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BasicsofEmployeeProvidentFund:EPF,EPS,EDLIS| BeMoneyAwareBlog

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Lastmodified:February29,2016EPF&UAN,Salary172Comments

BasicsofEmployeeProvidentFund:EPF,EPS,EDLIS
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EPFBalanceEnquiry
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EmployeeProvidentFund(EPF)isoneofthemainplatformsofsavingsinIndiafornearlyallpeopleworkinginPrivatesectorOrganizations.Thisarticleis
aboutwhatisEmployeeProvidentFund(EPF),EmployeePensionScheme(EPS),EmployeesDepositLinkedInsuranceScheme(EDLIS),howthe
contributionsarecalculatedbasedonbasicsalaryanddearnessallowance,whataretheEPFinterestrate,howmuchwouldonesaveinEPF,howwouldone
knowabouttheamountaccumulatedinPF.

OverviewofEmployeeProvidentFund
WhatisEmployeeProvidentFund?
Aprovidentfundiscreatedwithapurposeofprovidingfinancialsecurityandstabilitytoelderlypeople.Generallyonecontributesinthesefundswhenonestarts
asemployee,thecontributionsaremadeonaregularbasis(monthlyinmostcases).Itspurposeistohelpemployeessaveafractionoftheirsalaryevery
month,tobeusedinaneventthattheemployeeistemporarilyornolongerfittoworkoratretirement.Theinvestmentsmadebyanumberofpeople/
employeesarepooledtogetherandinvestedbyatrust.
EmployeeProvidentFund(EPF)isimplementedbytheEmployeesProvidentFundOrganisation(EPFO)ofIndia.Anestablishmentwith20ormore
workersworkinginanyoneofthe180+industries(givenhere)shouldregisterwithEPFO.Typically12%oftheBasic,DA,andcashvalueoffood
allowanceshastobecontributedtotheEPFaccount.EPFOisastatutorybodyoftheIndianGovernmentunderLabourandEmploymentMinistry.Itisoneof
thelargestsocialsecurityorganisationsintheworldintermsofmembersandvolumeoffinancialtransactionsundertaken.
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BasicsofEmployeeProvidentFund:EPF,EPS,EDLIS| BeMoneyAwareBlog

EPFOlogo
TillOct2014everyemployeehadaProvidentFund(PF)accountnumberwhichwasassociatedwiththeemployer.ChangeofjobmeantanotherProvident
Fundnumber.Itinvolvedtransferringfromoneaccountnumbertoanother.Multipleaccountnumbershavebeenamajorareaofconcernasamajorityof
grievancesofemployeesarerelatedtotransferoffundsfromoneaccountnumbertoanother.ToaddressthisproblemEPFOhaslaunchedaUniversal
AccountNumber(UAN)drivenMemberPortal,http://uanmembers.epfoservices.in,toprovideanumberoffacilitiestoitsmembersthrougha
singlewindow.MemberhastoactivatehisregistrationtoavailvariousfacilitiessuchasUANcarddownload,memberpassbookdownload,updationofKYC
information,listingallhismemberidstoUAN,fileandviewtransferclaim.OurarticleUANorUniversalAccountNumberandRegistrationofUANandFAQ
onUANnumberandChangeofJobexplainitindetail

EPF,EPS,EDLIS
TheConstitutionofIndiaunderDirectivePrinciplesofStatePolicyprovidesthattheStateshallwithinthelimitsofitseconomiccapacitymakeeffective
provisionforsecuringtherighttowork,toeducationandtopublicassistanceincasesofunemployment,oldage,sickness&disablementandundeservedwant.

Retirement
Calculator
EnsurethatyourRetirement
PlanMeetsyourExpectations.
PlanNow!

