EPF balance is the amount that is there in your EPF Account. EPF balance consists of amount deducted every month from your salary plus the amount that is contributed to your EPF account by your employer. Knowing your EPF balance can be a good indicator of your retirement savings.
Employee’s Provident Fund, in the year 2013, launched an online enquiry platform for fund balance. The idea behind the move was to give employees quick access to information related to their PF account balance. EPF is an important part of the remuneration structure of any salaried employee. Checking on EPF can give you valuable insights into the status of your PF account especially for instances when you wish to partially withdraw your PF amount or in case you wish to avail a loan against your EPF.
Check EPF Balance by Following Ways
|Check EPF Balance Via SMS||Send Request to 7738299899
Ex: EPFOHO UAN
|EPF Balance Via Missed Call||011-22901406|
|Check EPF Balance Online||Login to http://www.epfindia.com/site_en/KYEPFB.php and Navigate to Know your Balance|
|Check EPF Balance Via UAN||Login to http://uanmembers.epfoservices.in/|
|EPF Balance Via Mobile App||Login to http://18.104.22.168:9091/AppDownload/ and Download EPF Mobile App|
Before this services was made available to the users, finding out EPF balance was not an easy task and required forms to be filled and offices to be visited for knowing this simple information. With the launch of the online EPF balance check facility, individuals can now know their PF balance in the matter of few minutes.
How to Check EPF Balance Online
Here are a few steps that list down clearly the process to check your EPF balance online.
Step 1: The first step towards checking your EPF balance is to keep your EPF account number handy. This is the most important information with respect to any communication regarding your EPF account.
Step 2: Open the link, http://www.epfindia.com/site_en/KYEPFB.php and click on the “Know your balance” text at the bottom of the webpage.
Step 3: Select the state of the PF office in which your EPF account is maintained
Step 4: As soon as your select your EPF state, a list of city offices pertaining to that state will be listed down. Choose your city specific EPF office from the list. For example, if your PF state office is Karnataka and the local office is in Bangalore, then select Bangalore as the city.
Step 5: Now fill in your EPF account number, your name as mentioned in EPF records and your mobile number. Generally, the EPF number would be in the following format - TN/MAS/0054222/000/0000111. In case, the three digits in the middle are not there for your EPF account number, then leave the box blank and proceed. The first two alphabets in the EPF account number is the code for region and next three alphabets is the code for PF office. Accordingly, you can choose your regional PF office.
Step 6: Click submit and the EPF balance will be sent to you via SMS on the mobile number that you have shared in the form above.
How to Check EPF Balance Via UAN
UAN is the Universal Account Number which is unique for all individuals enrolled under the EPF scheme. This number does not change when you change your employer or your PF account number. UAN is a unique number assigned to each employee. UAN can be generated by logging in to the EPF website. Once you have registered your UAN, you will receive details like EPF balance and other such information on your mobile phone via sms.
Earlier this year, The Ministry of Labor and Employment had asked all organizations and employers to register their employees for the UAN and to ensure that EPF related formalities are up to date for all employees.
Here are a few steps that lead to EPF balance checking via UAN.
Step 1: Open the web page http://uanmembers.epfoservices.in/
Step 2: Enter your Universal Account Number of UAN.
Step 3: Enter your mobile number at which you will receive SMS.
Step 4: Select your EPF state, and choose your city specific EPF office from the list. For example, if your PF state office is Karnataka and the local office is in Bangalore, then select Bangalore as the city.
Step 5: Fill in the captcha code that is prompted by the system. Finally you will receive the pin and the EPF balance details on the mobile number that you have furnished.
How to Check EPF Balance Via SMS or Missed Call
There are several ways which can be employees to check your EPF balance. One such way which comes in handy at times when you do not have an active online connection is via SMS or missed calls. For this you will need to have an activated UAN number. In case you have a valid UAN, your mobile number too will be registered with the EPF department. Giving a simple missed call to 011-22901406 will ensure that you receive an SMS that lists down your PF number, age and name as per the EPF records. However, you will require your UAN along with Aadhar Number or PAN Number in order to know your EPF balance.
