EPF stands for the Employee’s Provident Fund which commonly known as PF (Provident Fund).
It is a retirement benefits scheme available to all the salaried employees.
Both the employees and employer makes an equal contribution in the PF which is 12% of per month basic wages, dearness allowance and retaining allowance (if any) payable to the employees.
The EPF scheme is managed by EPFO.
EPFO is the Employee’s Provident Fund Organization which works under the Ministry of Labor and Employment.
PF is considered as a profitable investment for salaried employees.
Earlier it was quite difficult to avail the PF services as it used to include multiple visits to the banks and others.
But with the advancement in the technology now one can easily manage their PF accounts with the comfort of home. User is required to create an ID and password of the choice for .PF login
The website of EPFO is simple and user-friendly. Basic details are required for creating a PF account.
Here are the steps for the PF login:
UAN (Universal Account Number)
UAN takes over all the members’ IDs of the EPFO.
It is a 12-digit unique code which is allotted to every registered member.
UAN plays a major role in the PF process .
All the PF functions like updating PF passbook, updating documents, transferring old EPF account, linking previous member IDs to the current one, message alert services, and others require UAN.
The PF balance can be checked online on the EPFO website where a member needs to key in the ID and password.
Now the same can be done on Umang Application.
This App is a recent development of EPFO.
A member can simply have to key in the UAN number in the EPFO’s services page and an OTP will be sent to the registered number.
Benefits of Provident Fund (PF)
- PF act as a great financial support to a person especially after retirement,
- as a lump sum of EPS money along with PF is received after retirement.
Originally published at https://thefinanceandloans.blogspot.com on August 30, 2019.