EPF is the main scheme under the Employees’ Provident Funds and Miscellaneous Act, 1952. The employee and employer each contribute 12% of the employee’s basic salary and dearness allowance towards EPF. Currently, the rate of interest on EPF deposits is 8.10% p.a.
If you are applying for a new EPF account, you will need to do so through your employer. You will have to provide all previous employment details, if any, through Form 11, and all family particulars or nomination details in Form 2.
If you are an employer with an organization that employs 20 people or more, it is mandatory for you to register under the EPF scheme. If your organization employs less than 20 people, you can still opt to register under the scheme. EPF registration requires you to submit details of your company, as well as details of each of the company’s owners. You can register for the EPF scheme on the official EPFO website.
EPF Benefits
- Given below are the benefits of the EPF scheme:
- It helps in saving money for the long run.
- There is no requirement to make a single, lump-sum investment. Deductions are made on a monthly basis from the employee’s salary and it helps in saving a huge amount of money over a long period.
- It can help an employee financially during an emergency.
- It helps in saving money at the time of retirement and helps an individual maintain a good lifestyle.
EPF Eligibility
The eligibility criteria in order to join the EPF scheme are mentioned below:
- It is mandatory for salaried employees with an income of less than Rs.15,000 per month to register for an EPF account.
- As per law, it is mandatory for organisations to register for the EPF scheme if they have more than 20 employees working for them.
- Organisations with less than 20 employees can also join the EPF scheme on a voluntary basis.
- Employees who earn more than Rs.15,000 can also register for an EPF account; however, they must get approval from the Assistant PF Commissioner.
- The whole of India (except the states of Jammu and Kashmir) can benefit from the provisions in the EPF scheme.
How to Check EPF Balance?
There are four methods in which you can check your EPF balance:
- Using the EPFO portal – The process of checking your EPF balance through the EPFO member portal is easy. You should do EPF login using your UAN and password. After logging in, you will be able to find the EPF balance under the member ID.
- Using the UMANG app – You can download the Unified Mobile Application for New-age Governance (UMANG) app and perform EPF balance check on mobile phone. You can also raise and track claims through this app.
- Using a missed call service – It is possible to check your EPF balance by giving a missed call to the number, 011-22901406, from your registered phone number.
- Using an SMS service – If your UAN is activated, you can send an SMS to 7738299899 for EPF balance check.
