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Explained: How to read your EPFO account balance statement

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Employees' Provident Fund Organisation (EPFO), the nodal body for Employees’ Provident Fund (EPF), allows subscribers to view their balance online. The balance document, commonly known as passbook, mentions detailed contributions made by the subscriber every month.

Explained: How to read your EPFO account balance statement
Employees' Provident Fund Organisation (EPFO), the nodal body for Employees’ Provident Fund (EPF), lets subscribers view their balance online. Commonly known as the passbook, the document lists entries of subscriber and company contributions for each month along with pension outgo as well. The passbook also contains any interest that has been credited in the beneficiary's account.
Here are the details of various heads in the EPF passbook:
Establishment ID and the name of the company (Employer)
The passbook mentions the establishment ID, which is a 7 digit number (the first two numbers are generally zeroes) given to each and every organisation that is being covered under the EPF scheme 1952. It also mentions the name of the company in which the employee is currently working.
Member ID and the member’s name (Employee)
The passbook then mentions the name of the employee along with his/her member ID. The Member ID is the number given by EPFO to allow the employer to submit EPF and EPS contributions for the employee.
It is noteworthy that if the subscriber has multiple EPF accounts, he/she will have separate passbooks for each account that can be accessed using the specific member ID after logging in to the account.
Employee’s and employer’s share in the contribution
The PF statement/passbook shows the break-up of employees' and the employer's month-wise contribution in rupees. The portion that goes towards EPS is also shown separately.
Subscribers should note that the contributions mentioned here are not the same despite the fact that employees and employers contribute 12 percent equally. This is because not all of the employer's share moves into the EPF kitty. Out of the employer's contribution, some portion is diverted to EPS.
Interest earned
The interest earned on the employee's and the employer's contributions is credited to the PF account once a year. The interest earned is calculated on the monthly balances in the account. The PF statement carries the interest rate on which the calculations are based upon as declared by the government.
The EPFO had declared 8.5 percent for the financial year 2019-2020. This is the lowest interest rate in the past seven years. In 2018-2019, the interest was pegged at 8.65 percent while in 2017-2018 it was 8.55 percent.
Withdrawals
Any withdrawals that subscriber make are also shown and accounted for accordingly.
EPFO allows the subscriber to make a partial withdrawal or 'advance' from the PF corpus under certain circumstances. Different percentage is allowed for each situation.
How to check EPF balance?
To check EPF balance, subscribers must have their Universal Account Number (UAN) activated. The UAN is an identification number mentioned in the monthly salary slip of an employee. It is unique for every employee enrolled under the EPF scheme.
Here's a step-by-step guide on how to check EPF balance via EPFO's website:
Step 1: Visit EPFO's official website — epfindia.gov.in and log in
Step 2: Go to the ‘Our Services’ tab and choose the option that says “for employees”
Step 3:  Click on the option ‘Member Passbook’ under the option 'Services'
Step 4: The EPF passbook page -- passbook.epfindia.gov.in -- will appear. Enter the username (also known as UAN) and password
Step 5: Once logged in, the details on the concerned employment can be selected. For example, someone who has worked in four different organisations would have four different member IDs to choose from. After a member ID is selected, the EPF passbook can be viewed. The passbook indicates the running balance in the EPF account
Employee Provident Fund or EPF acts as a saving tool for employees. In EPF accounts, the employees contribute 12 percent of their salaries, and an equal amount is contributed by the employers.
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