The Employees Provident Fund (EPF) is a retirement savings scheme that is available to all salaried employees in India.
This scheme is regulated by the Employees’ Provident Fund Organization (EPFO), which is a statutory body under the Ministry of Labour and Employment, Government of India.
It was established by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
Its objective is to provide retirement benefits to the employees of any organization.
Under the EPF scheme, both the employer and the employee make monthly contributions towards the provident fund account of the employee.
It is mandatory for employees earning wages up to Rs 15,000 per month in organizations under the EPF and MP Act.
Also, employers with 20 or more employees are required to register with EPFO and make contributions on behalf of their employees.
After registering, you can get benefits from services like checking your passbook or claim status online, finding out your EPF balance via SMS or missed call, and much more.
How to check EPF balance via missed call or SMS:
Via a missed call
1. Dial 9966044425 from your registered mobile number.
2. Get your PF balance via text.
Via SMS
1. Type ‘EPFOHO’, your Universal Account Number (UAN) number, and the first three letters of your preferred language (e.g., ‘ENG’ for English).
2. Send to 7738299899 from your registered mobile number.
To avail of these benefits, you must first register on the unified member portal.
Also, the passbook will be available six hours after registration, and any changes to your credentials will reflect on the EPFO portal after six hours as well.
How to check EPFO passbook balance: A step-by-step guide
1. Go to the “For Employees” area under “Services” at the top of the EPFO website (http://epfindia.gov.in).
2. Select “Member Passbook” from the “Services” menu.
3. You will be redirected to a new page at passbook.epfindia.gov.in.
4. Type in your password and (UAN).
5. After completing the captcha, select “Sign In.”
6. Your phone number linked to your Aadhaar will receive a six-digit OTP.
7. To view your account data, enter the OTP.
Keep in mind that only reconciled data from the EPFO field offices will appear in your passbook.
Make sure that the phone number that is associated with your UAN is active and that your UAN is activated.
Additionally, confirm that the EPFO database has your updated information.
You can also get the balance through physical application. Below are the steps:
1. Composite claim form (Aadhaar):
Use this form if your Aadhaar and bank details are linked on the UAN portal.
Submit the form directly to the EPFO office without needing your employer’s attestation.
2. Composite claim form (non-Aadhaar):
If your Aadhaar and bank details are not linked, use this form.
Submit it, along with your employer’s attestation, to the EPFO office.
Here’s how to check online
The EPFO’s online withdrawal option helps you save time as well as energy.
Activate your UAN and confirm the mobile number used for UAN activation is operational. Ensure your UAN is linked with your KYC (Aadhaar, PAN, etc).
Steps to withdraw the PF amount online:
1. Log in to the EPFO e-SEWA portal using your UAN and password.
2. Go to the ‘Online Services’ section and select ‘Claim (Form-31, 19, 10C, and 10D)’.
3. Enter your bank account number for verification.
4. Confirm the terms and conditions and proceed with the online claim.
5. Select the reason for withdrawal from the drop-down menu.
6. Enter the required details and upload the necessary documents.
7. Request an OTP, which will be sent to your Aadhaar-registered mobile number.
8. Enter the OTP to submit your claim application.
Withdrawal without UAN:
If you don’t have a UAN, you can still withdraw your EPF using a different process:
1. Download and fill out either the Aadhaar-based or non-Aadhaar composite claim form.
2. Submit the completed form to your regional PF office.
3. Get your identity attested if required.
4. Wait for the processing and crediting of the amount to your registered bank account.
What are the conditions for EPF withdrawal
Partial withdrawal:
1. Medical purposes:
Limit: lower of six times the monthly basic salary or the total employee’s share plus interest.
There are no specific service criteria.
For the treatment of oneself, a spouse, children, or parents.
2. Marriage:
Limit: Up to 50% of the employee’s EPF contribution.
Service Required: 7 years.
Applicable for self, son/daughter, brother/sister’s marriage.
3. Education:
Limit: Up to 50% of the employee’s EPF contribution.
Service required: 7 years.
For the account holder’s or their kids’ post-matriculation schooling.
4. Purchase of land or house:
For land: up to 24 times the monthly basic salary plus a dearness allowance.
For the house: Up to 36 times the monthly basic salary plus a dearness allowance.
Service required: 5 years.
5. Home loan repayment:
Limit: Least 36 times the monthly basic salary plus dearness allowance, total corpus, or outstanding principal and interest.
Service required: 10 years.
6. House renovation:
Limit: Least of 12 times monthly wages and dearness allowance or the employee’s contribution with interest.
Service required: 5 years.
7. Before retirement:
Limit: Up to 90% of the accumulated balance with interest.
Service required: At 58 years old, withdrawal is allowed before one year of retirement or superannuation.
Content Source: www.zeebiz.com