Employee Provident Fund (EPF/PF) is an initiative by the Government savings fund scheme for employees for the future. This is where the employee gets a contribution of 12% of the basic salary plus DA also and PF is mandatory for all employees. Also, this is a tax-free investment, and the contribution is made every month and any employee can submit a joint request for contributing a higher rate to EPFO. This helps to withdraw an amount after coming out from a job or after retirement which can be useful to meet up the need for money. Some of the things which an employer and employee need to know about the EPFO are mentioned below.

1.UAN Account Number-

Universal Account Number is a unique 12-digit number for all the employees enrolled under the EPF scheme. This is a permanent number issued and this won’t change even if the employee is changing the job or company. This can be generated by logging in to the EPFO portal and afterward you will be receiving details through SMS in the registered mobile number of EPF balance and other information. Also, providing Aadhaar card details or numbers has been made a mandatory thing to submit which enables the verification process easier.

2.EPF Registration Process-

The required details for EPF registration include the name and address of the establishment, details of the head office of the working company and all its branches, incorporation date of the company, total employee strength of the company, legal status of the company (private or public), address and designation of the partners or owners of the company, bank, and PAN details, total salary component of the employees, basic details of the employee like name, date of joining and much more.

3. Information Required for the UAN Generation for an Employee-

The following information which is required for the UAN process is name, dob, gender, nationality, marital status, date of joining, monthly wages, KYC details which includes bank account, Aadhaar card, PAN, passport, or driving license details. The information can also be updated or modified through the registered mobile number, email id.

4. To Check the EPF Balance through Online-

EPF balance checking online is an easy method by logging in to the EPFO web page by with the UAN number, created password, and the captcha code. After logging in you can select your EPF account number from the list and the updated balance will be loaded in the portal. This can also be checked through SMS or missed calls from the registered mobile number.

5. Circumstances where EPF be Withdrawn Partially and Completely-

There are some specific circumstances where EPF can be withdrawn completely which includes retirement, job change, or the period in between the duration of two jobs (more than two months), the unemployment period extends more than two months. Partial EPF can be withdrawn for higher education, wedding, construction of a house or purchasing land, house property renovating, home loan repayment.

The aim of this scheme is to make an individual financially prepared for the future even under the circumstances or after retirement. EPFO also provides another advantage where EPF withdrawals are not taxable after five years of contribution in the service unless self-quitting or terminating from the work or company.