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EPF Payment

PF Payment Online

Last Updated 27th Nov 2020

  • It is mandatory for the organisation who are registered under the PF act, to make PF payment online.
  • EPF online payment can be made either through EPFO portal or authorised net banking accounts of your bank accounts.
  • To make EPF online payment through EPFO portal, you need to log in using your Electronic Challan cum Return (ECR) credentials.
  • Employers need to deduct PF from the employee’s salary on or before 15th of every next month.
  • To provide relief to the employers in the COVID times, EPFO has allowed companies to file Electronic Challan Cum Return without the simultaneous requirement to make PF payment.

EPF Payment Online

EPF or Employee Provident Fund is a retirement benefit saving scheme, maintained by Employee Provident Fund Organisation of India (EPFO) under which every employee must contribute 12% of the basic pay into the fund. The fixed-rate of 12% is contributed equally by the employer. As per the latest notification issued, it is mandatory for the organisation who are registered under the PF act, to make PF payment online. EPF online payment can be made either on the official website of EPFO or directly through authorised net banking accounts of your bank accounts. At present EPFO has tied up arrangements with ten banks. These banks are SBI, PNB, Indian Bank, Allahabad Bank, Union Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.

Process for EPF Payment Online

To make EPF online payment through EPFO portal, employers need to follow the steps as mentioned below:

  • Login to EPFO portal using your Electronic Challan cum Return (ECR) credentials. The link for the official EPFO portal is https://unifiedportal-emp.epfindia.gov.in/epfo/.
  • Now, before making payment cross-check all the PF details, including establishment ID, Name, Address, Exemption status, etc.
  • Next, on the drop-down menu, click the ‘Payment Option’ and then choose ‘ECR Upload’.
  • Fill in details such as ‘Wage Month’, ‘Salary Disbursal Rate’, the ‘Rate of contribution’ and then upload the ECR text file.
  • Once you have uploaded the ECR file, the same will get validated concerning the predefined conditions. If all the conditions are met, you would see the message saying File Validation Successful’. On the other hand, if the file is not validated, an error will show for correction in the ECR text file in the specified format. You will need to upload it again after making the required corrections.
  • Now, as the TRRN is generated, click on the ‘Verify’ option on the page.
  • Click on the ‘Prepare Challan’ option to generate the ECR summary sheet and enter the Admin/Inspection charges and click on ‘Generate Challan’
  • Once you have verified the Challan amount, click on ‘Finalise’.
  • Now, click on ‘Pay’ against the relevant TRRN and choose the payment mode as ‘online’.
  • Next, from the drop-down list, choose the bank for making the payment. You will now be asked to make a payment on the bank’s internet login page through net banking.
  • Once you have made the payment, you will receive your transaction id and e-payment slip-on successful payment. You can see the updated status on the EPFO page. Further, you will receive a confirmation of the payment made against the TRRN number provided by EPFO.

Deadlines for EPF Payment and EPF Return

Employers need to deduct PF from the employee’s salary on or before 15th of every next month. While the due date of PF return and the due date of PF payment are both the same, however, to provide relief to the employers in the COVID times, EPFO has allowed companies to file Electronic Challan Cum Return without the simultaneous requirement to make PF payment. The EPF payment can be made later by the employer at his convenience after filing the ECR.

Late Payment Penalty in EPF

In case of delay of PF challan payment, the following penalties are applicable:

  • Interest for late payment: Under Section 7Q an interest of 12% per annum, is levied on the employer every day in case of failure to deposit the EPF contribution before the deadline.
  • Penalty for late payment: Under Section 14B, the following penalties need to be incurred in case of failure of EPF Challan payment.
    • 5% interest p.a for a delay of upto 2 months
    • 10% interest p.a for a delay of 2-4 months
    • 15% interest p.a for a delay of 4-6 months
    • 25% interest p.a for a delay of more than 6 months

Objectives of the Fund

EPF is a retirement benefits scheme that primarily aims to aid the government, public and private sector employees financially on retirement or separation from their jobs. Some of the other objectives of EPF funds are as followed:

  • To mobilise the savings received through the compulsory provident fund contributions on the part of employees and employer.
  • To extend the coverage so that a larger section of the organised sector employees, who have yet not been covered, can be brought under the EPFK umbrella to benefit them.
  • It also helps to generate maximum return on the investment for the benefits of the members.
  • EPF fund aims to provide social security to the EPF members.
  • EPF conducts research activities to explore welfare schemes which can benefit the EPF members at large.

FAQs

How can I pay EPF online?

EPF online payment can be made either on the official website of EPFO or directly through authorised net banking accounts of your bank accounts. At present EPFO has tied up arrangements with 10 banks including SBI, PNB, Indian Bank, Allahabad Bank, Union Bank of India etc.

What is the due date for payment of EPF?

Employers need to deduct PF from the employees salary on or before 15th of every next month.

How can I get a PF payment receipt?

You will receive your transaction id and e-payment slip-on successful payment of EPF payment.

How can I file my EPF monthly return?

EPF monthly return or electronic challan return can be filled on the official website of EPFO using your Electronic Challan cum Return (ECR) credentials. The link for the official EPFO portal is https://unifiedportal-emp.epfindia.gov.in/epfo/.

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