EPF stands for Employee Provident Fund, which is a standout amongst the most valuable employee benefit plan presented by the Ministry of Labor. It is the best retirement support and a kind of investment account where both the employee and the employer contribute an equivalent sum at regular interims. Only the employers who have their firms registered and their employees can take part in the entire procedure.
With the advancement of the technology, things have become comparatively very easy. It is now pretty simple to carry out the whole procedure through the medium of the EPF payment online. To know about the various other criteria in order to seek benefits from the EPF, the ways in which you can carry out the EPF payment online and additional pertinent EPF related information read through.
Eligibility criteria for availing the EPF
According to the Provident Fund Act, each organization/association utilizing more than 20 people including contractual workers is compulsorily required to enroll under the Provident Fund Act. As soon as the Provident Fund Act becomes applicable, the concerned company keeps on being represented by the Provident Fund Act regardless of whether the quantity of workers falls underneath twenty no matter what the time.
Furthermore, it isn’t compulsorily relevant to all the representatives of the enrolled foundation. Just such workers procuring up to Rs 15,000 are qualified to be secured under this Provident Fund Act and can contribute. Both the employer and the worker, who is not commanded by the PF Act, can deliberately enroll and contribute for Provident Fund.
Know about EPF Payment Online
Even though both the employee and the employer contribute to the Employee Provident Fund account, it is the business that has to make the payment towards the PF as per the rules. It is required for all foundations to make EPF payment online from the September of 2015.
The authorized business can initiate the online EPF installment either on the EPFO site or through the medium of the approved bank site (if the bank permits coordinate installment through their website) in which the concerned business owns an account and the one that allows net banking. Currently, the EPFO has associations with ten banks for the collection of the EPFO dues.
Steps to Make EPF Payment Online
1. Visit the official portal of EPFO utilizing your Electronic Challan.
2. Make sure that all your PF details are correct. The name, establishment ID, address and everything should be precise.
3. From the installment alternative, drop down and opt for the ECR transfer option.
4. Select the pay disbursal date, the amount of contribution, wage month and transfer ECR content record.
5. TRRN will be generated and displayed on the same page. Click on the verify button.
6. Tap on the planned challan catch to create ECR outline sheet.
7. Enter the inspection or admin charges and tap on the produce challan button.
8. Tap the finish catch post confirming the sum of challan money.
9. Tap on the pay option against the significant TRRN.
10. Select installment mode as ‘on the web’ and browse any of the banks showing up in the drop-down menu and tap on to the option of ‘proceed.’
11. This move will direct you to the concerned bank’s web managing account login site where you will have to log in to pay through the medium of net banking.
12. Once the payment procedure completes, the transactional ID will be created, and e-Receipt for the exchange affirmation will be produced.
13. The exchange will be refreshed at the EPFO Portal.
14. The EPFO will provide you with the payment affirmation against your TRRN no.
Thus, follow these simple steps to make successful EPF payment online.