EPFO: PF not reaching your account? Is your company playing this trick? Check here
It's not enough to simply have PF deducted from your salary; it's also important to know whether your company is depositing it. According to EPFO rules, PF deposits are mandatory within 15 days of salary deduction. You can easily check your balance and your company's contribution from home using the EPFO portal, the Umang app, or by giving a missed call to 7738299899.
EPFO: For every salaried employee, the day of the month when their salary is credited to their account is a very special day. We often see on our salary slips that an amount has been deducted for PF.
We feel reassured, thinking that this money is being deposited for our secure future, i.e., old age. But have you ever bothered to check whether the money deducted from your salary by your company has actually been deposited with the EPFO?
Sometimes, due to technical glitches or negligence, this money is not updated in your PF account. Therefore, it is crucial for you to know whether the accounts of your hard-earned money are being maintained properly.
Where does the money deducted from your salary go?
According to the rules of the Employees' Provident Fund Organization (EPFO) , 12% of an employee's basic salary and DA is deducted for PF. The rule also states that the employer must contribute an equal amount to the amount deducted from the employee's salary.
However, the entire 12% contribution from the company doesn't go directly into the pension fund. Of this, 3.67% is deposited into the Employees' Provident Fund (EPF), while the remaining 8.33% goes into the Employees' Pension Scheme (EPS).
This is the fund that provides financial security after retirement in the form of a pension and a lump sum. The government currently offers an 8.25% annual interest on this deposit, which is better than any other typical savings scheme.
After how many days of salary receipt is the passbook updated?
According to EPFO rules, companies are required to deposit PF within 15 days of deducting it from employees' salaries. If your salary is credited on the 1st of the month, your company has until the 15th of the same month to deposit your PF.
Once the money is deposited, it may take a few more days for the balance to be updated in your passbook. Therefore, if your PF update doesn't appear on the salary day itself, there's no need to panic, but if it doesn't happen by the 20th or 25th, you should be cautious.
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Now, you don't need to visit offices or ask HR to check your PF balance. You can do it from the comfort of your home using your mobile or laptop.
- Through the EPFO portal: First, go to the passbook section on the official EPFO website. Here, you'll need to enter your UAN number and password. Once logged in, select your member ID. Here, you'll find complete details about the company and the funds you've deposited. You can also download them.
- UMANG App: If you don't use a laptop, the government's "UMANG App" is the easiest option. Download this app on your phone, go to EPFO Services, and log in with your UAN number. The passbook viewing option here is very user-friendly.
- Keep in mind that your UAN number must be active to view your passbook online. Furthermore, if an old account has been closed, its information may not be visible online.
Know your account status with just one missed call
Many times, we don't have a smartphone or face internet issues. EPFO has provided a solution for this. You can check your balance by simply giving a missed call from your registered mobile number.
To do this, you need to call 7738299899. After the ring, the call will automatically disconnect, and within a few seconds, you will receive your balance information via SMS.
Alternatively, you can also get the information via SMS. Type EPFOHO UAN in your phone's message box and send it to 7738299899.