What is EPFO?
The Employees’ Provident Fund Organisation is an agency charged with supporting the Central Board of Trustees. The EPFO is a legislative body established by the EPF and Miscellaneous Provisions Act of 1952. The organisation (EPFO) is under the administrative control of the Government of India’s Ministry of Labour and Employment.
EPFO is assisting the Central Board with the administration of the obligatory contributory Provident Fund Scheme, the Pension Scheme and the Insurance System for employees in India working in the organised sector. It is also the central body for the joint negotiation of International Social Security Arrangements with other nations. The programmes protect both Indian workers and foreign workers (for countries with whom bilateral agreements have been concluded. There are 19 Social Security Agreements operating as of now). The Central Board of Trustees is the main decision-making body of the EPFO.
What is an EPF member passbook?
The EPF passbook is a document comprising all contributions to EPF and EPS (Earnings per share) accounts made by the employee and the employer. The EPF passbook lists extensive details about the contributions made monthly.
Access to your EPF member passbook
- Without using Universal Account Number (UAN), it is not possible to access the passbook as it is mandatory to log in to the EPF account to download the EPF passbook online as well as through the Umang app. Visit www.epfindia.gov.in to activate your UAN (Universal Account Number).
- Members are expected to log in to the member portal if you want to download your e-passbook and press the ‘Download e-passbook’ tab. As a member, you can input information such as the state in which the EPF office is located, the particular EPF office within that state, the employer’s PF code, your PF account number, and then send it to create a PIN on your registered cell phone.
- After the verification process is complete, you can download the e-passbook from the same website after three working days.
Steps to access your EPF member passbook
- Firstly, the user must visit the EPFO website — epfindia.gov.in — and access the option ‘e-passbook.’
- Then the user is redirected to http://passbook.epfindia.gov.in, the EPF passbook website.
- Here, the user can log in using his or her username and password (UAN or Universal Account Number). The UAN is an identification number listed in an employee’s monthly payslip.
- When a user has signed in, it is possible to pick the specifics of the job involved. Someone who has served with three different companies, for example, will have to choose from three other member IDs.
- The user can access the EPF e-passbook/EPF passbook once a member ID is chosen. In the EPF account, the passbook shows the operating balance.
- In its current state, the user can also download the EPF passbook or UAN passbook.
As per the EPF website – epfindia.gov.in., an employee pays 12% of his or her salary to the EPF account (basic wages, and dearness allowance, retaining allowance) and the employer contributes an equivalent sum. The company contributes 12 per cent of the wage, 8.33 per cent of which is diverted to the Pension System and the remaining 3.67 per cent to the EPF.
The employee’s Passbook information includes
- Company’s Establishment ID and name
- Company name (Employer)
- Employee’s Member ID
- Employee name
- EPFO office name
- Employee and employer’s contribution
- Employee and employer’s monthly depository & withdrawal
- Employee and employer’s monthly contribution to the pension account of the employee
How to update your passbook?
The EPF passbook is updated by the EPFO as soon as a payment is made to the account of the employee. While the date is not specified in the passbook, the month and year in which the donation is made are included. If your EPF passbook is not revised, it is recommended that you wait a few days and login to the portal again to obtain the revised passbook.
Conclusion: As a retirement-oriented program, the primary purpose of the Employee Provident Fund is to enable workers to be financially prepared for their retirement lives. Having said this, if it is not appropriate, people should aim to prevent premature withdrawal.