EPF INFORMATION and EPF Calculation

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What is EPF?

While government employees enjoy the social security of availing pension, people working in private companies do not have this option. An Employee Provident Fund is a retirement benefit scheme that is meant for all salaried employees. The Employees Provident Fund Organization of India (EFPO) maintains and oversees the EPF. All companies that have more than 20 employees are mandated by law to register with the EFPO. The EPF works as a savings scheme for employees where a fraction of their salary every month is saved. This fund can be availed when you retire or when you are unable to work. This scheme can put your mind at ease as you will not need to depend on anyone for your expenses when you no longer work.

Benefits of EPF

1. You can nominate a family member as your nominee, so that they can avail the pension or the corpus in the event of your demise
2. You get a fixed income once you retire, without having to work
3. EPF allows you to invest more than the basic 12% of your salary every month under the provision of Volunteer provident fund
4. You also get life insurance cover under EPF
5. EPF is not mandatory, though it is strongly recommended that you join
6. When you withdraw EPF (after 60), you can avail both EPS and EPF
7. You can withdraw early in case of an emergency under certain defined circumstances like job loss, wedding, loan repayment etc
8. TThere is no need to withdraw or open a new EPF as you can link the old one and the new one

Rate of Interest in EPF

The money accumulated in the government EPF trust offers compounded interest. At present, the interest rate is 8.65%. EPF is under the purview of a Central Board of Trustees and the government, who decide the interest rate. They review the interest rate annually.Opening balance for 2018 – 2019 balance + monthly contributions in 2019+ interest

WHAT IS UAN

UAN stands for Universal Account Number to be allotted by EPFO. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number.

Documents required to open UAN


If you have just entered your first job or first job in a registered company, you require the following documents to get your Unique Account Number.
  • Bank account info – account number, IFSC code, branch name.
  • ID Proof – Any photo-affixed and national identity card like Driving License, Passport, Voter ID, Aadhaar, SSLC Book
  • Address Proof: A recent utility bill in your name, rental/lease agreement, ration card or any of the ID proof mentioned above if it has your current address
  • PAN card – Your PAN Number should be linked to UAN
  • Aadhaar Card –  SInce, Aadhaar is linked to bank account and mobile number, it is mandatory.
  • ESIC card

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