EPFO: For every salaried employee, that date of the month is very special when the salary comes into the account. We often see in the salary slip that an amount has been deducted in the name of PF. We feel relieved thinking that this money is being saved for our secure future i.e. old age. But, have you ever bothered to check whether your company has actually deposited the money deducted from your salary with EPFO or not? Many times, due to technical glitches or negligence, this money is not updated in your PF account. In such a situation, it is very important for you to know whether the accounts of your hard-earned money are working properly or not.
Where does the money deducted from your salary go?
Employees Provident Fund Organization (EPFO) According to the rules, 12 percent of the amount made by combining the basic salary and DA of any employee is deducted for PF. The rule is also that the company (employer) has to contribute the same amount of money that is deducted from the employee’s salary.
However, the entire 12 percent share of the company does not go directly into the PF. Out of this, 3.67 percent amount is deposited in EPF, while the remaining 8.33 percent goes in the Employees Pension Scheme (EPS). This is the fund that gives you financial security in the form of pension and lump sum after retirement. At present, the government is also giving 8.25 percent annual interest on this deposit, which is better than any normal savings scheme.
After how many days of salary is the passbook updated?
According to EPFO rules, it is mandatory for the company to deposit PF within 15 days after deducting it from the salary of the employees. If your salary comes on 1st of the month, then the company has time till 15th of the same month to deposit your PF. Once the money is deposited, it may take a few more days for the balance to be updated in your passbook. Therefore, if the PF update is not seen on the salary day itself, then there is no need to panic, but if it does not happen even till 20-25th, then one should be alert.
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Now you do not need to visit offices or ask HR to check PF balance. You can do this work sitting at home from your mobile or laptop.
- Through EPFO portal: First of all go to the passbook section on the official website of EPFO. Here you have to enter your UAN number and password. As soon as you login, select your member ID. Here you will get complete details of the company and the money deposited by you. You can also download it.
- Umang App: If you do not use a laptop, then the government’s ‘UMANG App’ is the easiest option. Download this app on your phone, go to EPFO service and login with UAN number. The option to view passbook here is very user-friendly.
Keep in mind that to view passbook online, your UAN number should be active. Also, if an old account has been closed, its information may no longer be visible online.
Know the status of your account with just one missed call
Many times it happens that we do not have a smartphone or there is internet problem. EPFO has given a solution to this also. You can know your balance by just giving a missed call from your registered mobile number. For this you will have to call 7738299899. After the ringing, the call will automatically be disconnected and within a few seconds you will get the balance information through SMS. Apart from this, you can also get information through SMS. Type EPFOHO UAN in the message box of your phone and send it to 7738299899.
Also read- EPFO: The hassle of PF transfer after changing job is now over, this big change is being implemented!