The employee provident fund organization comes under the ministry of Labour and Employment. It is considered as one of the biggest organization in the world in terms of highest number of beneficiaries and financial operation. The facility provided by various departments to its employees in the form of Employee Provident Fund is highly appreciative and supportive after the retirement of the employee.These provident funds play a pivotal role for the employees to accomplish responsibilities of the family after the retirement. The ultimate mission of this scheme is to provide financial security and stability to the employees.
The employee provident fund came into existence in the year 1952. The organization is run by many intellectuals including representatives of the government, central board of trustees and headed by Union Labour Minister of India. It is headquartered in New Delhi.
The employees can access their epfo claim status and may have all the required information regarding their accounts. This facility is also available online, where one can access the information by putting the unique employee number. This allows the employee to check their status whenever they need it. In order to provide better benefits and transparency, every employee had a epfo claim id to know every information about his account and to make transaction of funds more conveniently. With the advancement in technology and computerization of offices, the process of allotment of epfo claim id helped many employees to claim their status without any complications. All the employees with valid claim id can have all the information regarding their accounts and can perform transactions easily.
Employees can have epfo bandra calim status and can access their account information. The twelve percent deduction is done from the employee’s salary in order to save it into the employee’s fund. With the help of a epfo claim id, one can easily perform their transactions and may update their financial data. The provident fund was incorporated in order to provide the benefits to the employees by deducting a small amount from their salary and transferring that amount in the employee’s fund. These schemes proved very beneficial for the employees and this initiative was highly encouraged and appreciated by the employees.
The online facility to access the account provided great relief to the old age employees and allowed them to have all their account information at their own places. The provident fund given to employees played a pivotal role in providing support and assistance.