EPFO In India

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EPFO In India:


The Employees’ Provident Fund Organisation (EPFO) is a statutory body formed under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed.

As of now, 15 Social Security Agreements are operational. It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken. The EPFO’s apex decision making body is the Central Board of Trustees (CBT). The EPF (Employees’ Provident Fund) is the most popular investment for salaried individuals and is maintained solely by the EPFO. As a rule, any company having more than 20 employees has to register with the EPFO.

When an employee starts working, the employee and the employer, both contribute 12% of the basic salary (plus dearness allowances, if any) into the employee’s EPF account. The entire 12% of the employee’s contribution goes into the employee’s EPF account along with 3.67% (out of 12%) from the employer, while the balance 8.33% from the employer’s side is diverted to the employee’s EPS (Employee’s Pension Scheme). These funds are pooled together from many employees and invested by a trust. This generates interest of 8% to 12%, which is decided by the government and the central board of trustees. The annual interest rate is currently 8.8%. Click here to learn How to Check Status of EPFO Claim

How to check PF balance online

As EPF works as a saving tool, salaried individuals can check their EPF balance through EPFO portal or even via an SMS or EPFO app. In this way, they can ensure their expenses are well-planned and loans availed against the EPF balance. To check the balance, all employees employed under the EPF scheme must possess the unique Universal Account Number or UAN. All employees must have only one UAN throughout their employment tenure, irrespective of the number of jobs and companies they switch within the country.

Step 1: Access the EPFO portal https://www.epfindia.gov.in/site_en/For_Employees.php

Step 2: Under ‘Our Service’ drop-down tab, select ‘For Employees’

Step 3: In ‘Services’ option click ‘Member passbook’

Step 4: Enter UAN number and password

Step 5: Once logged into the account, the balance can be veiwed

Alternatively, the EPF balance can be viewed through SMS by integrating the KYC details like Aadhar or PAN with UAN. The user has to send a message, “EPFOHO UAN ENG” to 7738299899 wherein “ENG” stands for the preferred language “English”. The preferred language for message updates can be set by sending the first three characters. For example, “BEN” stands for Bengali. Right now the languages are English, Marathi, Bengali, Hindi, Tamil, Punjabi, Gujarathi, Kannada, Telugu and Malayalam.

In order to get the balance via SMS, the UAN has to be integrated with the KYC details, that is PAN or Aadhar. Once integrated, you can send a message, “EPFOHO UAN ENG” to 7738299899.

Read more about the Pros and Cons of PPF.

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