For all government employee there is a benefit of EPF (Employment Provident Fund) which is provided by provisions act 1952. It will give an assurance of 15000 with consent of Assistant Commissioner and employee. Under these scheme an employee get deducted 12% from his salary to EPFO (employee provident fund organization). 12% of employee will get 8.33% as pension scheme.
Checking PF status online:
Now a days by help of digital platform one can see status online and if employee wants to gets status they must have following details
Company details
Extension details
UAN
Regional office
CHECKING EPF DETAILS ONLINE/UAN portal:
Visit official portal and click on employers section
After that select services section and enter details and captcha
And one can see details of PF status
Check PF Claim status with missed call:
One can get details by giving missed call to number 01122901406 by number that is linked to UAN number
Know PF Claim Status with SMS:
By sending SMS to 7738299899 and must be in format EPFOHO UAN LAN and LAN stands for language.
Benefits:
No employee should not wait for retirement age one should claim that in time of working under some of circumstances such as
Loans on houses
Purchasing new house
Educational loan
Medical loans
Marriage of children
Main condition to take money is that he should be a member of PF for minimum of 3 years.
Conditions for availing benefits:
One should possess unique 12digit id and it is same for all ir employment time which is used for withdrawal of money
Case study 1:
In a private college a lecturer named Mr. Ravi Kumar has given a demo in savings of PF and they are as follows
Basic month salary = 40000/
Annual increase = 10%
Contribution to PF= 12%
Employers contribution = 3.67%
Interest rate = 8.65%
He gets then 4,59,33,328
Case study 2:
A job of a nurse started his career in Bhopal after her marriage then saving is given by this
Basic month salary=40000/
Annual increase =10%
Contribution to PF=12%
Employers contribution=3.67%
Interest rate=8.65%
He gets then = 1,62,42,056
PF is one of best funds:
It provides a secure life after retirement age. At starting he can cut minimum amount of salary and at retirement time he can get good amount of money credited in salary
Conclusion:
Main aim is in this both employee and organization should contribute money every month and it is credited to after retirement of employee with interest provided by bank. It is a good financial support and secure policy.