The Provident Fund is a retirement savings asset that functions as a safe and responsible investment strategy for employees’ post-retirement needs. Individuals contribute PF on a continuing basis during their employment, which can either be withdrawn after leaving employment or at significant times such as marriages and emergencies. For the employers, the EPF is an idyllic savings option for retirement corpus, whether in the private and public sector. The wage cap for EPFO (employees provident fund organisation) coverage is reportedly Rs.15,000 a month, which is probably to be increased in the near future.
As previously stated, the EPF balance can be verified electronically on the member’s website. What if, though, you are in a circumstance where you don’t have any internet access and only have your cell phone, so you need to urgently confirm your EPF balance. The EPFO came up with this solution. It is literally an SMS that helps you to validate the SMS balance of your EPF. You will need to log into EPFO and need to specify the required details as an initial user. Since about October 2015, EPFO has also initiated EPF’s balance checking facility via mobile phones. This ensures that signing into the EPFO portal and providing details is not needed anymore. The EPFO has released the EPF Mobile App, SMS Based UAN Activation, and also the Missed Call Service on September 18, 2015. EPFO introduced the UAN (Universal Account Number) benefit for all EPF members, as stated earlier.
To render the UAN framework more user-friendly, EPFO began a balance-checking facility relying on SMS. Remember that this function can only be accessed by persons who have a UAN account number and have their mobile number registered with UAN. In the event that your Aadhaar, PAN and bank account have been digitally accepted and furnished by the employer, note that you do not receive the message. Therefore if the SMS is not sent, then promptly call your current employer. Employees considered the transfer of provident fund accounts a gargantuan undertaking because it included needless paperwork and EPFO visits. But the whole procedure has become increasingly simple, reliable and efficient with the advent of the web-enabled UAN application. EPFO also provides mobile services, such as an app and an SMS service, in addition to the web platform.
EPFO SMS Service
The EPFO has taken out the SMS service to push a few simple EPF processes to increase the comfort of its subscribers. Once such a procedure is performed via the SMS service, the PF balance in one’s account is tested. What the employee has to do is use his/her UAN registered mobile number and send the message to 7738299899 in the following format – EPFOHO UAN ENG. English stands for ENG. The SMS service can be used by workers in 10 different languages – English, Hindi, Telugu, Punjabi, Gujarati, Marathi, Malayalam, Tamil, Kannada, and Bengali. The language codes that the consumer is supposed to use in the SMS format when making the PF balance request are mentioned below.
| Language | Code |
| English | ENG |
| Bengali | BEN |
| Hindi | HIN |
| Marathi | MAR |
| Gujarati | GUJ |
| Malayalam | MAL |
| Punjabi | PUN |
| Telugu | TEL |
| Tamil | TAM |
| Punjabi | PUN |
Once the details are sent to 7738299899 using the above codes, the subscriber will obtain the following specifics in the following sequence:
- Your name
- Date of birth
- Last contribution made by you or your employer
- The overall balance in your epf account
Advantages of EPFO SMS service
In particular, SMS is a one-to-one messaging channel that takes less time as opposed to other forms of transmission of instant information. It delivers the text, in other terms, directly into the fingers of the intended person. SMS is a commonly used B2C messaging platform and at the same point, it is among the most common platforms for diverse organisations, such as financial institutions and government agencies, to respond to user requests. The SMS platform introduced by EPFO is the same example.
Multiple solutions have been introduced in the mobile industry thanks to the innovation in technology. Other than that, Short Messaging Service (SMS) gets a better position among all the online medium technologies that are available. SMS has been an integral method for developing faster connections through the explosion of mobile devices. EPFO provides short code SMS services to access information pertaining to PF accounts in line with online advancement.
- EPF Balance Check Number Via: 7738299899
- SMS format: EPFOHO UAN
- Language supported: English, Hindi, Telugu, Punjabi, Gujarati, Marathi, Malayalam, Tamil, Kannada, and Bengal
- 24x7x365 service
How to make partial withdrawals from your EPF account?
Partial withdrawals are allowed for marriage, education, medical emergencies, home loan repayment, purchase or renovation of a house
The employees’ provident fund (EPF) acts a safety net for retirement for most in the organised sector. However, you can withdraw sums even before retirement for specified needs. The Employees’ Provident Fund Organisation (EPFO) allows partial withdrawals for marriage, education, medical emergencies, home loan repayment, purchase or renovation of a house, etc. But, there are certain rules for partial withdrawals that you must be aware of before making claims. Read More about partial withdrawals from your EPF account
EPF: Here’s why employees and employers should stick to 12% contribution
The reduced rate of contribution at 10 per cent is the minimum rate of contribution during the period of the package. The employer, employee or both can contribute at a higher rate also
The statutory rate of contribution will be 10% for wage months- May 2020, June 2020 and July 2020Establishment availing PMRPY benefits can remit contribution at reduced rateThe reduced rate of EPF contributions will not reduce the pension contributions or benefits. Read More.
Tax Benefits On EPF: All You Need To Know About The Various Taxation Rules
The Employee Provident Fund (EPF) is an excellent tool for salaried employees when it comes to retirement income. The EEE tax advantage is provided by the EPF, which indicates that contributions, interest earned and maturity are tax-exempt. The employer deducts the EPF contribution, i.e. 12%, from the basic salary at the time of the salary payment. Remember that the EPF is mandatory to benefit all employees with a minimum income of up to Rs 15,000. It is optional for salaried persons earning above this limit. The employer has the option of restricting the deduction at 12 percent of Rs 15,000 rather than subtracting it from the basic salary as a whole if the basic salary exceeds Rs 15,000. Continue Reading.
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