KYC details along with UAN is mandatory for knowing your EPF balance. Once your UAN is integrated with your KYC, every time you give a missed call to the Employee’s Provident Fund department, you will receive SMS with your EPF details including the EPF balance.
How to Check EPF Balance Via Mobile App
EPFO recently launched a mobile app for PF balance tracking so as to capitalize on the mobile application trend in the Indian market. The mobile app serves the purpose of balance check as well as passbook statement. The mobile app, however, is not available on Google Play Store and as such needs to be downloaded manually from the EPFO official website. The mobile app currently in the market is only available for the android version. EPFO will soon be launching mobile app versions for both blackberry and ios devices.
On the EPFO app link, click and check save target as. Once the app is installed on your mobile phone, you can open and feed in your name and account number to track the PF status. The execution file for the app can also be downloaded to the computer and then moved to the mobile phone. The main file is named m-epf.apk and will show on the desktop or mobile screen wherever you download it to.
Here are the steps for using the EPF mobile app:
Step 1: Open the mobile app on your phone and click member
Step 2: Under the Member option, click balance/passbook and then input your twelve digit UAN number. Also feed in your registered mobile number. The system will now verify the mobile number - UAn combination and will throw an error if it does not match.
Step 3: In case the mobile number-UAN combination is correct, you will be shown a screen which displays your updated EPF balance information along with personal details like your name, date of birth, Aadhar number, PAN for tax deduction, last month EPF contribution etc.
Step 4: In case you wish to see your EPF statement for the last 7 months, you can press the “view passbook” option and get a detailed statement for the last 7 months.
EPF Mobile App for EPF Balance tracking is a good and handy way to check your EPF balance and that too on the go.
Mr. Bhatt was working in a software company when he got a job change and shifted to Bangalore. Before deciding to withdraw his PF amount or carrying it forward to the new company, he wanted to know the exact EPF amount that he has in his EPF account.
He had heard from his colleagues that obtaining the EPF balance is an easy process via the Universal Account Number or UAN. However, he had doubts since he had never generated the UAN. But, then he was told that without UAN also, he could get EPF balance information via the SMS facility.
Checking your EPF balance via the EPF website and receiving the answer on your mobile phone is a convenient way to know about the actual amount in your EPF account. This way you can keep a tab on the running balance in your PF account.
How to Access and Download your EPF Passbook?
EPF passbook is similar to our bank account passbook. The passbook lists down all transactions with respect to your EPF account including both deposits and/or any partial withdrawals.
Using the UAN portal
UAN can be used to download the passbook online from the EPFO website and then track the status of your EPF transactions. The EPF passbook has particulars regarding monthly PF contribution, monthly PF contribution from your employer, and contribution towards the pension scheme as well as the latest EPF balance. EPF passbook is like a full statement of all your transactions with the EPFO.
The only prerequisite for obtaining this passbook is to generate your UAN number which can then be used to login and download it.
Using the Member portal
Employees Provident Fund Organization or EPFO has a member portal where you can register online and then view your EPF passbook. The facility can be availed only by individuals whose employer has uploaded the Electronic Challan cum Return for the salary month of May 2012 and beyond.
The best part about using the member portal for PF passbook is that there is absolutely no need to remember any user id or password. Only registered mobile number and any of the identity proof number such as PAN, Aadhar, voter id etc. are required to register and then make further logins. Multiple id numbers can be fed and stored along with the registered phone number. Any of these id numbers can then be used in combination with the phone number for retrieval of EPF statement via the EPF passbook.
Using the above listed two portals for downloading and viewing EPF passbook is a great way to know your EPF balance also.
Important Points to Keep in Mind While Checking EPF Balance
With the introduction of technology in various government projects, the maintenance and tracking of EPF balance too has become a piece of cake. However, there are certain points that need to be kept in mind for successful login and viewing of EPF balance. Let us look into a few of these points.
