EPF Benefits And Eligibility

The Employees’ Provident Funds and Miscellaneous Act, 1952, governs the primary system of EPF. Both the employee and the employer contribute 12% of the employee’s base salary and dearness allowance to the EPF. The current interest rate on EPF deposits is 8.50 % p.a. The organization’s programmes are available to both Indian and international workers (from countries with whom the EPFO has signed bilateral agreements).

The EPFO (Employees’ Provident Fund Organisation) provides a web site that allows you to view account information with only your Universal Account Number (UAN). You can check the balance of your EPF account, watch the progress of your claims, obtain updates on contributions made, and transfer cash from a prior member ID to the current one. Multiple PF accounts (PF) can also be linked online with your UAN login to make managing your account and accessing information easier. 

UAN Login

EPF members can log in to their accounts online and undertake tasks such as making withdrawals and checking their balance. Logging onto the EPFO member portal is now an easy process with the Universal Account Number (UAN).

EPFO assigns each member a 12-digit number known as the UAN. Even if an employee changes employers, his or her UAN remains the same. The member ID changes with a job change, and the new ID is linked to the UAN. Employees must, however, activate their UAN before using the online services. Once the employee has activated their UAN they can use it for UAN login

Your employer can provide you with a UAN. If you are unable to do so, you can use your member ID to log onto the UAN portal and find the information you need.

EPF Benefits

There are various benefits that come along with the EPF. Some of thoseThe EPF benefits are as follows:

  • It assists in long-term financial planning.
  • There is no need to invest in a single, lump-sum amount. 
  • Employees’ salaries are deducted on a regular basis, which allows them to save a significant amount of money over time.
  • It may be able to help an employee financially in the event of an emergency.
  • It helps in saving money for retirement and maintaining a healthy lifestyle.

EPF Eligibility

The following is the eligibility criteria to join the EPF scheme:

  • Registration for an EPF account is required for salaried employees earning less than INR 15,000 per month.
  • If a company employs more than 20 people, it is required by law to join the EPF scheme.
  • On the other hand, businesses with less than 20 employees can join the EPF plan on a voluntary basis.
  • Employees earning more than INR 15,000 can open an EPF account, but they must first receive permission from the Assistant PF Commissioner.
  • However, the EPF scheme’s requirements apply to the entire country of India (except for the states of Jammu and Kashmir).

EPF Balance Check

You can check your EPF balance using one of four methods:

1. The EPFO member portal

Using the EPFO member portal to check your EPF balance is simple. All you need to ensure is that your EPF login should be done via your UAN login and password. Moreover, the members can see the EPF balance under the member ID after completing the log in procedure.

2. UMANG app 

You can use your mobile phone to check your EPF balance using the Unified Mobile Application for New-age Governance (UMANG) app. This programme also allows you to file and track claims.

3. Missed call service 

You can check your PF balance check by dialling 011-22901406 from your registered phone number and leaving a message.

4. SMS service

If your UAN is active, you can check your EPF balance by sending an SMS to 7738299899.

Read Also:- What are the benefits of a loan against commercial shop?

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