If there’s one thing more important than job security for employees, it’s having a sense of security about their current and future financial status. Every job that we do, and the hours of tireless work we put in are for having a worry-free future for us and our family.
As your financial year begins, the one task that you, as an employee, must do is check your EPF balance. Do you have enough knowledge about your EPF account? If not, we are here to help you out!
Keeping the needs of the employees at the forefront, the Government of India has devised the Employees Provident Fund (EPF) under the Employees Provident Fund Organisation (EPFO). This scheme is one of the most widely used and appreciated by people since having an EPF balance facilitates the habit of saving money monthly for the salaried employees, which, of course, leads to long-term financial benefits, and makes you competent enough for your retirement years.
Source: Basunivesh.com
Many of us think of retirement as a concept and not a reality awaiting us. Facing this truth can worry us, so most of us prefer to ignore it completely. But, as you already may have guessed, this is not a very viable option.
Having a plan for your future is as, or even more important, than your present needs since not being prepared can lead to your quality of life decreasing drastically, which can hamper your well-being. Having a secure EPF balance almost guarantees that you will spend the latter years of your life in comfort while also being ready to counter any financial challenges that may come up.
By now, your interest in learning more about the EPF balance must have sparked already, so, without further ado, let’s dive right into the details!
Key Takeaways
- Importance of a good EPF balance
- Ways to check your EPF balance
- Know About EPFO Website
- EPFO Benefits
Know About Your EPF Balance
Before getting into the process of checking your EPF balance, you might want to learn about what this scheme really entails, and we are here to help you out!
To explain simply, the foundation of this fund is built on the monetary contributions that are extended both by the employees and their employers on a monthly basis towards the EPF balance. The amount to be contributed is decided by the EPFO to be 12% of the employee’s salary which is then taken into account with a pre-rate of interest.
Over the years, your EPF balance grows to become sufficient enough to cater to your everyday needs. However, it is important to keep a check on your EPF balance to ensure that the monetary contributions are made on a timely basis and that everything is functioning smoothly.
How To Check Your EPF Balance?
There are various ways to make an EPFO balance enquiry, some of the most common being asking the EPFO office or your employer about the EPFO balance. But there are many other routes you can take. Let’s take a look at what they are!
Unified Portal Login
Let’s start by answering the question of how to check your EPF balance by looking at a simple way to check your EPF balance online. With the digitalization of the world, more and more people prefer to check EPF balance online. This can be done by a Unified Portal, which you can access with your UAN and password.
Logging in here would give you direct access to your passbook and your EPF balance would be right in front of you.
EPFO Website
Another way to check your EPF balance online is to visit the EPFO website. Once you open the website, there are simple steps you can follow which can help you check your EPF balance number. If you are curious about how to check your EPF balance, just follow these steps below!
- Open the website and select the ‘Our Services’ option
- Click on ‘For Employees’
- Click on ‘Services’
- Select ‘Member Passbook’
- Once the login page opens, enter your UAN and password
- And Voila! Your passbook would open right on your screen
Note: It is important to remember that your login credentials will only work if you have a registered Universal Account Number that is activated. The UAN must be verified and activated by your employer so that you can check your EPF balance.
SMS
With a registered UAN number, you can also check your EPF balance on your mobile number. There are two ways you can do this, the first one is through a simple SMS. Yes, we know it has been a while since we used this feature in our phones, but to check your EPF balance number or to make an EPFO balance enquiry, this feature is very useful.
You can follow these simple steps to check your EPF balance on your mobile number via SMS.
- Open the messaging app on your mobile
- Type in ‘EPFOHO UAN ENG’
- Send this text on 7738299899
- You will receive a reply of your last PF contribution and your EPF balance details
Note: Make sure that the message you send to check your EPF balance on your mobile number is from a registered number.
Missed Call
Now, let’s look at the second way you can check your EPF balance on your mobile number- by making a missed call. Yes, it’s that simple, and it doesn’t even require you to have an UAN! All you have to do is give a missed call to the number registered by the EPFO.
To know your EPF balance by making a missed call, here’s what you need to do.
- Give a missed call on 011-22901406
- After two rings the call will automatically disconnect
- You will receive a message with your EPF balance
Umang Application
Coming to the last way you can check your EPF balance online or make an EPFO balance enquiry is by logging into the Umang application. Keeping up with the digital times, the government of India has launched this application to increase convenience when checking your EPF balance.
For this, you don’t need to do much at all. Simply, download the app and login with your one-time password that would be sent to your registered number. Once you do this, you can check your EPF balance number, and view your passbook, among other things.
Did You Know?
You can withdraw up to 90% of your EPF balance for buying or constructing a new home. It can be used for a home loan payment, and for buying land as well!
Word To Remember
Universal Account Number
By now, you know that monetary contributions are made every month to your EPF balance, and in order to do this, a UAN or Universal Account Number is needed. This is a 12-digit identification number which is issued by the Ministry of Labour and Employment and is generated by the Employees’ Provident Fund Organization (EPFO)
Plan Your Future Today
If you’ve gotten this deep in the article, then you know enough about the importance of having a sufficient EPF balance and why you must always check your EPF balance as well. However, there are more benefits to having an EPF balance as well.
A sufficient EPF balance can allow you to get both personal and home loans easily, allow you partial withdrawal during emergencies, and give you pension provision among many other things. So, it is highly advisable to invest in and grow your EPF balance for the promise of a bright future.
FAQs
No, once an employee has left a certain job, it is not possible for him/her to keep contributing to their EPF balance since the deposit will not match with the employers’.
Yes, there is an age limit to join this provident fund. If you are an employee and have reached the age limit which is 58, you cannot get an EPF. This means you must keep a track of your EPF balance from your early years to reap benefits in the future.
No, neither the employee or the employer can decrease their monthly deposits to the EPF balance since it has to be matched and be 12% of the employee’s current salary. If there is any reduction from the side of the employer, it is considered a criminal offence.
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