The Employee Provident Fund (EPF) is a retirement savings scheme backed by the Government for all salaried individuals to save a small portion of their income monthly. The Employees’ Provident Fund Organization (EPFO), is the apex retirement fund managing body working directly Under the ministry of labour and employment. The organisation manages EPF in which both employees and employers contribute to the employee’s EPF accounts. As per terms and conditions, employees can withdraw their PF money in case of any emergency or upon retirement.
Checking PF Balance As Per EPFO Guidelines
“The EPFO currently maintains 24.77 crore accounts, according to its annual report 2019-20 pertaining to the members.”
“The EPFO in March 2022 announced to cut down the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent, the previous year. The interest is paid at a rate determined by the EPFO’s apex decision-making body, the Central Board of Trustees (CBT), for each fiscal year,” mentioned by Hindustantimes.
Employees have been raising PF balance credit issues for a long time now. However, even if it’s not in your case, you can still check the PF balance and make sure you have received your PF interest amount.
Eligibility Criteria for Registering Under EPF
Employees can avail the benefits of the EPF scheme as soon as they start working in an organisation.
The company must have at least 20 employees working with them if the employee wants to avail of EPF benefits.
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How to Check PF Balance?
- First, visit the official website of EPFO.
- Then click on ‘Services’,
- Next, choose the services ‘For Employees’.
- Then under the Services tab click ‘Member Passbook’.
- Now, sign into your EPF account and click the PF Account Number of which you want to see your passbook.