Employee Provident Fund (EPF) is one of the most popular forms of long-term retirement savings, wherein the employee and the employer contribute an equal amount towards savings. A government-administered retirement savings programme that was designed and launched in 1952, the Provident Fund (PF) in India is a scheme that ensures the financial well-being of workers. It was established by the Employees’ Provident Funds and Miscellaneous Provisions Act (EPF & MP Act) under the Ministry of Labour and Employment and is managed by the Employees’ Provident Fund Organisation (EPFO). Under this programme, employees contribute a portion of their salary to the PF account, and the accumulated amount is payable to the employee at the time of retirement or resignation or to their family in the event of the employee’s death. Recently, the Employees’ Provident Fund Organisation (EPFO) has reported a significant increase in its net membership for April 2024. According to the payroll data released, EPFO added a record 18.92 lakh net members during the month, marking the highest addition since the first payroll data was published in April 2018. Here’s everything you need to know. A screenshot of Employees' Provident Fund Organisation's official website. How do I check the EPF balance? One can now check your Employee Provident Fund (EPF) balance via the Umang App, EPFO portal, EPFO app, SMS, or by just giving a missed call, thereby enabling one to conveniently track the EPF balance and stay updated on the account activity. How do I update the EPF KYC online? With the rise of concerns over online fraud and security breaches, EPFO has made it necessary for all working professionals to update the KYC (Know Your Customer). In addition to encouraging compliance with regulations, the EPF KYC update will also allow seamless transactions and faster claim settlement, thereby overall improving the efficiency and effectiveness of the EPF system. Read the step-by-step guide, which outlines all you need to do to update the EPF KYC. How do I transfer an old PF account to a new PF account online? The advent of technology has made it easier than ever to transfer an existing PF account to a new one. The EPFO’s official website provides a straightforward procedure for seamlessly transferring PF accounts between different employers. However, in April 2024, the Employees’ Provident Fund Organisation (EPFO) introduced a new system to streamline the process of transferring provident fund (PF) balances when transitioning between jobs. Under this new system, the PF balance can be automatically credited to the new employer’s account without requiring any action from the individual. How do I withdraw the PF amount online? As the amount accumulated in the PF account is payable to the employee at the time of retirement or resignation or to their family in the event of the employee’s death, individuals can withdraw either fully or partially from their Employee Provident Fund (EPF) under specific conditions.