TheEPF&MPAct,1952wasenactedbyParliamentandcameintoforcewitheffectfrom4thMarch,1952.Aseriesoflegislativeinterventionsweremadein
thisdirection,includingtheEmployeesProvidentFunds&MiscellaneousProvisionsAct,1952.Presently,thefollowingthreeschemesareinoperationunder
theActs:(Clickonthelinkifinterestedinreadingtheactswhichareinpdfformat)
1.EmployeesProvidentFundScheme,(EPS)1952
2.EmployeesDepositLinkedInsuranceScheme,(EDILS)1976
3.EmployeesPensionScheme,1995(replacingtheEmployeesFamilyPensionScheme,1971)(EPS)
EmployeesPensionScheme(EPS)of1995offerspensionondisablement,widowpension,andpensionfornominees.EPSprogramreplacedthe
FamilyPensionScheme(FPS).Itisfinancedbydiverting8.33percentofemployersmonthlycontributionfromtheEPF(restrictedto8.33%of6500orRs
541.FromSep12014salarylimithasbeenincreasedtoRs15,000soRs1250permonth)andgovernmentscontributionof1.17percentofthe
workersmonthlywages.
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RetirementCalculator
Thepurposeoftheschemeistoprovidefor
1)SuperannuationPension:Memberwhohasrenderedeligibleserviceof20yearsandretiresonattainingtheageof58years.
2)RetiringPension:memberwhohasrenderedeligibleserviceof20yearsandretiresorotherwiseceasestobeinemploymentbeforeattainingtheageof58
years.
3)PermanentTotalDisablementPension
4)ShortservicePension:Memberhastorendereligibleserviceof10yearsandmorebutlessthan20years.
EmployeesDepositLinkedInsuranceScheme(EDLIS)
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BasicsofEmployeeProvidentFund:EPF,EPS,EDLIS| BeMoneyAwareBlog

UndertheEDLIschemelifeinsurancecoverisprovidedtothePFmembers.Thecostoftheschemeisbornebytheemployerbutastheamountoflifecoverage
underthisstatutoryschemeisverylow(amaximumamountofRs.60,000),usuallyemployersoptoutoftheEDLIschemebygoingforgroupinsurancescheme
whichusuallyprovideshighercoveragetoemployeeswithoutanyincreaseincosttotheemployer.
EPF,EPSandEDLISarecalculatedonBasicsalary,Dearnessallowances(DA),cashvalueoffoodconcessionandretainingallowancesifany.Mostofthe
organizationsfollowBasic+DAMethod.
Retainingallowancesmeansanallowancepayableforthetimebeingtoanemployeeofanyfactoryorotherestablishmentduringanyperiodinwhichthe
establishmentisnotworking,forretaininghisservices.
TablebelowgivestheratesofcontributionofEPF,EPS,EDLI,AdminchargesinIndia.
SchemeName
Employeeprovidentfund
EmployeesPensionscheme

Employeecontribution Employercontribution
12%
3.67%
0
8.33%
0.5%(cappedata
EmployeesDepositlinkedinsurance 0
maximumofRs
15,000)
0.85%(FromJan
EPFAdministrativecharges
0
2015)1.1%(Earlier)
PFAdminaccount
1.1%
EDLISAdministrativecharges

0.01%

Inindustrieslikebeedi,jute,guargumfactories,coirindustry(otherthanspinningsector)theEmployeecontributionis10%whileemployerscontributionis
1.67%.
EmployeesdrawingbasicsalaryuptoRs15000(FromSep12014salarylimithasbeenincreasedtoRs15,000beforeitwasRs6500)haveto
compulsorycontributetotheProvidentfundandemployeesdrawingaboveRs6501/haveanoptiontobecomememberoftheProvidentFund.Itisbeneficial
foremployeeswhodrawsalaryaboveRs15001(BeforeSep12014minimumwasRs6501)tobecomememberofProvidentFundasitisdeductedfromthe
salarybeforeitisdepositedonbankorgivenhencecompulsorilysavinghappens.EmployeescontributionismatchedbyEmployerscontribution(till
12%)soextramoneyanditishelpfulfortaxpurposetoo.Theemployercontributionisexemptfromtaxandemployeescontributionistaxablebut
eligiblefordeductionundersection80CofIncometaxAct.
Thosewhostartedjobafter1Sep2014andearningmorethan15,000RsinbasicandDAwillnotbecontributingtotheEPSorPensionscheme.
From10Feb2016oneisnotallowedtowithdrawEmployershareofEPFcontributionandretirementagehasbeenchangeto58years.Our
articleChangesinEPFWithdrawalRulesfrom10Feb2016discussesitindetail.
Q.Whichformhastobefilledwhilebecomingmemberofprovidentfund?
TobecomeamemberoftheEmployeeProvidentFundonehastofillForm11andNominationForm.FormoredetailscheckoutEPFIwebpagefor
Employees.SampleimagesoftheForm11andForm2(frontandback)aregivenbelow.Clickontheimagetoenlarge.

