View EPF UAN Passbook: Previously, individuals were required to visit banks or post offices to get their records and deposit sums checked. However, everything is accessible online without much hassle. The provident fund has likewise undergone the same changes.
Employees Provident Fund (EPF) Passbook is an online record that permits people to check the balance sums, deposits and other transactions made in the record at whatever point and any place they need. The balance statement articulations can additionally be printed too for additional reasons and references.
EPF Passbook Update
When any deposits in the PF account are made, the passbook is revised.
Before being uploaded into the passbook, the EPFO checks and confirms all of the entries.
While the exact date is not given, the month and year are explicitly mentioned. It is possible that the passbook will not be refreshed instantly.
When such a situation occurs, one should sit tight for a couple of days and sign in again to check the financial statements.
EPF New Passbook Format, Yearly
The EPF details have been updated, and a new look has been given to it.
Now, the customer can view PF Passbook and a UAN Member Passbook in [New Yearly Format].
The new format includes an option for viewing the EPF for a particular financial year where you can enter the said year.
EPF and EPS Wages
The EPF is per the Employees Provident Fund & Miscellaneous Provisions Act, 1952, and falls under the Employees’ Provident Fund Organization (EPFO).
The employee, as well as the employer, contribute 12% of the salary under the EPF.
While the employer contributes 3.67% of the salary along with the dearness allowance, an employee provides 12% of the salary plus the DA (dearness allowance).
However, for the EPS, only the employer needs to contribute 8.33% of the salary.
No contribution needs to be made by the employee.
How to Read EPF Passbook?
There are two methods by which the employee can read the EPF Passbook. However, the essential requirement for viewing the passbook in either way remains the same- the UAN.
The passbook is available six hours after registering on the EPFO website.
The two methods are
Through the UMANG application
- At first, the customer needs to download the UMANG app successfully.
- After downloading, the customer is required to visit the app and select the EPFO option.
- The Employee Centric Services need to be selected, and further, the View Passbook option is to be clicked on.
- The customer needs to login into the next step.
- The app will ask for the UAN number.
- After filling in the applicable UAN number, an OTP will be sent to the mobile number registered with the EPF account.
- The customer needs to enter the OTP in the given box and then click on Ok.
- The concerned person will be able to view the accounts connected with the UAN.
- To view the passbook details, the customer needs to click on any of the accounts.
- After following the steps mentioned earlier, the customer will be able to view the passbook details.
Through the EPFO Portal
- At first, the customer needs to open the EPFO portal, i.e., http://epfindia.gov.in/.
- After the successful opening of the first page, an e-Passbook option becomes available on the right-side boxes.
- The customer will have to click on the e-Passbook option mentioned in a box.
- A new page opens up where the customer has to fill in their UAN number, password, and captcha.
- After selecting the login option, a new page opens up, displaying the member ID of the customer. If the concerned person has more than one member ID, all are displayed on this particular page.
- After clicking on the member ID option, a new page opens up, displaying all the employee details and their financial transactions and other passbook details.
- After this, the customer can download or print the passbook/financial statements without any hassle.
The Amount You Will Receive On Withdrawing from EPF
On EPF Withdrawal
The EPF withdrawal rules allow a partial withdrawal of up to-
minimum salary of three months added to the dearness allowance (DA) or,
75% of the account’s credit balance,
Whichever is less.
As an employee, you can either log on to the EPF website or use the UMANG app on your device to register for PF withdrawals or advances.
On EPF Partial Withdrawal
EPF offers a partial withdrawal facility where the subscribers can withdraw money from their account in some cases such as purchase, construction of a house, repayment of a loan, non – receipt of the wage for two months, for marriage, for medical treatment of family member and so on.
A partial withdrawal of up to 90% of the PF value is allowed following 54 years old inside one year of retirement.
The possible circumstances which could be considered have been highlighted below:
Marriage
An employee can use this explanation three times throughout their career. The employee must have served for at least seven years.
The employee can withhold every period 50% of the employee contribution.
The employee can take this out for yourself, your child, your brother, or your sister.
Education
The employee can only utilize this alternative three times during their lifetime. The person must have worked for at least seven years.
The employee can withdraw every time, half of the employee contribution.
The concerned person can avail this for yourself or your children.
Medical treatment
This choice is available to you, your spouse, children, and parents. The patient must have been sick for more than a month, and if the patient is the employee themselves, they must have taken time off from work.
You have the choice of taking six times the salary or the employee’s share.
There is no extent as to how many times you are allowed to avail the option.
Buying new property
For this purpose, you can at the most withdraw money only once.
You must have served for at least five years, and the property must be registered under your name or jointly with your partner, with no other joint owners.
You can use money from the PF account to purchase a single plot of property. At least five years of service period is required to be able to use this.
Repairing the house
The sum amount an employee can withdraw in this case is equal to 12 times his or her monthly salary.
The house should be at least five years old from the date the building is completed. The house should be in your name, your spouse’s name, or jointly with your spouse’s name.
The employee needs to have a bare minimum of ten years of work life. This benefit is only available to employees once.
Error FO0001=4063 Shown During EPF Passbook Viewing
This error is due to a particular technical glitch. The employee can wait for the server to resolve the problem and then continue.
If the job demands to be made is very urgent, the employee could try the UMANG app for EPFO services.
Network Error Faced While Saving the EPF Passbook
This error is a standard error faced by employees frequently. It is usually due to poor network from either the user side or EPFO side.
To solve the issue, the employee can either wait for the network to resolve.
They can also resort to the PF grievance portal and register their problem.
The concerned employee can also resolve this issue by changing the Destination to Save as a PDF. The passbook will be saved in the Downloads section of the device.
Interest Computed on EPF
The percentage of interest which is applied is 8.50% for the financial year 2020-2021.
The interest is calculated at the end of the year, and the EPF contribution is collected per month. EPFO estimates the monthly closing balance and then the interest per month.
The monthly balance is multiplied by the interest rate to determine the interest. Since the yearly interest rate is equal to 8.50 percent, the monthly interest will be calculated by dividing it by 12, i.e., 0.7083%.
For example, if the balance at the end of each month is Rs, X, the interest for that month will be Rs. X*0.007083.
Similarly, the interest is calculated at the end of each month.