Employee Provident Fund is a retirement scheme available to salaried employees. It is the main scheme under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The main intention of this scheme is to provide financial stability to salaried employees after they retire. Under this act, every establishment that has 20 employees or more, must register and contribute to the EPF.
Under the EPF act, an employee has to contribute 12% of his monthly salary towards this fund and an equal contribution will be made by the employer. The amount accumulated in the EPF account also earns interest. Currently, interest offered on EPF account is 8.65%. The employee will get the accumulated amount in the EPF account on retirement.
How to check EPF balance using your smart phone?
You must check your EPF balance often. This will give you an idea on how much money you will have at retirement. Checking your EPF balance will also help to know if your employer is making the deposits. This is how you can check your EPF balance using your smart phone.
UMANG app was launched by the government of India and it is a common platform for several government services like Aadhaar, gas booking, crop insurance, National Pension Scheme (NPS) and Employee Provided Fund. You can check your EPF balance using the UMANG app.
Once you download UMANG app, you will receive a one-time password (OTP) on your mobile phone, asking you to register.
Once you register, the app will ask you to link your Aadhaar number, but it is voluntary. Aadhaar linking is necessary only if you make a claim.
Once the app is started, you have to click on the EPF option from the app's homepage.
You then have to choose "Employee Centric Services" from the options given. After you click on Employee Centric Services, you will be given three options, view passbook, raise claims and track the status of your claims. As you want to check your EPF balance, you should click on view passbook.
Once you click on view passbook, you will be asked to enter your UAN (Universal Account Number). You will be sent an OTP to your mobile number registered with the EPFO.
Once you log in using your UAN and OTP, you will be able to view your EPF account balance. You can even download your passbook.