Form11

Form2Front

Form2back

CalculationofEmployeesProvidentFundContributions
BasicsalaryofRs3500
LetuscalculatethecontributionofanemployeewhoisgettingabasicsalaryofRs3500.
ContributionTowards
EPFEmployeesshare
EPSEmployershare

Calculation
3500x12%
3500x8.33%

Amount
420
292

EPFemployershare

3500x3.67%

128

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BasicsofEmployeeProvidentFund:EPF,EPS,EDLIS| BeMoneyAwareBlog

EDLIcharges
EPFAdmincharges

3500x0.5%
3500x1.1%

18
39

EDLIAdmincharges

3500x0.01%

0.35(rounduptoRs1/)

BasicsalaryaboveRs15,000(BeforeSep12014limitwasRs6500)
Insuchcasescompaniesusesdifferentmethodforcalculationaspertheirpayrollpolicy.Consideranemployeegettingabasicsalaryof20000.Wecan
calculateitindifferentwaysbutEPSiscalculatedonlyupto15000(wasRs6500before1Sep2014)thatmeansthemaximumamountisfixedtoRs1250(
BeforeSep12014itwas541.00).Thethreemethodsmentionedbelowarebasedontheaboveexample.
Method1
Ifcompanyconsidertotalbasicsalaryabovethelimitfixed15,000(6500.00before1Sep2014)forPFcalculation.Employerhasdecidedtocontributeontotal
basicsalarywhichis12%on20,000.00equalto2400.00.EPSShareisfixedto1250.Balance(24001250)goestoEPFaccount1150.00.Youmaybe
thinkingthat,whatabout3.67%?,
ContributionTowards
EPFEmployeesshare
EPSEmployershare

Calculation
20000x12%
15000x8.33%

Amount
2400
1250

EPFemployershare
EDLIcharges
EPFAdmincharges
EDLIAdmincharges

20000x12%()1250
20000x0.5%
20000x1.1%
20000x0.01%

1150
220
220
2

Method2
Somecompaniesfollowsthebelowmethodinwhichemployeeshareiscalculatedon20000andemployershareiscalculatedonuplimitRs15000
ContributionTowards
EPFEmployeesshare
EPSEmployershare

Calculation
Amount
20000x12% 2400
15000x8.33% 1250

EPFemployershare
EDLIcharges
EPFAdmincharges
EDLIAdmincharges

15000x3.67%
15000x0.5%
15000x1.1%
15000x0.01%

550.50
75
165
1.5

Method3
Somecompaniescalculatebothemployerandemployeeshareson15000(Rs6500beforeSep2014)inspiteofhigherbasicsalarythan15000(Rs6500
beforeSep2014)
ContributionTowards
Calculation
EPFEmployeesshare 15000x12%

Amount
1880

EPSEmployershare
EPFemployershare
EDLIcharges
EPFAdmincharges

15000x8.33%
15000x3.67%
15000x0.5%
15000x1.1%

1249.5(roundedto1250)
555.5(roundedto555)
75
165

EDLIAdmincharges

15000x0.01% 1.5

Ref:caclubindia.com
Q.WhatistheinterestonthePFaccumulations?
A:CompoundinterestasdeclaredbyCentralGovt.ispaidontheamountstandingtothecreditofanemployeeason1stAprileveryyear.
Q.HowdoesEPFtotalamount,interestcalculated?
Atthebeginningofeachyeartherewouldbeopeningbalance,theamountaccumulatedtillthen.Contributionismademonthlybutinterestiscalculated
yearly.Onegetsinterestonopeningbalanceandmonthlycontribution.Sofornextyearthenewopeningbalancewouldbe:oldopeningbalance+
contributionthroughouttheyear+interestonthe(oldopeningbalance+contribution)
Toseethecalculationforeachyearinaboveexampleclickontheimagebelow.YoucanalsoplaywithEPFcalculatorhere.
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EPFcalculation
Q.WhatistheEPFInterestRate?
TheEPFinterestrateofIndiaisdecidedbythecentralgovernmentwiththeconsultationofCentralBoardoftrustees.Inthepastseveraldecades,theinterest
ratehasrangedfrom812%ofthebalancesmaintainedinthefund.TheEPFinterestratenotificationisavailableontheofficialwebsiteofEPFIndiaonan
annualbasis.Thesameiscommunicatedthroughmajordailiesinallcities.ToseeInterestrateovertheyearsfrom1952pleaseclicktheimagetoenlarge.

