How nice would it be if you can check your EPF Balance easily? Yes!! Right? Now, you can do you EPF Balance enquiry Through Missed Call.
Using your mobile you can know your pf status now. You can check your pf balance from your mobile through WhatsApp, SMS or simply by giving a missed call.
Of the three methods for pf balance check, I would prefer to go with Missed call option because one need not remember the codes to type and send the SMS.
So first let us know,
What is EPF Balance and then move on to how to do EPF Balance enquiry?
EPF is one of the best ways to save money for people working in private organizations. This kind of EPF balance provide financial security to the employees and also its provides stability to elderly people. Contributions are made to this kind of EPF consistently when one joins as an employee. This kind of Provident funds come in handy when the employee is at the stage of retirement or temporarily not working.
Usually, a large number of employees contribute to this Provident funds (EPF balance) which are pooled together by the company and then invested.
EPF balance or in other words Employee Provident Fund was implemented by EPFO of India. EPFO is actually a statutory body under the labour and employment ministry of Union government. In terms of a number of members and the volume of undertaken transactions EPFO is one of the biggest social security organizations in the world.
This was implemented from the year 1952. Any company having more than 20 employees must register for the employee provident fund and make sure that all the employees get this benefit.
Now you get a doubt how much money is contributed to epf balance account?
Generally, 12% of the basic, food allowances and DA has to be contributed to the EPF balance account.
- EPS: 0%
- Employees Deposit linked insurance: 0%
- PF Admin account 0%
Employer contribution 3.67%
- EPS: 8.33% up to 1250
- Employees Deposit linked insurance : 0 0.85% (From Jan 2015) 1.1% (Earlier)
- PF Admin account 1.1%
The above mentioned are rates of EPF, EPS, EDLI contribution.
One thing to be kept in mind is both the employer and employee contributes to the epf balance account at the rate of 12%.
Let me explain you with an example how you can calculate your EPF.
Let us assume your salary is around 30 thousand rupees. Now look at the breakup how EPF is calculated.
Employees share is 12% which means 12% of Rs.30,000 is Rs 3,600.
The share of an employer in EPS is the minimum of 8.3% which means 8.3% of 30,000 = Rs 2,490.
Employers share in EPF is 3,600 – Employers share in EPS = 3,600 – 2,490 = Rs 1,110.
the share of Employer in ELLIS is 0.5% of Rs 30,000 which is Rs150.
Employers administration charges are 0.85 percent of 30,000 rupees which is Rs255.
How to Check EPF balance via Missed Call?
Now, you can check your pf balance by just giving a missed call to the number mentioned below:
011 22 901 406
Other methods to check your pf status via mobile might be bit difficult compared to the missed called method. Here you just need to save the number mentioned above and then give a missed call to that number whenever you want to check your epf balance enquiry.
Other methods to check the epf balance would require installing a mobile app or retaining the lengthy USSD codes in your memory which is quite complicated compared to giving just a missed call.
What are the details you get about your pf balance enquiry via missed call?
First of all keep in mind that you need to integrate your mobile number with your Universal Account Number, only then you can receive the SMS on your mobile. Or else, the SMS regarding your epf balance enquiry would not be sent to the mobile number which you have given a missed call.
When do you your EPF Balance check what details exactly you receive via SMS?
- You would receive a pf number.
- Secondly, you would receive your Name.
- Thirdly, you get your Date of Birth.
- Next, you get the details about your EPF balance.
- And finally your past contribution details.
But there are certain requisites which are compulsory required to receive SMS for your epf balance enquiry. They are:
- The employee must have an Unique Account Number.
- This Unique Account Number must be activated.
- As mentioned above in one of the points, you must have a valid mobile number attached to this Unique Account Number to receive details on your mobile regarding your pf status.
- In case if you have changed your mobile number then you try to change your mobile attached with the UAN by logging into the portal.
- Call from the same mobile number which you have integrated with the Unique Account Number.
- The Unique Account Number of yours must have seeded Aadhar/ PAN/ Bank account number.
What are the advantages of checking the EPF balance regularly?
- By checking the epf balance regularly the employee can put a track on his retirement corpus. Based on this you can take action on your future plans.
- An employee can take a loan against his/her epf balance. At the need of an hour, this comes in handy.
- In certain situations when the employer does not deposit the PF remittance. Then, the epf balance of your account would not increase. Thus it is necessary to know the pf status regularly.
What are the other features of EPF balance?
- Compound Interest is declared by the central govt. and is paid on the standing credit on every year 1st of April.
- You earn interest based on the contribution made by both you and your employer.
- The contribution made by the employer to EPS does not earn any interest.
- The employer contribution is exempt from tax but your contribution is taxable but eligible for deduction under section 80C of Income tax Act.
- The money initially invested by the employee in EPF balance and interest earned from it and finally the money withdrawn from the employee are tax exempted.
- The employee can apply to withdraw from his epf balance account if he is not employed for 2 months after quitting his job. Only then he is eligible to withdraw the amount from his epf balance otherwise he is not eligible to withdraw the amount from his epf balance.
What experts advice to the employees is not to withdraw the amount from epf balance account rather you can use that epf balance to transfer while joining a new company because it forms the debt part of your investment portfolio and yields good tax-free returns.
If you withdraw the amount from the epf balance before completion of 5 years with your employer then the entire EPF balance is taxable. If you are an employee under an employer for 5 years and then you changed your job and then all the previous year’s income would be recomputed and it would be taxable. But, if you don’t touch that epf balance then you are exempted.
You can also refer to other ways of checking your epf balance like through SMS, WhatsApp and online in the following article.