- For registration at member portal for passbook download, only one mobile number can be used for one registration
- Any registered mobile number can view only one EPF account details and for more accounts either more phone numbers should be registered or PF transfer through form 13 needs to be applied for.
- One member of the portal can view a maximum of up to 10 EPF account balances
- Multiple id numbers can be added one after the other during registration so as to make use of any identity proof number during the time of registration
EPF Balance Transfer
Is your provident fund lying idle in multiple accounts as you switched jobs a couple of times? While changing jobs, one of the easily forgotten tasks is getting EPF balance transferred on time. Job change is always associated with bulk volumes of paper works and procedures that employees tend to leave this finest investment avenue of theirs behind. Quite apparently, there’s a swirl of confusions when it comes to matters related to EPF. Provident funds provide greater benefits than fixed deposits and other government bonds, so it’s preferable to transfer the amount during change in employment. However, employees also have the option to close their active EPF account and open a new one. Undoubtedly, EPF is the best long term savings option that provides assured income and saves your tax.
The Know-Hows of EPF Balance Transfer
- Employees can transfer their accumulated balance anytime from one account to another, but it cannot be transferred to a third person account.
- Along with provident fund, the pension amount under Employee Pension Scheme (EPS) also gets deposited in the employee’s new account. But, government mandates a minimum work period of 6 months to be eligible for these benefits.
- For fund transfer to take effect, both the EPF accounts should have all essential information such as employee name, father’s name, date of birth, etc. Any mismatch or unavailability of details can result in delay or rejection of the transfer request.
- Employees cannot transfer a portion of EPF balance to their new account keeping the rest in their old one. The entire sum has to be deposited to the new account.
- EPFO has also launched an online submission system to facilitate the transfer of provident funds. For withdrawal of EPF amount, members can apply through their current or previous employer.
Eligibility for Enrollment in EPF Scheme
Ideally, all employees above a monthly income of Rs.15,000 are eligible for EPF contributions, but some companies offer EPF even to those employees who are below the aforementioned salary range. Employees also have an option to not enroll for EPF depending on their pay and conditions. But it is to be noted that once enrolled you cannot opt out of the scheme. The interest rate for EPF is decided every year by the government and for the year 2015-16, it is set at 8.8%.
What Happens to EPS during EPF Balance Transfer?
The percentage contribution of an employee towards EPF is 12% or 10% of his basic salary and it directly doesn’t participate in Employee Pension Scheme (EPS). While out the 12% contribution from employer’s side, 8.33% of the amount is apportioned towards EPF with an upper limit of Rs.1250 per month. In case an employee wishes to make higher contributions towards EPF, a joint PF declaration form signed by employee and the establishment must be submitted to the Regional Provident Fund office. When a person switches job, the old EPF amount gets transferred to his/her new account, while the EPS contributions continue to stay with the Employee Provident Fund Organization (EPFO). Depending on the length of employment and employee’s age, the accumulated EPS amount can be withdrawn or carried forward. Employees cannot apply for withdrawal of EPS sum while continuing in service. However, he/she can apply for withdrawal by filing Form 10 C, only after quitting the present job and before joining any new organization.
EPF Contributions at the Rate of 10%
PF contributions at 10% rate is applicable for people working in the following establishments:
- A company with less than 20 employees on its payroll
- Any organization that suffers losses equal to its entire net worth
- Establishments coming under Jute, Beedi, Brick, Coir, and Guar Gum industries
- Any other establishment decided by the Board of industrial and Financial Reconstruction
Online Transfer of EPF Balance
With Center making Universal Account Number (UAN) mandatory for all employees, the transfer and withdrawal of EPF amounts have become effortless and stable. The online service aims to provide more transparency by instituting a central authority to track all regional proceedings. Once the employee makes an online application for balance transfer, a copy of the same will be sent to current and previous employers. It is to be noted that the employer will have to attest the validity of employee application for balance transfer. With new amendments, EPF members can expect the transfer to be effected in 2 weeks’ time.
