PF Money, The word Provident Fund (PF), sometimes known as PF, is now widely used by the working class. It is an essential part of creating a retirement fund. A set amount is taken out of an employee’s pay each month and put into the Employee Provident Fund. It should be noted that the employer, who deducts a predetermined proportion from the employee’s wage, is responsible for funding the employee’s EPF account. Employees receive yearly interest on their total PF amount in exchange.
PF Money Deduction Scenario
PF Money, Regarding PF deductions, it is customary for the employer to deduct 12 percent of the worker’s basic pay and DA. In addition, the company matches the employee’s 12 percent PF account contribution. 3.67 percent of the employer’s contribution goes into the Employee Provident Fund (EPF), and 8.33 percent goes into the Pension Plan.
Ensuring Transparent Deposits
PF Money, Employees might use SMS notifications or a personal verification process to find out if PF deposits are made on a regular basis. Verification entails looking up information about credited amounts in the PF account passbook. You can complete this verification step by going to the EPFO Portal.
How to Check Passbook on EPFO Portal
- Visit the EPFO Portal: Navigate to https://www.epfindia.gov.in/site_en/index.php.
- Activate UAN (Universal Account Number): Ensure that your UAN is activated for access.
- Access Employee Services: On the homepage, find the ‘Our Services’ tab and select ‘Employees’ from the drop-down menu.
- Member Passbook: Click on ‘Member Passbook,’ located just below the service column.
- Login Credentials: Log in by entering your UAN, Password, and the provided captcha.
- View EPF Balance: Once logged in, input your Member ID to promptly view your EPF balance.
PF Money is essential for ensuring financial security in retirement, and it is the responsibility of employees to make sure that money is deposited into their PF accounts in a timely and transparent manner. People may simply keep track of their PF balance by using the EPFO Portal, which encourages financial literacy and future-proofing.