Employees working in the organized sector usually have a Provident Fund (PF) account. Companies with at least 20 employees are required to register with the Employees’ Provident Fund Organization (EPFO).
If you are an EPFO subscriber, you must know a few key points. Every month, 12 percent of your basic salary is deposited into your PF account. This entire amount goes to your Employee Provident Fund (EPF) account.
Your employer must also contribute 12 percent of your salary. More than 3 percent of this amount goes to the PF account, while over 8 percent is allocated to the Employees’ Pension Scheme (EPS).
The Employees’ Provident Fund Organization manages the EPF account; however, it’s crucial to verify whether your company is depositing money into your PF account each month.
Sometimes, subscribers receive messages about their PF contributions, while others may not receive any notifications at all. It’s essential to be vigilant and ensure that your contributions are deposited monthly, as failure to do so could result in financial loss.
Unfortunately, many companies have failed to deposit employees’ PF contributions with the EPFO, even if the amounts have been deducted from employees’ salaries. This situation often arises in startups due to financial constraints.
Empower yourself by activating your Universal Account Number (UAN). This step allows you to check your PF balance at your convenience by logging into the PF members’ portal.
Rest assured, you can easily find out your PF balance. Simply give a missed call to the Umang app or call 9966044425 from your registered mobile number. There is also an SMS facility available for this purpose.
When changing jobs, remember that your new employer is responsible for transferring your PF account, which should be completed online.
Your PF contributions must still be paid even if your employer goes bankrupt or ceases operations, ensuring your financial security.
Employers must prioritize paying PF contributions to employees before settling other debts. You can file a complaint if you notice that your employer is not depositing your PF money consistently.
To do this, register in the EPF Grievance Management System, where you can complain directly. Additionally, you may contact your zone’s nodal officer; their contact information is available in the Employees section of the official EPFO website.