EPFO also provides several online services to its members, including online registration, payment of contributions, and checking the status of claims.
Employees’ Provident Fund Organisation is a statutory body under the Ministry of Labour and Employment, Government of India. EPFO administers three schemes, namely the Employees’ Provident Fund Scheme, the Employees’ Pension Scheme, and the Employees’ Deposit Linked Insurance Scheme.
The Employees’ Provident Fund Scheme is a retirement benefit scheme for employees working in the organised sector. It mandates that employees contribute a certain percentage of their salary to the fund, which is matched by the employer. The fund earns interest on the accumulated amount and is payable to the employee on retirement or in certain other circumstances.
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The Employees’ Pension Scheme is a pension scheme that provides a monthly pension to employees on retirement. The employer and the employee contribute a certain percentage of the employee’s salary to the fund, which is used to provide the pension.
The Employees’ Deposit Linked Insurance Scheme is an insurance scheme that provides a lump sum payment to the nominee in case of the employee’s death while in service. The employer contributes to the fund, and the benefit is payable to the nominee of the employee.
EPFO also provides several online services to its members, including online registration, payment of contributions, and checking the status of claims.
Is there any financial loss to EPF members due to the delay in updating of interest in the member passbook?
According to EPFO, Updating of member’s passbook with interest is an entry process. The date on which the interest is entered in the passbook of the member has no actual financial bearing as the interest earned for the year on monthly running balances is always added to the closing balance of that year and it becomes the opening balance for the next year.
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Hence, the member does not suffer any financial loss in case there is any delay in updating interest in the passbook.
Further, if a member withdraws his EPF dues before the interest is updated in the passbook, in that case also at the time of his claim settlement, the due interest is calculated and paid from the date it becomes due automatically by the system.
Hence, in this case too, there is no financial loss to a member.
With the adoption of digital methods in governance, many services are available online and a user/subscriber is not required to visit the office in-person. One such facility is checking the balance of your provident fund account.
There are four simple ways which can be used by the subscribers to know the PF balance online.