EPFinterestyearssince
195253
Q.HowmuchwouldonesavebyinvestinginEPF?
LetssaySwayamstartswithabasicsalaryofRs.20,000.Everyyear,onanaverage,hegetsa5%increment.Hestartedat25yearsandworkedtill60years
sohisworkinglifeis,35years.Hecontributes12%ofhisbasicsalarytowardsPFwhichismatchedequallybyonescompany,(EPFcontributionis3.67%,
EPS8.67%).
Inthiscase,overthecourseof35yearsofhisworkinglife,histotalcontributionisRs.26.01Lakhs.Ofcourse,hiscompanymakesacontributionofRs.
7.955Lakhs,totalcontributionofRs33.967lakh.AndthisamountgrowsintoRs.1.38Croresatthetimeofhisretirement!

EPFBenefit
(ImagecourtesyLivemint)
Q.CanIvoluntarycontributemorethanthestatutorylimittoEPF?
Youcancontributeadditionalamount(overandabove12%)toProvidentFundbydepositingVPF(VoluntaryProvidentFund).However,employerisnot
boundtodoamatchingcontribution.Theemployerisliabletopaycontributiononlyon6500/15000whateveristhebasicsalary.Thisiscalledvoluntary
contributionandaJointDeclarationFormneedstobefilledupwheretheemployerandtheemployeebothhavetogiveadeclarationastotherateatwhichPF
wouldbededucted.OurarticleVoluntaryProvidentFundexplainsitindetail.

HowtocheckEPFbalance?
EPFOhasbeenusingtechnologytoturnintoamoreprofessionalandnimbleorganisation.NowyoucancheckyourEPFbalancethroughSMS,seeyour
passbook.Ithasintroducedonlinefacilityfortransferringthebalancetoanewaccount.Goingforward,allmemberswillhaveaUniversalAccount
Number(UAN)whichwillbeportableacrossemployersandcities.UANshavealreadybeenallottedtoactivecontributorstotheEPF
YoucancheckyourEPFbalancethroughvariousways.OurarticleHowtogetinformationaboutEPFbalance:AnnualStatement,SMS,EPassbookexplains
thevariousmethodsofgettingEPFbalanceindetail.
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AnnualStatement:EPFOusedtosendanannualstatementthroughtheemployertotheemployeewhichgivesdetailsaboutthePFaccumulations.Itis
wideslipofpaper.Thestatementcontainsdetailslike,Openingbalance,amountcontributedduringtheyear,withdrawalduringtheyear,interestearned
andtheclosingbalanceinthePFaccount.
EPFbalancebySMS:FromJuly2011onecanchecktheEPFAccountbalanceonline.
Gotohttp://epfindia.com/site_en/KYEPFB.phpwww.epfindia.com/MembBal.html.SelectEPFOOffice
EnterPFAccountNumberwhichisintheformat:EPFOOfficeCode/EstablishmentCode(Max.7Digits)/Extension(Max.3
digits)/AccountNumber(Max7digit)(PFAccountNumbermaynothaveExtensioncode,inthatcaseleaveitblank).
EnteryourMobileandName,AcceptTermsandconditionandSubmit.
YouwillgetSMSalertfromEPFO:EEamount:RsXXXXXandERamountRs:XXXXXason<TodaysDate>(AccountupdateduptoDate).
Sequenceofstepsisshownintheimagesbelow.Clickonimagetoenlarge.

