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What is EPF?

While government employees enjoy the social security of availing pension, people working in private companies do not have this option. A steady flow of income during your golden years is not something to take lightly. EPF is a way for non-government employees to put away some money every month towards their retirement fund. This scheme can put your mind at ease as you will not need to depend on anyone for your expenses when you no longer work.

Benefits of EPF

  • You can nominate a family member as your nominee, so that they can avail the pension or the corpus in the event of your demise

  • You get a fixed income once you retire without having to work

  • EPF allows you to invest more than the basic 12% of your salary every month under the provision of Volunteer provident fund

  • You also get life insurance cover under EPF

  • EPF is not mandatory, though it is strongly recommended that you join

  • When you withdraw EPF (after 60), you can avail both EPS and EPF

  • You can withdraw early in case of an emergency under certain defined circumstances like job loss, wedding, loan repayment etc

  • There is no need to withdraw or open a new EPF as you can link the old one and the new one

How to Check PF balance?

  • Go to the government EPF portal

  • Select the location (state, regional branch office) of your PF office

  • Complete the online form complete with your personal info and the EPFO account number specified in your pay slip

  • Submit the form after verifying the details provided

  • If all your records are in place, you will be sent the EPF balance as SMS to your registered mobile

Rate of Interest in EPF

The money amassed in the government EPF trust offers compounded interest. At present, the interest rate is 8.75%. EPF is under the purview of a Central Board of Trustees and the government, who decide the interest rate. They review the interest rate annually.
Opening balance for 2018 – 2017 balance + monthly contributions in 2018+ interest

Cons of EPF

You cannot withdraw all your EPF. You will receive after deductions mentioned under Table D in the EPF rules.

How to transfer EPF money online?

  • In the event of a job change, EPF can be transferred using the Unified Account Number (UAN) and the account number will stay the same

  • Go to the official EPF member portal and register

  • Login once you get the login credentials

  • Visit the Online Transfer Claim Portal and request for EPF transfer using the same login details as above

  • If you are eligible to make the transfer claim online, you can do it without having to submit Form 13

  • Click ‘Request for Transfer of Funds’ and enter your old employment details as directed

  • Get it authenticated by your previous or new employer

  • After entering the details, you will receive a PIN on your mobile

  • Use the tracking ID generated for you to track your application