Guide For New House Financing EPF Passbook 2023: EPFO Login, Balance Check
Newest information on EPFO and EPF Passbooks
New House Financing EPF Passbook- May 2023 saw the addition of about 2.02 million employees, which will significantly increase the EPFO pool.
July 17: A recent update provided by the Ministry of Labour and Employment indicates that in May 2023, nearly 2.02 million new employees would fall under the scope of the Employee State Insurance Corporations (ESIC). Additionally, the ESIC has received registrations for over 24,886 new businesses. 3, 96,000 new female employees have been hired.
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ESIC is the second employee-centric organisation run by the Ministry of Labour and Employment after Employee Provident Fund Organisation (EPFO). Over 44% of the enrolled staff, according to the organisation, are younger than 25. The newly hired staff will significantly increase the EPF pool’s balance. EPF reserves are expects to rise as a result of the addition of new employment and workers. EPF oversees the monthly contributions made by both employees and employers. You may be able to withdraw this money under certain circumstances, such as when building a house.
Regarding EPF Passbook
EPF Passbook is a service that the Employees Provident Fund Organisation (EPFO) offers online. The information and other crucial specifics of all transactions made by an employee and their employer (which may be many) in the EPF & Employees’ Pension Scheme (EPS) accounts are contained in the passbook.
The passbook includes the monthly donations from both parties as well as the interest that has accrued on the money collected. If you’ve held employment with more than one employer, you’ll have many EPF accounts, each with its own passbook. However, if you have registered yourself using the Universal Account Number (UAN) on the EPFO website, you can obtain your passbook quickly. After registering, you will have access to the information and updates after six hours. Additionally, you only need to click to download the passbook.
A Universal Account Number (UAN) is what, exactly?
All new members and organisations must provide this one-of-a-kind 12-digit number when they join the EPF. Since member IDs are connected to it, this number serves as an identity number for your account.
What exactly is the EPF Account Number?
The EPF account number is a crucial part of the UAN passbook. The account number for registered organisations is an alphanumeric string that includes the state, regional office, establishment, and member codes. Let’s use the following example to better grasp the PF number:
- PF number is TN MAS 0027482 555 8364936, let’s assume that.
- TN here stands for Tamil Nadu
- Regional Chennai office is MAS.
- The establishment ID is represents by the next seven numbers.
- The other three numbers stand in for the extension ID. The extension ID stays at 000 if no extension is specified.
- The last seven numbers stand for the member ID.
EPF Passbook for UAN Members: Components
Describing to UAN members the elements of an EPF Passbook
- Basic Information: The EPF passbook includes a wealth of fundamental information, including the name, address, and ID of the employer, the member’s name and birthdate, the organization’s founding date, etc.
- Opening Balance: The columns for the employee and employer each include the opening balance in the passbook. Along with contributions, interest from the prior fiscal year is also include in the opening balance.
- Monthly Contribution: This shows both the employee’s and his employer’s monthly contributions. Contribution to EPS is displays separately.
- Interest: At the end of the year, both employee and employer contributions are credited with interest, which is compute on the running balance for each month. Additionally, the passbook includes information on the interest rate at which interest will be credited.
- Withdrawal: Your EPF passbook will also include any withdrawals you make over the year for personal reasons.
- Closing Balance: The closing balance is the sum of the contributions made by the company and the employees, plus any interest that has been generate. Also carried forward as an opening balance for the following year is the EPF balance.
- Voluntary Provident Fund: Employees have the option of contributing more to the EPF than the required 12% share through the voluntary provident fund. The extra employee contributions are covered by a voluntary provident fund & are shown separately in the passbook.
How to Log in to Check My Online EPF Passbook Balance?
To check the EPF balance online, follow the steps listed below:
Step 1: Go to the EPFO’s official website.
2nd: On the home page’s upper right corner, select “Our Services.” Choose the ‘For Employees’ option from the drop-down menu.
3rd: Additionally, select the ‘Member Passbook’
4th: Click ‘Login’ after entering the UAN number & password.
5th: Select the ‘Download e-passbook’ option for further access after successfully logging in.
How to Check EPF Passbook Balance Via SMS and Login?
You can send a text message from the registers mobile number to verify your PF balance if your UAN is registered with the EPFO. The following message can be sent to 7738299899 by all PF account holders:
UAN EPFOHO ENG
You desire the information in English, as indicated by the usage of the acronym ‘ENG’. However, you can text the following to 7738299899 if you’d prefer to receive the SMS in Hindi:
HIN EPFOHO UAN
Other languages, such as Punjabi, Gujarati, Tamil, Bengali, Marathi, etc., are also supports by this service. Additionally, in order to check your PF balance by SMS, your UAN number must be connects to your bank account, PAN, and Aadhaar number.