Knowyour
balance
Instructions

SelectPFoffice

EPFSelectPF
OfficeCode

EPFEnter
accountNumber

YouwillgetSMSalertfromEPFO:EEamount:RsXXXXXandERamountRs:XXXXXason<TodaysDate>(AccountupdateduptoDate).
EE=EmployeeContributionandER=EmployerContributionondate(showninAccountupdateddate)mentionedinyourSMS.Itdoesnot
showcurrentbalanceofPFAccountasonToday
EPFPassbook:On30Nov2012EPFOlaunchedepassbookfacility.TheonlineEPForEPFePassbookisanonlineversionoftheemployees
providentfundaccount.Youneedtoregisteratmembers.epfoservices.intogetthepassbook.Noteittakestimeforregistrationtobecomeactive.You
willgetanSMSwhenyouwouldbeabletodownloadthepassbook.Itshowsinformationindetail,openingbalance,contributioneverymonthfrom
employeeandemployer,howemployercontributionisbeingsplitintoPFandEPS.WithdrawalsifanythathasbeenmadefromtheEPFaccount.
EPFpassbookwithUAN
TheUANisa12digitnumberallottedtoeachEmployeeProvidentFundmemberbytheEmployeeProvidentFundOrganization(EPFO)whichgives
himcontrolofhisEPFaccountandminimisestheroleofemployer.UANnumberactivationstartedinOct2014.YoucandownloadtheEPFpassbookif
youhaveactivatedyourUANnumber.OurarticleUANorUniversalAccountNumberandRegistrationofUANtalksabouthowtoregisterforUAN.
EPFandMobileYoucanalsoviewitthroughtheMobileApplaunchedbyEPFOinSep2015,asexplainedinourarticleEPFOMobileApp,SMS
ServiceandMissedCall:EmployeeProvidentFund

WithdrawalandTransferofEPF
Q.AtthetimeofchangeofJobwhathappenstoEPF?Canonewithdrawtheentireamount?
A:Yes,legallyitismandatorytotransferEPFAccountatthetimeofjobchange.But,peoplegenerallydontdoitinsteadoftransferring,theywithdrawthe
amount.From10Feb2016YoucannotwithdrawEmployercontributiontoEPFbefore58years.OurarticleChangesinEPFWithdrawalRulesfrom10
Feb2016discussesitindetail.
IncaseofEPS,iftheserviceperiodislessthan10years,youveoptiontoeitherwithdrawyourcorpusorgetittransferredbyobtainingaScheme
Certificate.Once,theserviceperiodcrosses10years,thewithdrawaloptionceases.
QArethereinanytaximplications,ifIwithdrawtheEPFbalancebefore5years?
A:Incaseyouareamemberofrecognizedprovidentfunditdependsonifcontributionisover5yearsornot,includingtransfersfromdifferentcompanies.If
youwithdrawbeforecompletingaperiodof5years,thenallyourpreviousyearsincomegetsrecomputedasifthefundwasunrecognizedfromthevery
beginning(i.e.,thetaxbenefitsyoureceivedonyourowncontributionu/s80C/88inearlieryearswillgetforfeited)andfurthertheemployercontributionand
interestreceivedwillbeaddedtoyourcurrentincomesubjecttoreliefundersection89.
Q.WhatisTDSonEPFwithdrawal?WhatisForm15G?
Providentfundwithdrawalisbeforefiveyearsofcompletionofserviceattractstaxdeductedatsource(TDS)at10percentfromJun12015.
TDSwillbedeductedat34percentifonedoesnotsubmitPAN.
ExemptionfromTDShasbeengiventosubscriberswithnotaxableincome,providedtheysubmit15G/15Hform.ToavoidthelevyofTDS,
15H(forseniorcitizens)orFormNo.15G(otherthanseniorcitizens)canbesubmitted,providedtheprovidentfundamountpayableisuptobasic
exemptionlimitwhichforAY201617is2,50,000andRs3,00,000forseniorcitizensrespectively.
OurarticleHowtoFillForm15G?HowtoFillForm15H?explainshowtofilltheform15G/15Hindetail.
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QArethereinanytaximplications,ifIwithdrawtheEPFbalanceafter5years?
Noifyouwithdrawafter5yearsoftotalcontributiontoEPF(whichincludesmultiplejobs)thenyourEPFwithdrawalbecomestaxfree.Showitasexempt
incomeinIncometaxreturn.
Q.CanIwithdrawfromEPFwhileworking?
EPFschemeallowspartialwithdrawalsforthepurposeofmarriage/illness/highereducation/houseconstructionetc.
QHowtotransferEPF?
Ideally,youshouldinitiatetheprocessoftransferringyourEPFbalanceassoonasyoujoinyourneworganizationandareallottedanewPFaccount
number.FromOct2014mostofemployeeshavebeenallotedUniversalaccountnumberorUAN,a12digitnumberbytheEmployeeProvidentFund
Organization(EPFO)whichgiveshimcontrolofhisEPFaccountandminimisestheroleofemployer.UniversalAccountNumber(UAN)Member
Portal(www.uanmembers.epfoservices.in)waslaunchedinSeptember2014.ThisportalofferslotoffacilitiestoemployeesorEPFmembers.But,EPFOnline
TransferClaimisstillnotavailable.FortimebeingyouhavetosubmitonlineEPFTransferclaimsthroughhttp://epfindia.com/Employee_OTCP.htmlorClick
onOnlineTransferClaimlinkarEPFwebsitehttp://memberclaims.epfoservices.in/.

