Everything about Govt. Relief For EPF & EPS contributions

By
Freeman Conn
-
0
981

Employee Provident fund is a social security scheme for the employees to secure the future after retirement. Under this scheme, the employer and employee must contribute 12% of the salary of the employee towards the EPF funds. The specified portion of 8.33% of the employer’s share of the contribution goes in the employee pension scheme. The amount of funds in the EPS scheme can only be withdrawn after retirement. Checking your EPF Balance can also turn out to be helpful.

Government assistance to the EPF Members:

To provide relief against the Covid-19 pandemic, the central government launched the Pradhan Mantri Garib Kalyan Yojana. Under this scheme, the govt aims to assist about 60 crores families in the form of providing access to food and income support. The government will also provide financial assistance to the EPF members and EPF covered organisations as part of the relief package.

Everything you need to know about govt. Relief For EPF & EPS contributions

  1. The government will provide financial assistance to the wage earners who have a monthly income below Rs. 15,000. They will be provided up to 24% of the wages for the three months in their UAN account.
  2. The entire contributions of 24% ( 12% each of the employer and employee) will only be paid to employees who are already members of EPF scheme, 1950.
  3. The govt will contribute to the EPF scheme for the month of March, April and May.
  4. To claim benefit from this scheme, the number of employees in the organisation should be less than 100 employees, with 90% of them having a minimum salary of Rs. 15,000.

How can you receive government relief for EPF and EPS scheme?

  • The government has notified the eligibility criteria and the process of claiming the benefit electronically.
  • To get the benefits, the employers need to fill the Electronic Challan-cum-Return for claiming the relief for the EPF contributions.
  • Employers must provide wages to the employees and give a declaration along with the required documents to get these benefits.
  • The government will further verify the challan and other documents. On verification, the due amount for the govt and employer contribution will be displayed in a separate challan.
  • On remittance of the contribution by employer, the due amount of govt contribution will be transferred to the UAN account.

Other measures related to EPF withdrawal:

The government has further permitted to withdraw the EPF amount in advance if you are facing financial hardship during the lockdown. The process of approval for EPF withdrawal is completed within three days after which bank credit the amount in your bank account within 1-5 days.To claim the advance withdrawal from your EPF account, you need to follow these steps:

  1. Visit the member interface of the EPF portal and log in the portal.
  2. Next, click on online services and select claim Form-31,19,10C & 10D
  3. Now, enter the bank details and verify.
  4. As you have verified the details, select “Proceed for Online Claim”.
  5. Next, from the drop-down menu, choose PF Advance (Form 31), with the purpose ( “Outbreak of pandemic (COVID-19)”
  6. Now, enter the amount of withdrawal and submit the scanned copy of the necessary documents along with a copy of the cheque.
  7. Finally, enter the address and “Get Aadhaar OTP”.
  8. Now, enter the OTP received on your mobile, and a claim is submitted.

Thus, the government aims to provide relief to the low-earning employees who are facing unemployment at the time of lockdown.

Summary: Everything about Govt. Relief For EPF & EPS contributions

To provide relief against the Covid-19 pandemic, the central government launched the Pradhan Mantri Garib Kalyan Yojana. Under this scheme, the government will also provide financial assistance to the EPF members and EPF covered organisations as part of the relief package.

Everything you need to know about the government. Relief For EPF & EPS contributions

  1. The government will provide financial assistance to the wage earners who have a monthly income below Rs. 15,000. They will be provided up to 24% of the wages for the three months in their UAN account.
  2. The entire contributions of 24% ( 12% each of the employer and employee) will only be paid to employees who are already members of EPF scheme, 1950.
  3. The government will contribute to the EPF scheme for the month of March, April and May.
  4. To claim benefit from this scheme, the number of employees in the organisation should be less than 100 employees, with 90% of them having a minimum salary of Rs. 15,000.
  5. To get the benefits, the employers need to fill the Electronic Challan-cum-Return for claiming the relief for the EPF contributions. Employers must provide wages to the employees and give a declaration along with the required documents to get these benefits.