How to Use the Missed Call Facility to Log in and Check EPF Passbook Balance?
As previously stated, you can check your PF using the registers mobile number on your UAN if both are register on the EPFO website. If you phone the toll-free number 011-22901406 and it goes unanswered, you will eventually receive an SMS with information about the balance of your pension fund.
To check the PF balance through SMS in this instance, it is important that your UAN number be connects to your bank account, PAN, and Aadhaar Number.
Mobile application for UMANG
Launched by MeitY, the Indian government, the Umang mobile application is a digital platform that enables users to quickly review information connected to several government online portals. One of the gateways connected to the Umang programme is the EPFO online portal. Users can quickly access their EPF Passbook credentials on cellphones by installing this mobile application and signing up for it.
Here are some of the key advantages and characteristics of the Umang mobile application.
- One-Stop Platform: The Umang mobile application gives users access to many government platforms and enables them to edit their information by quickly providing the necessary paperwork.
- Data Protection: The mobile application has a high level of data protection. Before accessing their information, users must verify themselves by using a one-time password provided to their registered mobile number.
- Simple Navigation: The Umang mobile app includes a function for simple navigation. Despite having a large number of services link to numerous government portals, it still makes it very easy for customers to visit the desires portion.
- Real-time Updates: The Umang programme is connect to government sites and gives users access to real-time information.
- Integration of digital services: The Umang mobile application provides easy access to a number of government services, including Aadhar, PayGov, DigiLocker, and many others.
How to Use the Umang App to Login and Check EPF Passbook Balance?
To check the balance of your PF account using the UMANG app, just follow these steps:
Step 1: Download the UMANG app from the App Store and Google Play.
2nd: Pick the EPFO option that is offered by the app.
3rd: Employee Centric Service’ should be selected.
4th: Type in your UAN, or Universal Account Number.
5th: your registered mobile number will receive an OTP.
6th: Submit the OTP and carry on.
7th: Select ‘View Passbook’ and locate the necessary data.
How do UAN members download their online EPF passbook?
To download the EPF Passbook for UAN Members online, follow these steps:
Step 1: Go to the EPFO’s official website.
2nd: On the home page’s upper right corner, select “Our Services.” Choose the ‘For Employees’ option from the drop-down menu.
3rd: A new page will be open for you. ‘Member Passbook’ should be selected.
4th: Click ‘Login’ after entering the UAN number & password.
5th: To gain additional access after successfully logging in, select “Download e-passbook” from the menu.
How is the EPF Passbook Updated?
As soon as your employer makes a transaction, the EPFO updates your EPF Passbook. The month and year of contributions are listed in the EPF Passbook. The date of the transaction is not displays. A transaction typically takes up to 20 days to appear in your EPF Passbook. Make sure you log in to the site to obtain an update passbook if your EPF Passbook has not been update.
What advantages does the EPFO E-Passbook offer its users?
- For all EPF account holders, it is a time-saving & dependable function.
- It keeps track of all the information on your EPS account balance and, as a result, aids in retirement planning.
- This assists you in planning the amount you can withdraw in advance in case of a financial emergency.
- It also shows every transaction made by your employer, enabling you to determine whether they are contributing on a regular basis or not.
- Additionally, it assists you in identifying mistakes (if any) so that you can promptly fix them.
- Even after leaving your job and moving to another one, you can print & download your electronic passbook whenever you want.
What are the EPFO Benefits for EPF Passbook Holders or EPFO Members?
Those who are EPF passbook holders or EPFO members may take advantage of the following EPFO benefits:
Free Insurance Benefit: When you register a PF account and become an EPFO owner, you automatically qualify for free insurance under the Employee Deposit Linked Insurance up to Rs. 6 lakhs. The passbook holder’s nominee becomes eligible for the insurance benefits of up to Rs. 6 lakhs should the EPFO member pass away while still serving.
Pension Benefits Under EPS Scheme: If you have an EPF account, approximately 8.33% of your net passbook balance at the time of retirement is transferred to the EPS account, which is then used to pay monthly pensions to EPFO members.
Income Tax Exemption: You must claim your PF or EPF contribution for the relevant financial year in order to be eligible for the income tax exemption provided by Section 80C of the Income Tax Act. However, it cannot go over Rs. 1.5 lakh in a single fiscal year. Please be aware that in order to qualify for full EPFO advantages, a person may only pay up to 12% of his basic monthly wage to his EPF or PF account.
Conclusion Regarding EPF Passbook
Employees covered by the PF Act are requires to have an EPF Passbook and a Universal Account Number (UAN). The UAN is permanently portable and connected to their EPF account. This indicates that an employee does not need to modify their UAN each time they switch employers or make an EPF transfer. To have the EPF amount donated, they need to give their new employer their current UAN. To monitor their PF transactions, the employees can keep an eye on their EPF Passbook.
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