EmployeePensionScheme
Q:WhencananemployeestartreceivingaPension?
A:AemployeecanstartreceivingthepensionunderEPSonlyafterrenderingaminimumserviceof10yearsandattainingtheageof58/50years.However,no
pensionispayablebeforetheageof50yearsandearlypensionafter50yearsbutbeforetheageof58yearsissubjecttodiscountingfactor@4%(w.e.f.
26.09.2008)foreveryyearfallingshortof58years.Incaseofdeath/disablement,theaboverestrictionsdoesntapply.
Q:Howlongthepensionisavailable?
A:Lifelongpensionisavailabletothememberanduponhisdeathmembersofthefamilyareentitledforthepension.
Q:Whatistheformulaforcalculatingthemonthlypension?
A:UnderEmployeesPensionScheme,themonthlyretiringpensionisdecidedonthebasisofPensionableServiceandPensionableSalaryandisworkedout
asfollows
Monthlypension=(Pensionablesalary*Pensionableservice)/70
PensionableSalaryisarrivedatbyconsideringtheaveragecontributingsalaryimmediatelypreceding12monthsfromthedateofexitfromthescheme,normally
thiswouldbelimitedtoRs6,500p.m.unlesscertainenhancedcontributionsaremadebytheemployerwithpermission.PensionableServiceistheservicein
yearsrenderedbythememberforwhichcontributionshavebeenreceivedmaximumcannotexceed35years
Q:WhatisthemaximumamountofPensionavailableunderEPS?
A:ThegovernmenthasalsofixedmonthlypensionbenefitatRs1,000fromthefinancialyear201415.Thosewhostartedjobafter1Sep2014andearning
morethan15,000RsinbasicandDAwillnotbecontributingtothePensionscheme.BeforeSep12014itwasBasedonamaximumemploymentperiodof
35years,andmaximumcontributionofRs6500,themaximumamountofpensionasperthePensionformulawouldbe=6500*35)/70=Rs3,250permonth
orRs.39,000(3250*12)peryear.
Q.IstheMonthlyPensionpaidunderEPSjust?
Theamountofpensionismeager.IfonewouldhaveinvestedRs541inarecurringdepositattherateof8%for35yearsonewouldget12,49,263asmaturity
amount.IfthismaturityamountisputinbuyingthePensionplansayLICsJeevanAkshayVIandputtheaboveamountRs12,49,263inthepremiumcalculator
ofLICwithoptionasAnnuitypayableforlife,onewouldgetmontlypensionofRs10,150whichismuchmorethanRs3250.
RelatedArticles:
WhatareEPF,PensionandInsuranceChangesfrom1Sep2014
BasicsofEmployeeProvidentFund:EPF,EPS,EDLIS
UnderstandingEmployeePensionSchemeorEPS
VoluntaryProvidentFund,DifferencebetweenEPFandPPF
TaxonEPFwithdrawal
TransferEPFaccountonline:OTCPNovember10,2013
ArticlesrelatedtoSalariedonEPF,VariablePay,ESOP,NPS,IncomeTax,MBA,Changingjobs
InthisarticlewecoveredaboutEPF,EPS,thecalculationetc.InthenextarticleweshallcoverabouthowtowithdrawortransferfromEPF,EPS.Difference
betweenEPFandPPF?Ifyoufindsomethingmissingorincorrectpleaseletusknow,weshallcorrectisAsSoonAsPossible(ASAP).Hopeyoufoundthis
articlehelpful.WhatareyouthoughtsonEPF?DoesitmakesensetocontributetoEPF?
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