EPF is one of the best retirement savings plans through which people can make a higher rate of savings and thus use this corpus for post-retirement plans
Employees’ Provident Fund (EPF), also referred to as PF, is a national savings scheme that helps working individuals to save up a sufficient corpus for their retirement. While it was introduced with the Employees’ Provident Funds Act back in 1952, it is presently managed by the Employees’ Provident Fund Organisation (EPFO). As a part of this scheme, a certain contribution is made by both the employee and the employer. The employee can receive the accumulated amount along with an interest as a lump sum upon retirement. This is one of the best retirement savings plans through which people can make a higher rate of savings and thus use this corpus for post-retirement plans like the wedding of children, buying a home or car, going on a holiday, or for children’s education.
Read More: EPFO added 17.89 lakh net members in June, says govt data
Before making investments in a PF account, one must check all its features, return rates, and all factors influencing the scheme. Upon opening a PF account, one can also keep a check on their savings by accessing their EPF passbook. This can be done in the most easiest and convenient manner in the comfort of your home.
Scroll down to learn about the EPF scheme and how to check EPF account balances.
What is Employees’ Provident Fund?
Meant for retirement funding, the Employees’ Provident Fund (EPF) helps individuals to make savings on a regular basis. It was introduced by EPFO under the supervision of the Government of India. As a part of this scheme, an employee contributes 12 per cent of his basic salary every month. Similarly, the employer also makes an equal contribution on a monthly basis. Upon retirement, the employee receives the total amount along with the interest. It is not a low-risk investment option but assures a fixed rate of return.
Mostly, EPF accounts are provided by the companies to their employees and it is easily transferable in case of a job change.
Read More: Public Provident Fund: Follow these tricks to get the maximum interest on PPF
UMANG app for EPF services
As said earlier, keeping a check on the accumulated corpus is quite easy, and one of the easiest ways to check through the UMANG application. Individuals need to keep their Universal Account Number (UAN) number handy to access their EPF passbook or balance.
The UMANG app is available to download for both Android and iOS users. This app helps to access a lot of central government services including the Employees’ Provident Fund (EPF). Besides checking their passbook, users can also check their EPF claim status and UAN activation.
Read More: Planning To Invest In a PPF Account? Here’s How You Get Desired Profit
Steps to check EPF balance:
1. First, go to the Google Play Store or Apple App Store and download the UMANG application.
2. Upon downloading, open the app and select your preferred language.
3. Register your profile with your EPF-registered phone number.
4. A list will be visible on the screen. Choose EPFO from the list.
5. Next, click on ‘View Passbook’ and enter your UAN.
6. You will receive a one-time password (OTP) on your registered mobile number.
7. Enter the OTP and follow the given steps to check your EPF balance.
Apart from this app, users can also check their EPF balance through missed calls and SMS.