EPF Balance for Inoperative Accounts
According to a notification issued by Government in November 2016, even the dormant accounts will continue to accrue interests and it will not be classified as inoperative anymore. EPFO had stopped paying interest to dormant accounts since 2011. But once the new amendment comes into effect, all inoperative accounts will receive interests at the rate of 8.8% per annum. Earlier, accounts turned inoperative chiefly due to two reasons—the cumbersome processes involved in EPF transfer and employees preferring to open new accounts while switching jobs. Communication gap between current and previous employers of an individual also contributes largely to the same. In cases where employees are unable to track the details of their old inoperative accounts, they can approach the EPFO help-desk and get the balance in those accounts transferred to the current one.
New EPF Withdrawal Forms for Easy Claims
EPFO has released new forms that facilitate the withdrawal of provident fund amount without employer attestation. These forms are known as Form 19 UAN, Form 10C UAN, and Form 31 UAN respectively. This particular move by government has trimmed down the complex procedures involved while making claims and EPF transfers. Using the new EPF forms, employees can apply for final claim settlement, full withdrawal, partial withdrawal, and loans. Form 19 UAN is applicable in cases where an employee resigns from service or employer terminates the employment agreement. Form 10C UAN is used for making claims related to EPS and Form 31 is associated with partial withdrawals or advances. The preconditions for EPF withdrawal without employer signature are as follows:
- Form 11 of the employee should already be available in EPFO records
- He/she must have a valid UAN
- The bank details and Aadhaar number should be available in KYC data
If an employee doesn’t meet the above mentioned criteria, he/she will have to make claims using the regular EPF forms—Form 19, Form 10C and Form 31.
Provident Fund Rules for Railway Employees
Each railway employee contributes 8.5% of his salary towards State Railway Provident Fund Account and this is inclusive of General Provident Fund (GPF) deductions. Voluntary PF contributions can be made subject to the condition that maximum fund recovered should not exceed balance amount. Employees are eligible to withdraw the accumulated PF amount on various occasions and the withdrawal can either be partial or full. The EPF balance of railway employees is maintained by the railway accounts department. For more details, visit the Railway Employees Information System (REIS) portal.
Name Mismatch In EPF Account
One of the most worrying problems for employees while checking EPF status is to find a name spelled incorrectly. This however does not require much effort on the part of EPF member, and he/she can get it rectified with a few quick steps. Employees should submit an EPF name correction form along with employer’s statement and other supporting documents such as PAN card, Aadhaar card, voter id, or bank account passbook. The name change application should be addressed to the EPFO commissioner specifying the errors found in the existing employee credentials. EPFO has also introduced an option for reporting problems online, which is in its testing stage. Once the error reporting section of the website is finalized, EPF members can login with their UAN and submit an online application for name correction.
EPF Customer Care
EPFO has launched various mobile and web based services to solve account related queries and to help customers know their EPF status with ease. You may register your grievances by dialing the EPFO India helpline number 1800118005. The PF regulator is also strengthening its social media presence to handle grievances and requests from members. Currently, both Facebook and Twitter handle of EPFO is receiving suggestions, feedback, complaints, all of which are attended within 24 hours by the officials of regional centers. As of May 2016, the Facebook page and Twitter account of EPFO have around 3500 and 700 followers respectively. The social networking platform comes as an additional support to the online public grievance addressing system of regional EPF centers. You can get information about regional offices by visiting the EPFO website.
Tax Deductions for EPF Accounts With and Without PAN
Government has introduced a new section in the Finance Act 2015, whereby PF withdrawals will be subjected to tax deductions. It has also increased the threshold of PF withdrawals from Rs.30,000 to Rs.50,000. As per the new rule, all withdrawals over Rs.50,000 will be taxable at source if the employee has served for less than 5 years. Even individuals below the taxable income range will have to ante up 34% towards ‘PF withdrawal tax’. However, if the EPF account of the employee is linked with PAN, then the rate of deductions will be 10% per annum, and for those without PAN it will be straight 34.6%. If an EPF member has filed a declaration using Form 15G or H at the time of joining, tax deductions will not be applicable for withdrawals below Rs.2,50,000. It is also to be noted that PF amounts withdrawn owing to bad health, business failure, or any such emergencies are exempted from the above rule. Therefore, it is ideal that you save your taxes by securing your EPF balance with PAN number.
