Provident Fund guide - PF balance check

You can get your UAN from your employer. Most companies print UAN numbers on the payslips. However, if your employer has not yet shared your UAN number with you, you can find it by following these steps:

• Go to the EPFO's Unified Member Portal and select the 'Know Your UAN' status option.
• You will get three options to retrieve your UAN. You can find UAN with your PF member ID, Aadhaar number, or PAN number. Select any one of these three options.
• You will be redirected to another page, where you have to enter your personal details such as name, mobile number, date of birth, email id, etc.
• Once you submit these details, you will receive an authorisation pin on your registered mobile number.
• Upon entering this pin, your UAN will be sent to your registered mobile number and email id.

All employees who earn less than Rs. 15,000 per month are eligible to receive the provident fund. Employees making more than this are not eligible, but it is up to the employer's discretion. All business entities with more than 20 employees are mandated to be members of the EPFO.

Provident Fund is a superannuation fund for all employees in India. All companies under organised or unorganised sectors with more than 20 employees must be registered under the administrative entity, Employee Provident Fund Organisation (EPFO). Both the employee and the employer must contribute to this fund until the employee is working with the company. Here is how how you can benefit with Provident Fund:

• Build a corpus – The regular deduction of EPF contribution goes into your PF amount, enabling you to build a corpus over time.
• Greater returns – The Government of India, through the EPFO, pays interest on the accumulated EPF corpus based on the prevailing interest rates in the economy. The interest rate is subject to review and revision each quarter under the Small Savings Act. According to experts, your EPF account continues to earn interest even if it has been dormant for more than 3 years.
• Tax benefits – The employee's contribution towards an EPF account is eligible for tax exemption under Section 80C, making your earned interest exempt from tax.
• Insurance benefits – With EPF, you can reap the benefits of the Employees Deposit Linked Insurance (EDLI) Scheme, an insurance cover provided by the EPFO. Under this scheme, the registered nominee can receive a lump sum amount in the event of the death of the person insured during the period of service.
• Premature withdrawal – The EPFO enables you to make partial withdrawals after 5-10 years of service for meeting urgent requirements.

Thus, the EPF makes for an effective saving option, enabling you to save more and grow your retirement savings.

The Provident Fund amount accumulates during your working life, enabling you to ensure a comfortable retirement. Here's how you can get the maximum PF amount:

• PF will keep accumulating over time if you choose not to withdraw it throughout your working life. This way, you can be assured of the maximum PF amount used during your retirement.
• You can withdraw the maximum amount of 90% of the total corpus if you choose to withdraw the corpus 1 year before your retirement.
• The loss of a job has also been considered in the latest EPF withdrawal rules. According to these rules, 75% of the accumulated EPF corpus can be withdrawn 1 month after leaving the job. The remaining 25% can be withdrawn after 2 months of unemployment.
• There are other options for partial withdrawal after a minimum of five to seven years of service. Such leaves can be for medical emergencies, house renovation, weddings, and home loan repayment. Each of them has a set of rules to be followed.

However, withdrawal before five years of service will attract tax per your income tax bracket.