How many times have your parents asked you to start saving for your future? And how many times have you ignored what they had to say?
We understand that you might not have the time or mental space to plan for your future right now, but we also realise that it is super important to do so. For this scenario, the best thing for you to do would be to become an EPFO member. Do you know what this entails?
If you are interested in learning more about how to ensure a secure future, that too, with only a few simple steps, we’ve got you covered. This article will tell you everything you need to know about becoming an EPF member, so, without further ado, let’s get started!
As young adults in our 20s, old age seems very far away, it’s not something we think of as a reality that we’ll have to face in the near future. This is because, today, we are caught up with many responsibilities and personal ambitions. These can range from paying our bills to going on the Goa trip you planned with your friends years ago.
With a steady source of income, these things become our priorities and we often forget to plan for the future because we are so caught up in the present. This happens with most of us but it is imperative to realise that if we don’t start planning for the future today, it might be too late by the time we understand its importance.
The best thing you should do is get an EPFO member ID and avail the benefits of this super advantageous scheme. Read on to learn everything about becoming an EPFO member.
Key Takeaways
- Becoming an EPF member ensures that you are on the path to a secure future.
- Both the employee and the employer contribute 12% monthly towards the EPF account.
- Once your EPFO UAN member number is activated, accessing all details of your account becomes super easy!
- The benefits of an EPFO member portal are many.
What is EPFO?
The EPFO or Employees Provident Fund was launched by the Ministry of Labor & Employment in order to provide social security and to promise a secure future to their employees, this scheme can also be seen as a reward given for the dedication and hard work the employees have put into their respective companies and organisations over the years.
Becoming an EPFO member ensures that you won’t be left without financial security in your golden years. Once an EPF member, the responsibility of having a safe future with a lifestyle that you love is not just yours but the EPFO’s as well.
Basically, this scheme functions with both the employer and the employee contributing 12% of an employee’s dearness allowance and basic salary to the EPF account every month. This allows the employees to save a substantial amount of money over a long period of time.
Did You Know?
Despite the Covid-19 pandemic, the net payroll for the 2021 Financial Year was on par with the previous year, with approximately 77.08 lakh new subscribers.
How To Login into EPFO Member Portal
Logging into the EPFO member portal is a fairly simple process, but before you do this, there is one thing you would have to do, this is to activate your EPFO UAN member number. Everyone who avails of an EPFO scheme is allotted a UAN member number or a Universal Account Number and once this is activated the employees can access their EPFO member home portal.
Here are the simple steps you can follow for the same.
- To log into your EPFO member home portal, go to the EPFO website
- Select ‘Services’ from the drop-down menu that appears
- Choose ‘For Employees’
- ‘Member UAN/Online Service (OCS/OTCP)’ should be selected
- A page will display asking for your UAN and password
- Fill in your information and the captcha
- Finally, for EPFO member login, click ‘Sign in’
- Voila! You are welcomed to the EPFO member home portal!
You will have access to your account once you have logged in to your EPFO member site, which will allow you to claim your PF account, check your balance, among other things.
Steps for employer login for EPFO Members
- Visit the EPFO login page
- Fill in your email address and password
- For EPFO member login, choose the ‘Sign in’ option
- The EPFO member home portal’s main page will appear
This page of the EPFO member login portal will give you access to the KYC details of your employees which may need to be approved by you.
Reasons To Become an EPFO Member
If you’ve read this article till here, you must have understood what it means to be an EPF member, now let’s explore the reasons as to how it can be beneficial for you and your family’s future.
Safety Net
Once we reach a certain age and retire, our body and mind’s capacity to work decreases significantly. For this time, becoming an EPF member allows you to have a safety net for your future so you can live comfortably with all your everyday needs being met.
Tax Exemption
Another benefit of being an EPFO member is that you can get income tax exemption under section 80C of the Income Tax Act. If you are an EPFO member, in the long run, this factor could be quite useful.
Partial Withdrawals
With an EPFO member login, you can make partial fund withdrawals for emergencies such as home loan repayment, house building or purchase, weddings for yourself or your children, and medical situations.
Avail Loans
When you need to take out a loan, having an EPFO member login can come in handy. You can acquire a loan with a 1% interest rate which is very less comparatively. This loan must be returned within 36 months.
Word To Remember
Dearness Allowance
The government pays a cost-of-living adjustment payment to public sector employees and the pensioners. This is a fixed percentage of your salary that is used to combat inflation, and since dearness allowance is dependent directly on your cost of living it is different for each individual.
Conclusion
We all have heard the saying that it is never too early to start saving and now that you know how to become an EPFO member, why not avail the benefits of this scheme? When you reach your golden years, you shouldn’t have to worry about finances and the EPF account will allow you to have a steady source of income even then, so that you can live your life worry-free, and only stress about how to make the next day better than the last!
FAQs
Having an EPFO member passbook is crucial as this will allow you to take a detailed look at all your transactions including all the contributions and withdrawals you have made from your EPFO member account.
Yes, as an EPFO member you can select from three csrom three schemes, namely-
Employees’ Provident Funds Scheme 1952 (EPF)
Employees’ Pension Scheme 1995 (EPS)
Employees’ Deposit Linked Insurance Scheme 1976 (EDLI)
All of these schemes can lead you on the path towards a better future.
Using your EPFO member ID, you can check all your transactions and the current balance of your EPF member account using various methods.
Logging in through the EPFO member ID on the portal is one of the most commonly used ways to check your balance.
You can use your EPFO UAN member ID on the UMANG app as well.
If your number is registered with your EPFO UAN member login then you can simply give a missed call on 011-22901406 and know your balance.
If your EPFO UAN member login is activated, for checking your balance simply send an SMS to 7738299899.
Can I register for a grievance at the EPFO member home portal?
Yes, you can. On the EPFO member home portal, you will find a dedicated section where employees can file a complaint and fill out a grievance registration form. These grievances can be filed for issues related to withdrawals, PF and pension settlement, among other things.
The EPFO member can select a nominee who would be handed over the money of the account in case of an unexpected death. This ensures that the money you have saved over the years would not be wasted but used to help with your family’s needs.
Read more about epfo claim.
