Employee Provident Fund, EPF, is a scheme under which both employees and employers deposit a sum of money on monthly basis, for the long term benefit of employees. The amount deposited is small and is usually 12% of the employees’ basic monthly salary. The employer makes an equal contribution.
EPF scheme was developed in 1952 to benefit employee’s post retirement. Employees whose salary is less than Rs 15,000 a month are mandatorily registered under the scheme while employees drawing more than Rs 15,000 can also join with an approval from the EPF commissioner.
Generally, employees deposit 12% of their monthly basic compensation towards EPF and the employers make a similar contribution. An employee can make higher contribution (VPF – voluntary provident fund) while the employer’s contribution remains same at all times, regardless of the employee’s contribution. EPF scheme gives tax benefits and the sum accumulated in PF account earns annual interest. Its 8.55% for FY 2017-18.
An employee would receive Universal Account Number (UAN) linked with his/her EPF account. UAN is transferable from one employer to another. EPF is a very secure and protected scheme, designed to benefit employees’ retirement life.
Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
SEE ALSO: EPF Loan Eligibility Calculator
EPF Member Passbook is just like any other passbook. It contains details of all the transactions made on your EPF account. EPF Member Passbook contains details of all the deposits made by you and your employer on monthly basis. The withdrawals made, if any, would be mentioned in the passbook. To access your EPF Member Passbook, you must activate your UAN.
Activating your UAN is very simple. You first need to obtain your UAN from employer or you can obtain it yourself with the use of PF account number on EPFO portal. You need to have your KYC and mobile number to activate your UAN. You must follow the below mentioned steps to activate UAN:
SEE ALSO: How To Submit Your EPF Claim Online?
You need to activate your UAN to access your EPF E-Passbook. Once you have UAN activated, you must follow the below mentioned steps to access EPF E-Passbook:
To access your EPF E-Passbook, you need to have the mobile number linked to your UAN, active. UAN activated Members can know their latest PF contribution and balance, by sending an SMS to 7738299899 from their registered mobile number. The format is as follows ‘EPFOHO UAN’ to 7738299899. This service is available in 10 languages; English (default), Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam and Bengali. To get SMS in your preferred language, you must mention the first 3 letters of the language in the format as follows; To get SMS in Kannada; ’EPFOHO UAN KAN’.
Members with active UAN portal can get their details available with EPFO just by giving a missed call on 011-22901406 from their registered Mobile number. You will get details of last contribution and PF Balance.
Q: Who can download EPF passbook online?
A: Members who have activated their UAN can access and download EPF passbook online.
Q: How to login if I forget the EPF password?
A: Log on to https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and click on ‘Forgot Password’. Enter your UAN and enter the captcha. You will be asked if you would like to receive OTP on the registered mobile number. Click on yes. Validate the OTP. You will be asked to set new password.
Q: Can I access EPF E-Passbook without using UAN?
A: No, there is no provision to access EPF E-Passbook without UAN.
Q: Can I check my EPF balance immediately after activating UAN?
A: It might take up to 6 hours to access EPF Passbook post UAN activation.
Q: Can I check my EPF balance from a phone number which is not the registered phone number?
A: No, you can check your EPF balance only from your registered phone number.
You May Also Watch:
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.