Are you a salaried employee in India? Chances are, you have a provident fund (PF) account. The PF account is a retirement benefit account that is set up by your employer. As an employee, you contribute a portion of your salary towards this account, which is then managed and invested by the Employee Provident Fund Organization (EPFO). The EPFO is a government organization that oversees the provident fund schemes for employees in both public and private sectors. It is essential to periodically check your PF balance to keep track of your contributions and interest earned. In this article, we will explore how to check your PF balance, its history, importance, and celebration.
History of PF Balance
The PF scheme was first introduced in India by the British Raj in 1925. It aimed to provide financial security to employees after their retirement. The scheme has evolved over the years, and in 1952, the Employees’ Provident Fund and Miscellaneous Provisions Act came into effect, which gave the government more control over the scheme. In 1957, the EPFO was established to manage the PF funds of employees in both public and private sectors. Since then, the EPFO has continued to introduce new initiatives to improve the scheme’s efficiency and provide better services to the employees.
Date to Check PF Balance
You can check your PF balance at any time, but it is recommended to do so on a regular basis to keep track of your contributions and interest earned. The PF balance is usually updated by the EPFO at the end of each financial year, which runs from April 1 to March 31. However, you can check your updated PF balance in your account anytime after the annual account settlement process, which is typically completed by October. It is essential to note that the EPFO is gradually moving towards real-time updation of PF accounts, which means you can check your balance anytime during the year.
Importance of Checking PF Balance
As an employee, it is essential to keep track of your PF balance for several reasons. Firstly, it helps in planning for your retirement. By regularly checking your PF balance, you can estimate the amount you will have in your PF account at the time of retirement and plan your savings and investments accordingly. Secondly, it helps in monitoring your contributions and ensures that your employer is depositing the correct amount towards your PF account. Lastly, it allows you to rectify any discrepancies in your PF account, if any, in a timely manner.
Celebration of PF Balance Day
Every year on the 1st of July, the EPFO celebrates PF Balance Day to encourage employees to check their PF balance. The aim of this celebration is to create awareness about the importance of monitoring one’s PF account and to promote financial planning for retirement. The EPFO uses various mediums such as social media campaigns, advertisements, and workshops to reach out to employees and spread awareness about the scheme.
How to Check PF Balance
There are various ways to check your PF balance. You can do so online, through SMS, missed call, or by visiting the nearest EPFO office. Here are the steps for each method:
Online Method:
- Visit the EPFO website – www.epfindia.gov.in
- Click on the “For Employees” tab.
- Select “Member Passbook” from the drop-down menu.
- Enter your UAN and password, then click on “Login”.
- Your PF balance will be displayed on the screen.
SMS Method:
- Send an SMS to 7738299899 from your registered mobile number in the following format – EPFOHO UAN ENG. (ENG stands for the preferred language, which can be ENG for English, HIN for Hindi, or BEN for Bengali).
- You will receive your PF balance details via SMS.
Missed Call Method:
- Give a missed call to 011-22901406 from your registered mobile number.
- You will receive your PF balance details via SMS.
EPFO Office:
- Visit the nearest EPFO office with your UAN and ID proof.
- Fill in the necessary details and submit the form to the concerned officer.
- Your PF balance will be provided to you.
Frequently Asked Questions (FAQs)
- Is there a charge for checking PF balance?
- Can I check my PF balance without UAN?
- How often should I check my PF balance?
No, there is no fee for checking your PF balance through any of the methods mentioned above. It is a free service offered by the EPFO.
No, you need to have your UAN to check your PF balance online or through SMS or missed call method. However, you can visit the EPFO office with your ID proof to obtain your PF balance without UAN.
It is recommended to check your PF balance at least once a year to keep track of your contributions and interest earned. However, with the increasing trend of real-time updation, you can check your PF balance anytime during the year.
In conclusion, checking your PF balance is crucial for monitoring your contributions, estimating your retirement savings, and ensuring the accuracy of your PF account. With the advancement in technology, it has become quick and convenient to check your PF balance. We hope this article has provided you with the necessary information on how to check your PF balance and its history, importance, and celebration. Keep checking your PF balance and plan for a secure and comfortable retirement!
