EPF offers several advantages that make it much more than just a savings plan. One key benefit is shared contributions, where your employer contributes alongside you, effectively doubling your retirement savings. The scheme also provides tax relief and its competitive interest rate helps your savings grow faster. When you retire, you receive a lump sum, including your contributions, your employer’s contributions, and accumulated interest, securing your financial stability for the future.
Plus, you get a decent interest rate and some tax benefits. The contributions are split between your EPF and the Employee Pension Scheme (EPS), giving you extra financial security when you retire.
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Below is an overview of the EPF contribution system:
Employee Contribution: Generally, 12% of the basic salary. For female employees, a lower contribution rate may apply during their initial three years of service.
Employer Contribution: Matches the 12% of the basic salary and dearness allowance. However, the employer’s contribution is divided between the EPF and the EPS.
Thus, with both you and your employer contributing, you can save up a good amount over time for a secure retirement.
How to Check Your EPF Balance Online
Accessing your EPF balance has become simpler with digital platforms. You need your Universal Account Number (UAN) for both methods:
EPFO Member Passbook Portal:
- Visit the official EPFO Member Passbook Portal.
- Log in with your UAN and password.
- Select the relevant PF account (if you have more than one).
- View the full transaction history and balance in the “View PF Passbook” section.
UMANG App:
- Download the UMANG App from the app store.
- Navigate to the EPFO section.
- Sign in using your UAN and password to access your EPF balance.
- How to Check Your EPF Balance Offline
- If you prefer offline methods, there are two easy options:
SMS:
If your UAN is registered, send an SMS to 7738299899 in this format: EPFOHO UAN ENG (where “ENG” is the language code for English). You’ll get your EPF balance via SMS.
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Missed Call:
Give a missed call to 011-22901406 using your registered mobile number, and you’ll receive an SMS with your EPF balance.
Ensure your UAN is activated and linked with your Aadhaar and PAN for smooth access.
Benefits of EPF
EPF is more than just a savings plan; it’s a comprehensive retirement tool with several key benefits. One of the biggest advantages is the shared contribution system, where your employer contributes to your EPF, effectively doubling your savings.
Additionally, EPF contributions are eligible for tax deductions under Section 80C of the Income Tax Act, offering significant tax relief. It also provides a competitive interest rate, higher than many other savings schemes, ensuring your money grows over time.
When you retire, you receive a lump-sum amount that includes your contributions, your employer’s contributions, and the accumulated interest, providing financial security in your post-retirement years.
Administered by the Employees’ Provident Fund Organisation (EPFO), a government body, the EPF offers reliability and security, which distinguishes it from private savings alternatives.
Regularly checking your EPF balance helps you stay on top of your savings, enabling better financial planning for a stress-free retirement.
So, not only does your EPF help you save, but it also comes with the peace of mind of having contributions from both you and your employer, all while offering tax breaks and solid interest rates.
