Employee Provident Fund Organization (EPFO) is a statutory body who helps Central Board in governing contributory Provident Fund Scheme, Pension Scheme and Insurance scheme for workforce deployed in the organised sector of India.
EPFO strives to make retirement of employees secure and offer them the well-deserved relaxation. In this blog, we will explore more about EPFO and share with you the step-by-step processes related to important processes of EPFO’s PF scheme.
We’ll cover the following topics:
What is EPFO?
The Employee’s Provident Fund Organisation (EPFO) is a non-constitutional body to empower employees by saving a certain portion of their income for their retirement. This organisation comes under the Ministry of Labour and Employment, Govt. Of India.
So how can your employees save their funds for retirement under EPFO?
Would they have to walk-in and out in government offices or they have to fill in some forms online?
None of the above!
It’s the employer’s responsibility to make sure their employees opt for an EPF account. Especially, when a new joiner is onboard, its HR professionals who make sure to inform about EPF scheme, employees’ recurring deduction of each month and then either create new or continue with the existing EPF account of new joiner.
P.S. The payroll processing would be error-free if the deduction of EPF is priorly informed and mentioned in the CTC break up of new joiner. It won’t only boost the experience of employees but increases confidence when their salary is disbursed without any errors.
Step-by-Step Processes Related to EPF/UAN Account
- Did you think-
- How would employees save the funds?
- Where will these saved funds be deposited?
When an organisation applies for EPF’s account for their employees, EPFO allots them UAN or Universal Account Number unique to every employee which is similar to back account number. This UAN would be transferrable when an employee switches their organisation.
Every month when the payroll is disbursed, funds for EPF scheme will be automatically credited to UAN account of employee and will be reflected in their pay slips as well as “message for credited amount” will be sent to employees’ linked mobile number.
UMANG App for EPF Services
Just like their bank account, your employees can access their UAN account on fingertips with UMANG app or online on UAN portal.
The UMANG app can be downloaded by both Android and iOS users to access services related to EPF account. Along with EPF passbook to check account’s balance, UMANG app keeps employees updated with their account’s fund.
Employees can also enjoy several services related to their UAN account in a few clicks like change or reset password when they unable to login, update and change bank details to transfer the amount from UAN to their bank account and finally the most important one-withdraw their funds as and when they needed from UAN account.
Here’s the short step-by-step processes, that you can send to your employees or update at HR portal dedicated for Employee Self Service to improve their experience and loyalty:
How to change password in EPFO’s UAN account?
Step 1: Search for the UAN portal.
Step 2: Navigate to the right-hand side of the homepage of UAN portal and click on ‘Forgot Password’ for further process
Step 3: In the designated field, enter your UAN and Captcha shown and click Submit.
Step 4: Then, enter name, date of birth and gender and click on Verify.
Step 5: To complete your verification process, enter your Aadhaar number and Captcha. Click to Verify.
Step 6: Once verification of your Aadhar number is completed, enter your linked mobile number to get an OTP.
Tick the check box to give consent.
Step 7: Once you receive OTP, enter in the designated field along with captcha then Verify.
Step 8: Now, set a new password as per the guidelines (8 characters, at least one upper case letter, one special character and one number.) Re-enter to confirm.
Step 9: Your login password for UAN account will be changed successfully.
How to update bank details in EPFO’s UAN account?
Step 1: Login to UAN or EPFO’s portal with your credentials-UAN number and password.
Step 2: In the top menu, click on Manage and select ‘KYC’ option
Step 3: Then select the bank to update your account from drop down menu.
Step 4: Fill required details- Bank account number, Name, IFSC code and more
Step 5: Confirm and ‘Save’ to proceed
Step 6: Now you have to complete ‘Pending KYC’ section after saving the details of your bank account number by submitting required documents to your employer
When your employer verifies and submits your documents, then the status will be changed to ‘Digitally Approved KYC’. Your employees will get the approval message too.
In this way, you can change the bank account in your EPFO’s account too.
Conclusion
To sum up, you are advised to empower your employees about their retirement’s fund and EPFO’s PF or UAN account. Creating an employee-centric workplace, it’s your foremost responsibility to keep them motivated by informing them of their benefits, disbursing error-free payouts on time and taking care of their experience.