EPF, as you might have heard, stands for Employee Provident Fund. It is a retirement benefits scheme, where most of the employees in India contribute a small part (usually 12%, according to the government rules) of their basic pay on a monthly basis. At the same time, their employers also contribute a similar amount to the fund under the respective employee’s name. Every employee is allotted a Universal Account Number (UAN) by Employee Provident Fund Organisation (EPFO), which maintains the EPF.
Now the EPFO pools all the money collected from the employees, invests in various securities and generates interest in the range of 8% to 13% per year. If you are a salaried individual, this fund slowly grows and forms a significant corpus when you retire.
Everytime your employer credits the amount in your EPF account, you get to know about it via SMS. And in case you don’t get SMS, you will have to login to EPFO website using your UAN (which you might not remember) and view the balance among other details. Sounds like a hassle, doesn’t it?
Ideally your EPF balance forms a part of your investment portfolio and should be part of your retirement goals. So, would you like to track your EPF balance at Niyo Money and add it as part of your Niyo Money goals?
- Yeah - I would like to see all my investments at one place
- Nah - The SMS I get is enough
Apart from tracking EPF balance at Niyo Money, what other features would you like to have with regards to EPF? Let us know in the comments.