The Provident Fund is a savings scheme by the government in which the money is invested and the employee gets the benefit out of the accumulated money in the form of an interest. This scheme is basically for salaried employees, where the employer and the employee add a certain equal amount of salary in the employee’s account from the monthly salary. Therefore, the employees get the accumulated salary after retirement or exit from employment as a lump-sum amount and interest thereon. Also, the government has provided the benefit of tax on the same salary as the PF is a non-taxable income if it is withdrawn after 5 years or more of employment. These savings can be invested to earn more returns and grow your retirement corpus.
The Employee Provident Fund (EPF) is a saving tool for the employees. Recently, the government has transferred the procedure related to the EPF online and the transfer of the account on switching jobs is made simple and easier. The amount carried away and the accounts get transferred automatically on switching from one job to another.
Benefits of allowing Employees to Access EPF Balance
Ways for Checking EPF Balance
The EPF balance can be checked in various ways: -
By giving a missed call
Through the EPFO App
Through the EPFO Portal.
Let’s discuss the ways in greater detail:
A) Through SMS
To know your EPF balance through SMS you have to create a Universal Account Number (UAN Number) with an updated Know Your Customer Details (KYC) i.e. Aadhar or Permanent Account Number (PAN) or bank account details. After the successful registration of the same, you will be eligible to access the EPF balance via SMS.
Once the UAN Number is generated along with the updated KYC, there are three further steps to be followed: -
While sending the message, the preferred language is to be indicated. For an indication of the preferred language of communication, the first three characters of the preferred language are to be mentioned.
For example, if you wish to receive updates in English, use the first three characters of the word English like EPFOHO UAN ENG – where ENG stands for English.
If you want to receive the updates in Marathi, then type in EPFOHO UAN MAR – where MAR stands for Marathi.
This facility is available in English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam, and Bengali.
After sending the message, the EPF Balance message will be automatically sent to you.
B) By Giving a Missed Call
The EPF Balance can also be checked by giving a missed call from your registered mobile number on which UAN is generated, and KYC details successfully updated. Once the UAN is integrated with your KYC details, follow the steps mentioned below:
Step 1: Give a missed call to 011-22901406
Step 2: After placing a missed call, you will receive an SMS about your PF details including the EPF Balance.
C) Through the EPFO App
For checking the EPF Balance through the EPFO APP, it is mandatory to check first that the employer has successfully activated employees UAN number along with the KYC Details. The balance can also be checked by downloading the “m-sewa app of EPFO” from the Google Play Store/ Apple App store.
Follow the steps below after you have downloaded and installed the app:
Step 1: Click on ‘Member’ and then go to ‘Balance/Passbook’.
Step 2: Then enter employee UAN along with the registered mobile number.
The system will verify your mobile number against employee UAN. If all the details check out, you can view updated EPF balance details. In case of a mismatch, it will display an error.
The Government is taking various initiatives to make the system simple and easier. Also, in order to promote the Digital India Scheme, the Electronics and IT Ministry has launched an app called “Umang". Umang helps in exercising and using different services provided by the government, like Aadhaar, gas booking, crop insurance, NPS and EPF in one single application. The same application can be used to check the EPF Balance. After downloading the application from the Google Play Store/Apple App Store, the EPFO option from the app’s homepage under the head “Employee Centric Services” option will be displayed. From there you can access your EPF account details.
D) Through the EPFO Portal
In order to check the EPF Balance, it is important to check first that the employer has successfully activated employees Universal Account Number (UAN) along with the updated KYC Details. Universal Account Number or UAN is unique for all employees enrolled under the EPF scheme. A UAN number is allotted by the Employee Provident Fund Organization (EPFO). All employees have only one UAN during their working life irrespective of the companies they change.
Once your UAN number is activated, just follow these steps:
Step 1: Log on to the EPFO portal. Go to ‘Our Services’ and choose the option that says “for employees” from the drop-down menu.
Step 2: After that, click on the option ‘Member passbook’ under the option “Services.”
Step 3: A login page will appear. Enter your UAN number and password. You are now logged in and can access your EPF account and the balance.