EPFO PRAYAS Scheme is an initiative by the Employees Provident Fund Organisation (EPFO) to streamline the release of employees’ pension amounts. This new EPFO PRAYAS Scheme ensures that retirees receive their pension from the day of retirement without any delays or complicated processes. Administered by EPFO, it aims to simplify and expedite pension disbursements for employees in the organized sector.
Introduction to EPFO Prayas Scheme
EPFO PRAYAS scheme: A new pension scheme in EPFO ( Employees Provident Fund Organisation). A groundbreaking change in the EPFO sector. A great relief to retired employees in any organized sector. The pension amount is released from the day of the retirement without any delay or process. To know more about EPFO Prayas and pension scheme after retirement read the complete article.
EPFO Prayas Scheme Circular
EPFO, Employees Provident Fund Organisation is a fund that is saved in the PF accounts of job holders for their further use. This fund is collected from both employees and employers in an organization at a certain percentage of salary. EPFO provides loans, withdrawals, and pensions to the employees. PF account holders can withdraw the amount from their savings and also take loans up to a certain limit according to their eligibility. PF account holders receive pensions after their retirements.
EPFO PRAYAS Scheme Benefits
Receiving a pension after retirement from PF accounts has become a big task for senior citizens. It takes a lot of time and unnecessary documents for the application process. To remove this burden Employees Provident Fund Organisation has started EPFO Prayas. EPFO Prayas is an efficient and responsive pension scheme that can be applied at the time of working as an employee and receive a pension from the day of retirement.
Objectives of EPFO Prayas Scheme
- To remove the processes like documentation verification and visits to concerned regional PF offices and other related employers.
- To remove the burden on retired employees who face delays in receiving their provident fund (PF) and pension amounts.
- A Massive Change in the EPFO Sector.
- It benefits a Pre-planned Pension on Retirement Day.
- Made it easier, more understandable, and more convenient to all employees.
How to Apply for EPFO Prayas Scheme Pension Details
Before Applying for EPFO Prayas employees should check the following documentation
- A complete check on your Make EPFO account details and other attachments related to it such as Aadhar Card linked with mobile Number and Bank Passbook attachments.
- if there is any necessary corrections, notify the concerned department. 3 . The employees should get a Universal account number (UAN), in which all the PF accounts from various companies and departments come into a single unit.
Step-by-Step Application Process for EPFO PRAYAS Scheme
Now, the Application process for EPFO Prayas is as follows.
- Create an Online Profile (UAN) and E- KYC Every Employee must create their online EPFO profile and complete their Know Your Customer (KYC) details like attachments of all ID proofs and interlinks.
- Advance PF Contributions Employers must clear all the PF contributions amounts that are due before the retirement month in advance. So that they can submit the necessary pension claims documents to the concerned PF office.
- Employees must also file the E- Challan or Return (ECR) before the 15th of the retirement month.
- Apply for Form 10D. Employers should submit Form 10D, along with all required documents of the employee to the PF.
Important Notes for EPFO PRAYAS Scheme Applicants
Once the EPFO issues the EPFO Prayas, the employee receives a pension directly to their bank account.
Note: Before processing the above steps as mentioned. See that this process is submitted the required documents to the EPF office with a 20-day gap before their retirement.
EPFO PRAYAS Scheme FAQS
Q1. What is the Prayaas pension scheme?
EPFO Prayas is receiving pension after retirement from PF accounts from the 1st day of retirement onwards. Employees need to apply and process their documents in any PF office to the concerned authorities. This scheme is introduced to benefit retired employees from getting delayed in their pensions.
Q2.What is the pension amount after retirement for EPFO?
pension amount after retirement from EPFO to PF account holders, As employers had to contribute 8.33% of Rs.5,000, which was later raised to Rs.6,500, towards the pension scheme . Depends upon the salary received.
Q3. What are the prayas under EPFO?
Prayas is a pension scheme under EPFO. EPFO Prayas is a pension scheme which can be applied before retirement and receive pension from the day of retirement. This scheme launched in EPFO is an out breaking evolution in the history of EPFO.
Q4. How can I withdraw my EPF pension after 60 years?
Yes pensioners can withdraw pension whole amount from the age of 58 to 59 years. So, people about 60 years can withdraw their PF accounts pensions.