A Complete Information About EPF Employees Provident Fund. What is EPF? EPF which full form Employees Provident Fund. EPF or Employees’ Provident Fund is a retirement benefits scheme for all salaried individuals with equally funded by EPFO or Employees Provident Fund Organizations.
A working person is always alert about this. What is EPF full form as a simple Employees Provident Fund? Employee Provident Fund is essentially applicable to every company. EPF is a scheme that not only gives you a lump sum amount but also provides pension benefits when you retire.
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Currently, there are more than 19.3 crore EPF account holders in the country. Who is monitored EPFO account? Here we will try to give you complete information about EPF, commonly called PF, and it will also show how much EPF amount is contributed.
What is EPF?
EPF is an investment plan that is mandatory for every employed employee. The Employees Provident Fund Organization maintains the contributions of all EPF account holders. EPF is compulsory for all government and non-government employees.
As per the rules, registration of an employee with more than 20 employees is mandatory in the Employees Provident Fund Organization. Whatever cuts have been made in the EPF are for the rights of the employee only and only.
How much is EPF, information about EPF contribution?
There are also rules regarding EPF contribution. 12% of any employee’s salary is deducted, and is the same, 12% is contributed by the company. Now, out of which 12% of the amount deducted from your salary goes to EPF account, out of the 12% amount deducted by the company, 3.6 percent goes to EPF account and the remaining percentage.33% amount is EPS.
Now, the reduced contribution amount will be ₹ 10,000 (20 50,000 * 20%). Your income will increase by ₹ 1,000 per month which is 2% of your basic salary and dearness allowance. As your employer is contributing less, this will reduce your cost to the company (CTC) by 2% for these months.
The employee goes to the pension scheme. So in total, you get a contribution of 24 percent, out of which a large part goes to EPPF and the rest remains in the form of pension. You can withdraw the pension amount after the age of 58 or you can get it as a monthly pension.
Whats is Main Difference Between EPS and EPF?
Here we need to understand the difference between EPF and EPS. EPF is a part of your share donation which you can withdraw completely either during the job or after the job. While EPS amount is the pension of the employee.
If the employee has completed 10 years of his job, he can withdraw his EPF amount, but cannot withdraw the pension amount. The pension amount is received only after the age of 58 years. It is available as a monthly pension to a retired person.
When Can I Withdraw Money From PF?
Really, you want to withdraw your PF money, you have to follow certain conditions as given. Here we are telling you the necessary conditions for extracting PF.
- If you have left the job and you have been unemployed for 2 months, then you can withdraw PF money.
- If you want to withdraw PF money during your job, then it is possible only when you have completed 5 years of your job.
- In this also you can withdraw 90 percent of the amount of PF.
- To withdraw PF money during the job, you have to give his reason.
- While on the job, you can withdraw PF money to buy a house and a wedding.
Aadhar is necessary for EPF?
The Employees Provident Fund Organization has extended the date of submission of Aadhaar numbers in April 2017 for its nearly 4 crore shareholders. Earlier, the EPFO? The organization had fixed the deadline for the submission of Aadhaar numbers.
Employees will Get PF Bonus?
Shareholders of PF who continue to contribute for 20 years or more will get an additional amount of Rs 50000 (also called bonus) at the time of retirement. After giving information in this regard by a senior officer, it is stated that the recommendations will be implemented after the permission of the government. It will initially be launched on a pilot basis for two years and will be reviewed later.
How do Get Benefit From EPF?
If the customer has suffered a lifetime disability (disability), then a benefit of Rs 50,000 will remain for less than 20 years under the exception of the account holder. In fact, the CBT in its meeting recommended revising the Employee Deposit Linked Insurance Scheme (EDLI). It is also recommended that a minimum sum assured of Rs 2.5 lakh (fixed amount) should also be provided on the death of the shareholder.
How do Get Benefit From EPF?
You can get complete information by logging on EPFO website to know the amount deposited in your provident fund account i.e. PF, but for this you must have a UAN i.e. Universal Account Number.
EPFO started UAN in 2014 so that you can get online information about your account through it. Register on the site through this number, check the account passbook and download it if you wish. You can also see how much was contributed by you.
How To Update KYC Details?
Apart from this, you can download your UAN card from here, you can also update KYC (No Your Customer) details. To use this interface it is very important that you have a UAN number. Activate your UAN account and after logging in to the portal, download the EPF passbook, or make any other necessary updates.
How To Check EPF Balance Without UAN?
If you do not have a UAN you can still check your EPF, but for this you should know what your EPF account number is. You will get this account number written on your payment letter (salary receipt). Go to the site and select your state and then choose the regional office. After typing these details there, you will get SMS related to EPF balance.
How Know EPF Balance Through SMS?
If you are having trouble in finding EPF balance online, you can also know your EPF through SMS. EPFO also informs you about the amount in your provident fund account through SMS service. SMS 07738299899 to number. However, this feature is only for those who have UAN active.
How To Send SMS To EPF?
When sending an SMS, type EPFOHO UAN in the message box, type the first three letters of the language in which you want the information, for example by typing EPFOHO UAN ENG, if you send an SMS to the number 07738299399, the information will come in English. In fact, this service is also available in other Indian languages.
To SMS from mobile, go to the message box and type EPFOHO UAN ENG After typing the message send it to the number 7738299899. Soon, all the information related to PF balance will come to your number.
