Employee Provident Fund: Key Benefits And Easy Steps To Check Your Balance

Contributions made to the EPF are eligible for deductions under Section 80C of the Income Tax Act, providing substantial tax savings

The Employees' Provident Fund (EPF) is more than just a savings plan — it's a reliable tool for securing your financial future. Managed by the Employees' Provident Fund Organisation (EPFO), this government-backed scheme offers numerous advantages, including shared contributions, tax benefits, and a competitive interest rate.

Key Benefits of EPF

Shared Contributions:

One of the standout features of the EPF is its shared contribution system. Both the employee and the employer contribute to the fund, effectively doubling the savings over time.

Tax Relief:

Contributions made to the EPF are eligible for deductions under Section 80C of the Income Tax Act, providing substantial tax savings.

Competitive Interest Rate:

The EPF offers a higher interest rate compared to many traditional savings options, allowing your funds to grow faster.

Post-Retirement Security:

Upon retirement, members receive a lump sum comprising their contributions, the employer’s contributions, and the accrued interest, ensuring financial stability.

EPF Contribution System

Employee Contribution: Typically, employees contribute 12 per cent of their basic salary to the EPF. For female employees, this rate may be reduced during the first three years of employment.

Employer Contribution: Employers also contribute 12 per cent of the basic salary and dearness allowance. This amount is split between the EPF and the Employee Pension Scheme (EPS), adding an extra layer of retirement security.

How to Check Your EPF Balance

Online Methods

EPFO Member Passbook Portal:

Visit the EPFO Member Passbook Portal.

Log in using your Universal Account Number (UAN) and password.

Select your PF account to view transaction history and balance in the 'View PF Passbook' section.

UMANG App:

Download the UMANG App from your device's app store.

Navigate to the EPFO section and log in with your UAN and password to access your balance.

Offline Methods

SMS:

Send an SMS to 7738299899 in the format: EPFOHO UAN ENG (replace “ENG” with your preferred language code). You’ll receive your balance details via SMS.

Missed Call:

Dial 011-22901406 from your registered mobile number. You’ll get your EPF balance via SMS. Note: Ensure your UAN is activated and linked with your Aadhaar and PAN for seamless access to these services.