EPFO Digital Signatures for Employers
Center has urged all organizations covered under the EPF scheme to apply for digital signatures. In a statement issued by EPFO, it was notified that all establishments should submit the required documents after signing them digitally. This will serve as a medium for easy verification of UAN data. Employers can upload their digital signatures through the Online Transfer Claim Portal (OTCP) of EPFO. Organizations exempted from the EPF scheme are required to file e-returns on a periodic basis.
How to Download EPF Balance Slips
At the end of each salary period, annual statements of PF accounts will be made available in the EPFO website, which can be downloaded by employers through the E-Sewa portal. Discussed below is a step by step process to download EPF balance statement.
- In your web browser type the url http://epfindia.gov.in/
- In the EPFO home page, click on the link “For Employers”
- Further under the services listed in the page, select “ECR/Challan Submission”
- It will navigate to the “Employer E-Sewa” page
- Click on the “Employer E-Sewa” link given in the page and sign in using your credentials
- In the downloads tab, select download PF slips and choose your desired located to save the pdf.
EPF Tax Exemption
According to Budget 2016-17 announcement, PF withdrawal will continue to be exempted from tax and only the interest accruing on 60% of employee contributions after 1 April, 2016 will be taxable. The remaining 40% of PF corpus will be excluded from tax under recognized PF and NPS. However, the aforementioned rule is not applicable to employees whose monthly income is below Rs.15,000.
Government Initiative to Enhance EPF Membership
EPFO is expected to launch a massive drive throughout the country in 2017 with aim to increase member enrollments. The regulator had already conducted awareness campaigns underscoring Aadhaar issuance and bank account opening. According to a survey, only 50% of the EPF contributors have a valid bank account. In light of the same, EPFO has directed regional offices to ensure that all employee provident fund accounts are linked with Aadhaar number and bank account. Also, a centralized system for maintenance of all EPF related information is underway.
EPF Claim Settlement
Government has issued guidelines on PF settlements under which all death claims will be settled within 7 days from the date of application and retirement claims before the date of retirement. EPFO has also directed all field offices and officials to examine the requests and guide the claimants regarding essential documents to support the claim.
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- Claiming PF from Inactive EPF Accounts
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- EPF Claim after the Death of a Subscriber
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- Claim 100% EPF at 60 Years
- Breakup of EPF Contribution
- EPF Contribution in Basic Salary
- Centre Cracks Down on EPF
- Employee Deposit Linked Insurance Scheme
- EPF e-Passbook
- Employee Pension Scheme
- File an RTI for EPF Withdraw or Transfer
News about How to Check Your EPF Balance Online
Umang App Allows EPF Passbook, Balance Check
The EPFO (Employees’ Provident Fund Organisation) has made its services available on the app “Umang”. This app is available for download on Google Play, Windows Store, and iOS App Store. Launched by the Electronics and IT Ministry, Umang is platform that merges different government services like Aadhaar, gas booking, crop insurance, NPS, and EPF. Once the app is installed and initialized on your mobile, you can find the EPFO option from the app’s home page via the ‘Employee Centric Services’ option.
Currently, Umang app’s EPFO section provides 3 services. Viewing passbook; raising claims for partial withdrawal, pension withdrawal, or final settlement; and tracking the status of submitted claims. The feature of viewing passbook can be used even if one does not link their Aadhaar with Umang or the EPF. But, for the remaining 2 features, it is obligatory to have EPF account linked with Aadhaar. One feature currently in Umang app’s EPFO section is that it doesn’t allow to raise requests for transfer from one PF account to another, although this service is available online for EPF members. Other services like account nominations, Aadhaar seeding and PF-specific services will also be available through Umang in the future.