Remaining information will also be available in other languages. If you want to receive SMS in another language, then the option to change the language is also given, like,
Marathi – March
Bengali – Ben
How To Check EPF Balance Information Through Missed call
This is the easiest way to know EPF. No SMS, no internet bus, you have to remember all the numbers given by EPFO from your registered mobile number and you will get information about your EPF balance.
EPFO has released the number 01122901406 for the balance information, on which you only have to give a missed call. Then your mobile information will be sent on the EPF balance. Read further how to update UAN KYC to check or withdraw EPF balance.
How Do Login In UAN Portal?
First you https://unifiedportal-mem.epfindia.gov.in/memberinterface/ Have to click on this link. After the link opens, you will see some empty boxes on the right, which will have a UAN and password to enter. If you are coming to the UAN portal for the first time, then you will have to register to know the PF balance. Read further how to register
https://unifiedportal-mem.epfindia.gov.in/memberinterface/ When the link is opened, it is written down to the right of the active UAN, which you must click.
After this, you will get a new window in which you have to type your UAN number. Also you do not need to type the member id, aadhar id or pan eye etc., then you have to type your name, then the date of birth which you can enter via calendar, then mobile number and email id.
Type the word captcha after this entire process. Write captcha words as if they were written in a box. Then you will get the authorization code which will come on the mobile number given by you.
How To Get Mobile OTP By UAN Portal Login?
The authorization code will come on your mobile, it will be OTP, this OTP will be entered in the box already defined, you just have to type the OTP ID in the box below. As soon as you type the correct ID, your UN number will be activated and after that a message will come on your mobile number which will contain the password of your UN number.
How To Get UAN Number?
Now once again you have to go to the home page of the UAN number where you have to enter the 10 digit UAN number in the box on the right, in the box that appears on the right. Then you have to type the password. Type the password that was already sent via SMS to your mobile number. Type the password as lowercase letters in capital and lowercase letters. Then log in by typing the word captcha.
How Do Change Password?
Change your password first after login. Because the given password is very complex which is not easy to remember. In this case, after login, the page will open in front of you, on its left side, you will be given the option of Account Settings, there you can change your password.
How To Download UAN Card?
After changing the password, you will have to login again, after login you can download the UAN card, besides going to the view and view the passbook. To view the passbook, you have to click on as given link
Let me tell you that you cannot see the passbook immediately after registration, for this you will take 4 days. So you check the passbook after few days.
How To Update UAN KYC?
To update UAN KYC, you must login into the UAN portal. If you have not yet activated the account on the UAN portal, then you should do this work immediately.
After login, you will see all the options on the left side on the UAN portal. In which the option of Home, View, Manage, Account, and Online service will be visible. Now you have to click on the Manage option.
After clicking on the option of KYC, you will get a place to fill details of all services related to the bank, PAN, Aadhaar. If you have to fill the bank details, select the bank first, then fill the bank account number and then type your name as recorded in the bank. After this type the bank’s IFSC code. After filling the details click on save. Here, let us tell you that the details you have given will be approved by the department concerned and your employer.
How To Get UAN By Its EPF Portal?
Members who wish to receive UAN online, click on the UAN portal website http://uanmembers.epfoservices.in. After accessing this portal, you have to click on the member portal and click on “Choose your UAN”, from which the UAN is generated. A member portal requires a UAN, mobile, and member number to generate a UAN.
The same UAN will continue even after changing jobs. If you change job, the first thing you need to do is that you should tell your next employer your UAN. That is, the company you are going to join, that company will have to give their UAN number.
How To Get Benefits After Investments From EPF?
There are many advantages of investing in EPF, which are telling you further.
- Money deposited in EPF is income tax-free under Section 80C of Income Tax.
- If you deposit contributions in EPF for 5 consecutive years, then withdrawing money from the fund does not attract tax.
- Withdrawing money before 5 years will be taxed.
- If you want to withdraw money from the fund during the job, then form number 19 has to be filled.
- At age 55 or retiring, you can withdraw money by filling in Form 19.
- If you are going to buy a place to build a house and are thinking of withdrawing money from EPF, then you can withdraw an amount equal to 24 months salary (basic salary and dearness allowance).
- You will be able to withdraw an amount equal to 36 months’ salary (basic salary and dearness allowance) to buy the flat.
- If you want money for expansion or maintenance in the house, you can withdraw money equal to one-year basic salary dearness and allowance, provided that you have been living in that house for 5 years.
- If you want to withdraw money from EPF to pay the loan, then you will get an amount equal to 36 months’ basic salary dearness allowance.
- Money can also be withdrawn for treatment. If you stay in the hospital for more than a month or you need money for the treatment of serious diseases like cancer, cancer, TB, paralysis, and heart disease, then you can get money equal to 6 months’ salary. In this case Form 31 has to be filled.
- You can withdraw 50 percent of your contribution in your own marriage, sister’s marriage, son-daughter marriage.
- If you are willing to increase the amount of contribution then inform the PF office through the employer.
- If you did not mention nomination to anyone, then all the family members will be given an equal amount. However, you can change your status whenever you want.
I hope so in this way here we have tried to give you a piece of detailed information about EPF. EPF or Employees Provident Fund is an investment plan as well as a scheme offering pension and tax exemption benefits.