort of their homes, completely online, when one isn’t at EPFO. The retirement fund body has also guided in certain steps how you can make the required change in the EPF accounts.
- What the Central Government has to say regarding the new wage code in EPF:
- The Central Government employees may get their monthly PF and gratuity contribution changed from 1st April 2021.
- The change in Provident Fund (PF) may also impact private sector employees’ EPF passbook balance as the new wage code that is likely to get implemented from 1st April 2021.
- This new wage code has the provision to have one’s basic salary at least 50 per cent of one’s net monthly CTC.
- No one will be able to get more than 50% of one’s net monthly salary in form of allowance if the new wage code gets implemented from the 1st April 2021.
- According to Apurva Chandra, a secretary labour and employment, the elaborating upon the budgetary allocations and provisions and the processes made for executing rules and regulations has been initiated for four labour codes which included a new wage code. She added that the four codes namely the codes on wages, industrial Relations, occupational safety, health and working conditions and security codes is brought to the ministry after even consulting the stakeholders while framing the conventional rules regarding the EPF.
- New wage codes were included and announced on Union Budget 2019 by the Union Finance Minister of India, Nirmala Sitharaman after the central government finalised to implement it.
- Since, the central government is in the process of finalising the wage code, it is not clear whether the monthly salary of a government or a private employee (having EPF account) will go up or down due to new monthly contribution of the PF, EPF and Gratuity, but it’s for sure that one’s PF, EPF and Gratuity contribution will change.
- Four Sets of Functionalities introduced at EPFO for the principal employers such as adding of the contractors and contract employees at the EPFO’s Unified portal. This registration shall engage employees through these contractors and their respective employees. These principal employees who have not had registered themselves with the EPFO can now introduce themselves easily online just by receiving login credentials so that they can add the details of their contractors and contract employees.
- The functionality proceeds with the instruction that the principal employees can easily view their contractors just by adding the details of their contractors and employees and can ensure that their contractors have enrolled all contract workers and have remitted the EPF contribution through ECR.
- Meanwhile, for regular EPFO subscribers, the regulatory body has made checking of balance easier from the comfort of home. EPFO subscribers can do so using four different ways –check PF balance using SMS, online, missed call and UMANG App.
The Four sets of Functionalities allowed at EPFO:
- Now, EPFO registered employer engaging employees through contractor(s) can add the details of contractor(s) and contract employees at EPFO’s unified portal.
- PRINCIPAL EMPLOYERS (PE) not registered with EPFO can register on unified portal to receive login/password to add details of their contractor(s) and contract employees.
- On adding contractor’s details, PE can view through their login the employee wise remittance made by contractors through ECR.
- PE can now ensure their contractor(s) enrol all contract workers and remit EPF contribution through ECR
How wage code will impact your PF, Gratuity:
After the implementation of the new wage code, it will lead to change in one’s monthly PF and Gratuity contribution. However, it is yet to be seen whether the wage code gets implemented from 1st April 2021 or not as the centre is yet to make any deadline for implementation of the new wage code.
Know how to check EPF account balance online:
- Log on to epfindia.gov.in
- Feed in your UAN number, password and captcha code
- Click on the e-Passbook
- Once you file all the details, you will land up on a new page
- Now open member id
- Now you can see the total EPF balance in your account
How to check EPF balance through UMANG App:
- Click on EPFO.
- Click on Employee Centric Services
- Click on the View Passbook option
- Feed in your UAN number and password
- You will get OTP on your registered mobile number
- Now you can now check your EPF balance
How to check EPF balance through SMS:
Apart from the mobile number, the members registered on the UAN portal may get their PF details by sending an SMS from their registered mobile numbers. For this, you are required to SMS ‘EPFOHO UAN’ to 7738299899.
How to check EPF balance through Missed Call:
EPFO subscribers, registered on the UAN portal, may get their PF details available with the Employees’ Provident Fund Organisation by giving a missed call at 011-22901406 from their mobile number registered with UAN.Sponsored Links
How to update the EPFO Exit Date:
- Go to the EPFO portal www.epfindia.gov.in using your Universal Account Number (UAN) and password.
- Go to Manage and Click ‘Mark Exit’. Choose PF account number from ‘Select Employment’ dropdown
- Enter date of exit and reason of exit
- Click request OTP and enter OTP sent on Aadhaar-linked mobile number. Then select the checkbox
- Click update and the click Ok.
- As you click on the ‘Ok’ tab, your date of exit will be updated successfully.
Note that the date of exit cannot be marked till two months of leaving the companySponsored Links