If you are an employee working in a corporate set-up, then you will be contributing a certain amount of your salary towards Employee Provident Fund (EPF). Employee Provident Fund is the main scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
It is a retirement scheme available to salaried employees. This scheme offers financial stability to salaried employees after they retire. Under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, each company that has 20 employees or more, must register and contribute to the EPF.
EPFO is one of the World's largest Social Security Organizations in terms of customers and the volume of financial transactions undertaken. According to the EPFO website, at present, it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members.
See Also: Have an issue with the EPF account? Here is how to get it resolved
Under this scheme, as an employee, you will have to contribute 12% of your monthly salary towards this fund and an equal contribution is made by the employer. You will earn interest on the accumulated EPF.
Many employees from whose salary EPF is getting deducted each month; are worried if their employer is making contributions to the EPFO. If you are one among them, do not worry as you can find out if your employer is making EPF contributions, even without going to the EPFO accounts office. To do so, all you need is the Universal Account Number (UAN).
EPFO offers the online facility to check contributions on a monthly basis through the e-passbook facility available on the EPFO portal. Your PF statement is shown in the member e-passbook, and you are allowed to view this online, by logging into your account. You will be allowed to see what part of your monthly deductions by your employer is going towards the PF component and the pension component.
You will also receive an SMS on your registered mobile number; after your monthly contributions are credited to your PF accounts. The PF amount due will be paid only to the extent of the amount that is received by the employer.
If your employer fails to carry out his duties, you have a remedy. The Employees' Provident Fund Organization can use penal provisions of the Act to collect the amount due from the employer. A police complaint may be lodged under Section 406/409 of the IPC by the EPFO for taking action against such employers.
See Also: How to Avoid EPFO Scam While Withdrawing EPF?
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