e-Passbook facility for EPFO members launched by Union Minister Bhupender Yadav
Now EPFO will offer an e-passbook to view the EPF account details from anywhere and at any time. EPFO members can also download and print the e-passbook for their records.
Union Minister for Labor and Employment, Bhupender Yadav launched the e-passbook yesterday, i.e., March 28, 2023. The e-passbook will benefit and be convenient for the EPFO members, enabling them to view more details of their accounts in graphical representations.
Union Minister also inaugurated crèche facilities in 63 regional offices of EPFO where 100 or more employees are working and laid the foundation stone of the office building of Regional Office Prayagraj, Uttar Pradesh. The office building of Regional Office in Keonjhar, Odisha was virtually inaugurated by the Union Minister.
Earlier in the 233rd meeting of Central Board of Trustees (CBT) EPF, under the Chairmanship of Union Minister Bhupender Yadav approved the revised estimates for the year 2022-23 and Budget estimates for the year 2023-24 for schemes administered by EPFO.
The Central Board recommended an 8.15% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23. The CBT recommended the amount balancing both the growth & surplus funds to have safeguards. The recommended rate of interest of 8.15% safeguards the surplus as well as guarantees increased income to members. In fact, the rate of interest at 8.15% and the surplus of 663.91 crores is higher than last year.
The Board’s recommendation involved the distribution of more than Rs. 90,000 crores in the members’ account on the total principal amount of about Rs 11 lakh crores, which was Rs 77,424.84 crores and Rs 9.56 lakh crores respectively, in the FY 2021-22. The total income recommended for distribution is the highest till date. The growth in income and the principal amount are respectively more than 16% and 15% as compared to the last financial year 2021-22.
Other decisions taken in the meeting
The Board approved the five-year perspective plan for enhancement of the physical infrastructure of EPFO, which includes purchase of land, building construction and special repairs, involving a cost of Rs.2200 crores. The Board also approved the proposal for the conversion of the status of EPFO from associate member to affiliate member in the International Social Security Association (ISSA) that was in line with the EPFO@2047 vision document and would enable EPFO to play a bigger role in the international social security platform of ISSA.
CBT approved the umbrella memorandum of understanding (MoU) signed between EPFO and NTA for conduct of various examinations. The first action has been initiated as per the MoU by the notification of direct recruitment examinations in the cadres of social security assistant and stenographer.
Further, the board approved the constitution of the committee for recommending amendments in the Employees’ Provident Fund (Officers and Employees Conditions of Service) regulations, 2008.
What is E-Passbook
The e-passbook is an electronic version of the traditional passbook, which will be issued by the EPFO to its members. It is a document that contained all the important details of an individual’s EPF account, such as the contributions made by the employer and the employee, interest earned, and the total amount accumulated in the account. The e-passbook provides a more convenient and accessible way to view this information.
Benefits of the E-Passbook
– The e-passbook can be accessed online, making it easy for members to view their EPF account details from anywhere and at any time. Members can also download and print the e-passbook for their records.
– The e-passbook provides a graphical representation of the account details, making it easier for members to understand and analyze their EPF account activity. This feature also enables members to track their contributions and interest earned over time, helping them to plan their finances better.
– The e-passbook is updated in real-time, providing members with the most up-to-date information on their EPF account. This feature ensures that members have the latest information on their account balance, contributions made, and interest earned.
How to Access the E-Passbook
Accessing the e-passbook is a simple process. Members can follow the steps below to access their e-passbook:
– Visit the EPFO member portal – https://www.epfindia.gov.in/
– Log in using their Universal Account Number (UAN) and password.
– Click on the “Download” option and select “Download Passbook”.
– Select the financial year for which the member wishes to view the e-passbook.
– The e-passbook will be downloaded in PDF format.
Employees’ Provident Fund Organisation
EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 27.74 crore accounts (Annual Report 2021-22) pertaining to its members.
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