07th November 2017
EPF contributors dwindle with Aadhaar linkage
Employees’ Provident Fund or EPF contributors have decreased by 2 million after government made it mandatory to link Aadhaar with the PF account of an employee. Officials in employment and labour ministry said that the number of contributors which was 46.4 million in July, has come down to 44 million in September. A senior EPFO official said that this decline was happening due to Aadhaar linking with EPF accounts. EPFO expects the contributor number to increase soon in a few months.
Indian government’s biggest concern has to be the 31 regional EPF offices, which saw a decrease in the number of contributing members by more than 10% in September. Berhampur recorded a decline of 35%, Bhagalpur of 31.6%, Akola of 25.7%, Warangal of 23.5%, Keonjhar of 20.8%, and Gulbarga of 20.3% among others. An expert believe that there can be 3 reasons behind this. First, many people are still to link their Aadhaar with their EPF account. Second, there are some who have more than one UAN, so it’s possible they linked Aadhaar with one account only. Third reason could be the declining employment rate in India.
2nd November 2017
Deadlines for Linking Aadhaar with NSC, PPF, KVP, Social security Schemes
Aadhaar needs to be linked with mobile numbers, banks and social security schemes such as LPG connection, pension and scholarships. Now different post office schemes such as NSC, PPF, and KVP have been added to this list.
NSC, PPF, KVP:
If you have post office deposits like NSC, PPF, and KVP, you have to link your Aadhaar number with these investments. Submit Aadhaar copy to your post office or concerned deposit office by 31 December, 2017.
Social security Schemes:
The government made Aadhaar linking mandatory for social security schemes such as scholarships, pension, etc. to correctly identify the beneficiaries of these schemes. Recently, the government extended the 30 September deadline by 3 months to 31 December, 2017.
2nd November 2017
Government Allows Greater Small Savings Scheme Sale by Banks
To encourage more savings, the central government has permitted banks, along with top 3 lenders in the private sector, to admit deposits under different small savings schemes like NSC (National Savings Certificate ), plans for monthly income, and recurring deposits. Till date, most small savings schemes were being sold at various post offices across the country. The government recently issued a notification to banks saying they can now sell such schemes like NSC VIII issue, National Savings (Monthly Income Account) 1987, National Savings Time Deposit 1981, and National Savings Recurring Deposit 1981.
According to that notification, banks in the public sector, including top 3 private sector players, HDFC Bank, Axis Bank, and ICICI Bank, can now receive subscriptions from these expanded portfolios. Before this, subscription receiving was allowed in banks under certain savings schemes like Kisan Vikas Patra (KVP) Public Provident Fund (PPF), Senior Citizen Savings (SCSS) and Sukanya Samriddhi Account (SSA). This decision should Increase the number of avenues via which people can access small savings schemes, resulting in higher mobilisation of these schemes.
20th October 2017
Interest Rate of Private EPF Must be Lower Than EPFO
Almost 1,500 EPF trusts set up by private companies for their employee provident fund (EPF) administration will have to make sure that the interest rate declared by them is at equal or higher than the rate declared by Employee Provident Fund Office (EPFO).
There will be monthly evaluations and ranking of such private companies to ensure better compliance. Employees have to be intimated within 2 days of EPF credit to their accounts.
The labour ministry noted that few private trusts were not declaring interest rates at par with EPFO. Hence, a circular was issued to emphasize that any interest rate declared by the board of trustees has to be made good by employers to pull it up to the statutory limit.
For FY 2016-17, the rate of interest announced for government EPF is 8.65%. Private trusts have to mandatorily provide this minimum rate of interest to their employees, irrespective of their earnings.
Tough actions shall be taken against such private EPF trusts for repeated defaults, delays in remitting money collected from employees, or for lower interest rates. Any of these violations can result in cancellation of the permission given to that private EPF trust.
