EPF Online Payment
Employee’s Provident Fund (EPF) is a scheme beneficial and available to the salaried employees. The funds of EPF Online Payment scheme are maintained and managed by the Employees Provident Fund Organization of India (EPFO). It is mandatory for the companies having 20 or more than 20 employees to register with the EPFO. This scheme is a kind of savings helps the employees in saving a part of their monthly salary which can be further used in case of emergency or on retirement.
Companies use the EPFO portal to make the EPF online payment which is very beneficial for the employees as they can get the confirmation of payment on their mobile phone through SMS immediately after the EPF online payment. Also, he/she need not submit the returns through Form 5/10 12A, 3A or 6A as they can view these annual accounts slip online.
How to Pay EPF Payment Online
Here are the steps for making the EPF Online Payment,
Step 1: User needs to be login/register into the Employees Provident Fund Organization (EPFO) website – www.epfindia.com
Step 2: Select the option – “Online Payment Facility for Employers”
Step 3: The user has to accept the terms and conditions and click on “Proceed”.
Step 4: Enter the TRRN and Captcha code as well.
Step 5: The user has to check the transaction details and click on “Confirm”.
Step 6: Now the user will select the option of the relevant bank name, then click on “Make payment” button.
Step 7: Employer then proceeds to ENet login page and inputs User id and password (Maker) Step 8: Click on “Initiate Payment”.
Step 8: To verify the transaction status, amount and reference no., a pop up on the Enet page redirects the User to Billdesk page where the details can be viewed.
Step 9: The User can again visit the page as in Step 4 and download the receipted challan from EPFOSBI website. Please note that the receipt challan shall be made available after 3 working days from the date of the transaction.
Benefits of EPF Online Payment:
EPF Online Payment has several benefits to the employer as well as to the employee.
Provident Fund benefits:
Under this concept, the employer contributes a PF @ 12 %to its members which the EPFO guarantees to credit such interest rates as determined by the Central government.
The members can withdraw from this accumulation to fulfill their financial emergencies. On resignation, the members can settle his/her account by getting its provident fund amount along with the interest.
This scheme provides a certain amount to the members after their retirement as pension to survive independently. This amount helps the old aged members in their financial emergencies and also helpful for their families as well.
If any member is not eligible for the pension, he/she may withdraw the amount in his pension account, its calculation is based on his/her last average salary or service.
EPFO guarantees to provide the pension to all the members, even if the Employer is not contributed to the Pension Fund.
EPF Online Payment helps the Employers as well as the Employees in various ways and the major ones have been discussed above.