The Employees Provident Fund Organisation (epfo) is one of the largest social security organizations in the world. It is largest in terms of members and the volume of financial transactions undertaken. The epfo is a statutory body under the Ministry of Labour and Employment, Government of India. Its primary role is to extend the reach and quality of publicly managed old-age income security programs. It does through its consistent efforts toward universal social security coverage across India. Keep reading to explore more about epf passbook
Employees Provident Fund (EPF): epf passbook
The Employees Provident Fund (EPF) in India is a government-backed, compulsory savings and pension scheme. It is designed to promote long-term financial security for the country’s workforce. It’s managed by the Employees Provident Fund Organisation (epfo), which is under the jurisdiction of the Ministry of Labour and Employment.
Under the EPF scheme, employees contribute a portion of their monthly salary (typically 12%) towards the fund. This is usually deducted directly from the employee’s salary. The employer also contributes an equal amount. A portion of the employer’s contribution is directed towards the Employees’ Pension Scheme (EPS).
The accumulated amount in the EPF account earns interest, which the government declares each year. The interest is credited to the member’s account at the end of the financial year.
The sum total in the EPF account, which includes the employee’s contribution plus the employer’s contribution plus the accumulated interest, is payable to the employee at the time of his or her retirement or resignation. In case of a job switch, you can transfer the EPF balance from the old company to the new one.
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It’s worth noting that premature withdrawal from the EPF account is possible but subject to certain conditions. For example, unemployment for specific periods or purposes like medical emergencies, education, or buying a house comes under this. It is important to know all the aspects of epf passbook
The employees value the EPF is particularly as a reliable source of savings and a safety net for post-retirement life. It is due to its government backing and relatively high-interest rates compared to many other savings schemes. The cut-off in September 2021, the EPF scheme is applicable to businesses with 20 or more employees. But individuals from smaller companies or self-employed individuals can also voluntarily contribute. You can also explore about epf passbook balance check
epf passbook
The EPF (Employees Provident Fund) Passbook in India is an online document maintained by the Employees Provident Fund Organisation (epfo). It provides detailed account information for EPF members and functions similarly to a bank passbook.
The epf passbook includes the following details:
1. Member’s Details: This includes the member’s name, father’s/husband’s name, EPF account number, establishment ID, and the EPF office under whose jurisdiction the account falls.
2. Contribution Details: The passbook displays month and date-wise entries of the member’s contributions, the employer’s contributions, and the pension contributions (if applicable).
3. Interest Earned: The passbook also shows the amount of interest earned on the member’s EPF balance each year. The epfo credits interest into EPF accounts at a rate decided by the government each year.
Members can access their epf passbook by logging into the epfo website or through the UMANG (Unified Mobile Application for New-age Governance) app, using their Universal Account Number (UAN) and password. The passbook provides transparency, allowing members to track their EPF balance and transactions, and verify their employer’s monthly contributions.
It’s important to note that the facility of the epf passbook is not available to members of establishments that are exempt under the EPF Scheme 1952, and members whose accounts are inoperative or settled. Keep reading about passbook epf
Accessing the epf passbook Online
Accessing your EPF (Employee Provident Fund) passbook online in India is a simple process, made easy by the epfo (Employees’ Provident Fund Organisation). You will need your UAN (Universal Account Number) and password to log in and view your passbook. Here are the steps:
1. Visit the epfo website: Open the official epfo website on your browser. The URL is epfindia.gov.in.
2. Navigate to e-Passbook: Click on the tab “For Employees” under the “Our Services” section. On the next page, click on the “Member Passbook” link.
3. Log in to your account: You will redirect to the login page. Enter your UAN, password, and captcha code, then click on “Login.”
4. Access your passbook: After logging in, you will see all the Member IDs of all accounts linked with your UAN. Click on the Member ID of the EPF account for which you want to check the passbook. The screen will display Your Passbook.
Remember to log out of your account after viewing your passbook, especially if you’re using a public computer. One must gather information about epf member passbook
Please note that the epf passbook is available only for those members for whom the employer has uploaded the Electronic Challan Cum Return (ECR). The passbook will be available after 6 hours of registration on the epfo website. Also, changes in the credentials at the Unified Member Portal will be effective in the passbook portal after 6 hours.
It’s also important to note that the passbook facility is not available for members of establishments that are exempt under the EPF Scheme 1952.
Conclusion
The epfo and the epf passbook represent India’s commitment to ensuring financial security for its working population. By providing an easy-to-access online passbook, the epfo ensures transparency and lets members stay informed about their savings. As India moves towards a more digitized economy, the epfo’s efforts to simplify access to crucial information are a significant step forward.
Also Read: Enhanced EPFO Pensions: Key Information on Deadline, Eligibility, Interest Rates, and More