10th October 2017
Savings Schemes Database to be Linked with Aadhaar
The Cabinet Secretariat is looking forward to establish a central repository of private and government sector employees for those who have subscribed to savings schemes such as general provident fund (GPF), employees’ provident fund (EPF), and public provident fund (PPF) with Aadhaar number as the main identifier. The Secretariat has directed various departments monitoring such savings schemes to ensure that 100% Aadhaar seeding of all salaried accounts takes place by 31 December, 2017. The proposal to seed Aadhaar with savings schemes came up in a joint meeting held on August 25 with the Finance Ministry, the Comptroller and Auditor General (CAG), the Ministry of Communications and IT, and the Labour & Employment Ministry, chaired by Cabinet Secretariat.
The main agenda of this meeting was to decide on Aadhaar seeding of EPF, GPF, and PPF accounts of employees and examining the possibility of a creating a centralised database of fund details of the employees with Aadhaar acting as the main identifier, making fund accounts portability across organisations feasible. The Cabinet Secretariat asked Finance Ministry to find out whether such a centralised platform for all provident schemes was being chalked out, as currently, all banks work on their own systems.
8th October 2017
Now make PF withdrawals via mobile app
In order to make processes relating to the EPF a lot more smoother, inevitably attracting more and more people to be part of the scheme, soon PF subscribers can make withdrawals via a mobile app. According to Labour Minister Bandaru Dattatreya, the EPFO is developing online claims settlement process by receiving application online. The application will be integrated with Unified Mobile App for new-age governance, (UMANG) App, to receive the claims online. However, the timeframe to roll out the same has not been finalised.The minister added by saying that he has told the House that the EPFO has engaged the Centre for Development of Advanced Computing (C-DAC), Pune, as its technical consultant to upgrade its technology and the body is installing latest equipment at its three central data centres in Delhi, Gurugram and Secunderabad.
4th September 2017
Subscribers can make automatic transfers of their PF accounts in the coming months
A possible sigh of relief for PF account holder, now when a subscriber shifts jobs, the PF account too will be automatically be transferred for the new employer to make contributions. This will reduce the number of subscribers making partial and premature withdrawals when shifting jobs and subscribers having multiple PF accounts - a factor that the EPFO has had to deal with for quite a few years now. According to Chief PF Commissioner, V Joy, the new rule will make the tedious process of transferring the PF account simpler and will also increase the account’s security. In addition, he said that the new scheme will also facilitate the transfer of the account within just three days without filing any application.
4th September 2017
All EPFO processes to be shifted online
A sigh of relief to all EPF subscribers, now all EPF processes will be shifted online and will only a few clicks away. As part of the country’s digital drive, now the EPFO processes will all be online. According to Central Provident Fund Commissioner V P Joy, the EPFO has set a target. We have decided to make electronic paper-free organisation by next the Independence Day where all services will be provided electronically (through online or mobile handsets). Joy also said that once the EPFO goes paperless, people would not have to visit the offices to get their work done and save man hours. In his speech, he also included the EPFO's housing scheme where the body provides facility to make down payment to buy home and pay equated monthly instalment through their EPF accounts.
29th August 2017
EPFO might credit ETFs to the accounts of its subscr
In order to attract more subscribers into the scheme and benefit the existing subscribers, the EPFO is mulling a decision on whether to give provident fund account holder a share of their investments in ETFs. The share can be collected by the PF account holder when he/she collects advances. According to Central Provident Fund Commissioner V P Joy, the EPFO has not taken any return from the ETF and given it to members till now. We have made some system. We are in consultation with the CAG. After that consultation we will take it to CBT for approval and then implement it. He added by saying that the proposal was also discussed at the last meeting of EPFO trustees but the decision was deferred. The EPFO had started investing in the Exchange Traded Funds (ETF) in August 2015, putting 5% of its investible deposits in stock linked products. It was raised to 15% for the current fiscal. Once approved, the share of subscribers in the form of ETF units will be credited to their accounts.Subscribers will have the option to redeem the ETF units while taking loans from the PF account.
29th August 2017