PF Status
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EPF Benefits To Member

Employees Provident Fund is an accumulation of one’s contributions with matching contribution by the employer, to be available for an employee for one’s use at time of need. They are basically of Provident fund benefits, Pension benefits, Withdrawal benefits and Death benefits.

1. Provident Fund Benefits

  • Every employer of PF covered establishment contributes 12% of wages of the employees , while the employee would also contribute a similar sum for one’s accumulations to grow every month and every year. The rate is 10% in respect of few establishments, such as those in Jute Industry, Brick Industry, Beedi Industry, Coir Industry etc which have accumulated losses
  • These accumulations earn interest at the announced rates periodically and this is guaranteed by the EPFO.
  • These accumulations can be partially withdrawn for emergencies, which involve medical attention or for investments in LIC Policies or purchase of a home.
  • These accumulations are returned to the employee on resignation from employment.

 2. Pension Benefits                          

  • Monthly pension is awarded to a member when one leaves employment under prescribed conditions of service
  • On the death of a member, the pension amount is awarded to the nominees of the employee.
  • A scheme certificate is issued to the employee when leaving the organisation, if one leaves before the age of 58, which can be submitted to the new employer for taking account of the previous years of service, for pension purposes.
  • If an employee crosses 50 years of age, one can apply for pension using the Scheme Certificate, proving one’s minimum number of membership for 10 years.
  • Obtaining a scheme certificate is a better choice for an employee than withdrawing the funds, as that would enable the family members avail pension benefits if unfortunately the member dies.

 3. Withdrawal Benefit

  • If a member does not qualify for pension payment, the accumulations made in the pension account can be withdrawn by the member.
  • The amount that can be withdrawn will be dependent upon the average salary drawn last and the number of years of service, and not on the actual accumulations.
  • The pension payment is actually drawn from the contributions of the Employer and the Government, which are at 8.33% and 1.16% respectively.
  • Pension payment is an assured disbursement to the member irrespective of the fact whether the employer has fulfilled one’s obligation of making remittances of Employers’ contributions.

4. Death Benefits

When the employee dies while on service or before the settlement of one’s PF Accumulations, the following benefits will be available to the family of the employee, however in accordance with the nominations made in the particular manner in Form No 2:

  • EPF accumulations
  • Family pension
  • Employees’ Deposit Linked Insurance  amount            

The EPF Act and Scheme have made provisions to cover establishments under the Scheme and also empowering the Government to enforce payment of contributions and other dues by the Employer.

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