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How To Check EPF Claim Status- The Complete Process

EPF, a retirement savings plan for Indian employees with tax benefits. Read this blog further to know how to check the status of your employee fund claim online.

  • 3,508 Views | Updated on: May 24, 2024

EPF is a remarkable retirement savings scheme that offers employees in India a path to financial protection and a comfortable post-retirement life. Picture it as a nest egg that grows with every passing month, patiently waiting to support you when the time comes to bid adieu to the daily grind.

Key Takeaways

  • The EPF is a long-term retirement savings plan that helps employees to contribute a portion of their monthly salary, along with an equivalent contribution from their employer.
  • It offers attractive tax benefits, including tax deductions under Section 80C of the Income Tax Act, up to a specified limit.
  • It is portable across jobs, meaning when an employee changes jobs, the EPF account can be transferred to the new employer.
  • You can verify the status of your employee fund claim online through the EPFO portal.

The significance of EPF for employees cannot be overstated. The EPF, or Employees’ Provident Fund, is a significant retirement savings scheme in India that provides financial security to employees. Monitoring your claim status ensures you stay informed about the progress of your EPF withdrawal or transfer request. This blog will discuss the basics of EPF, its importance and how to check the status of your EPF claim online.

What is EPF?

EPF is a social security scheme for Indian employees, managed by the Employees’ Provident Fund Organisation (EPFO). A portion of the employee’s salary is contributed to the EPF account every month, along with a matching contribution from the employer. This money accumulates over the years and serves as a retirement fund for the employee.

Importance of EPF for Employees

The EPF is of paramount importance for employees for several compelling reasons. Let us explore the significance of EPF and why it is considered a crucial financial tool for the welfare of employees:

Retirement Savings

EPF serves as a long-term retirement savings scheme. It encourages employees to contribute a portion of their monthly salary. It includes an equal contribution from their employer to build a substantial corpus over time. This accumulated amount acts as a financial safety net during retirement, ensuring a comfortable and secure post-retirement life.

Tax Benefits

The contributions made to the EPF account are eligible for tax deductions under the 80C Section of the Income Tax Act up to a specified limit. Moreover, the interest earned on EPF contributions and the final withdrawal at the time of retirement are generally tax-exempt, making it a tax-efficient investment avenue.

Financial Security

EPF provides a sense of financial security to employees and their families. In case of unforeseen circumstances, such as the employee’s demise or incapacitation, the EPF corpus can be accessed as a lump sum payment or as a monthly pension, depending on the EPF scheme chosen by the employee.

Employer’s Contribution

EPF is one of the few employee benefits where the employer makes an equal contribution, which increases the overall savings amount and rate. This additional contribution from the employer helps accelerate the growth of the EPF corpus and aids in building a substantial retirement fund.

Transferability

EPF is portable across jobs, meaning when an employee changes jobs, the EPF account can be transferred to the new employer. This ensures continuity of savings and prevents premature withdrawals, which might happen if the funds were not locked in a retirement-specific account.

Financial Discipline

EPF also promotes financial discipline among employees. Regular contributions to the EPF account encourage individuals to adopt a habit of saving and instill financial responsibility.

Employees are encouraged to maximize their EPF contributions and stay committed to their long-term financial well-being.

Step-by-Step Guide to Check EPF Claim Status Through EPFO Portal

Employees can review the status of their claim online or offline if they want to take out money from their PF account and submit a claim. Follow these steps to confirm the situation of your EPFO claims online through the EPFO portal:

Step 1: Keep Essential Details Ready

To check your EPFO claim status online, you will need the following information:

  • EPF Account Number
  • It is a unique 12-digit alphanumeric number provided by the employer.

  • EPFO Office Code
  • Each regional EPFO office has a specific code.

  • Establishment Code
  • The establishment code is specific to the employer.

  • Extension Code
  • Some employers have an extension code associated with their establishment code. It is optional and may not be applicable to all.

    Ensure you have these details before proceeding to the next steps.

Step 2: Visit the EPFO Portal and enter the details

The second step of the process is to go to the official EPFO website (www.epfindia.gov.in). Find and click on the ‘Our Services’ option in the menu bar. Under the ‘Our Services’ section, you will find various options. Click on ‘For Employees.’ The ‘Services’ menu is in the’ For Employees’ section. Click on ‘Know Your Claim Status.’

You will now be directed to a new page where you need to enter the following details:

  • Choose the state where your EPF office is located.
  • Choose the regional EPFO office from the drop-down list.
  • Type in your employer’s establishment code.
  • Enter your unique EPF account number.
  • If applicable, enter the extension code provided by your employer.
  • Enter the characters given in the captcha image.

After filling in all the necessary details, double-check for accuracy, and click the ‘Submit’ button.

Step 3: View Your EPF Claim Status

Once you submit the required information, the portal will show the status of your EPF claim. The status can be one of the following:

  • Approved
  • Your claim has been processed and approved, and the funds will be transferred shortly.

  • Pending
  • Your claim is under review and is awaiting approval.

  • Rejected
  • Unfortunately, your claim has been rejected, and you may need to rectify the issue or contact the EPFO for further assistance.

  • Settled
  • Your claim has been processed and settled, and the money has been transferred to your bank account.

    Step 4: Additional Assistance

    If you encounter any issues or have questions about your EPFO claim status, you can contact the EPFO helpline or visit your regional EPFO office for assistance.

    Final Thoughts

    EPF plays a crucial role in securing the financial future of employees. Its multiple benefits, including tax advantages, employer contributions, and safety, make it an essential component of a comprehensive retirement planning strategy. Checking your EPF claim status is crucial in ensuring the smooth processing of your EPF withdrawal or transfer request. By pursuing the steps outlined in this guide, you can stay informed regarding the claim’s progress and take necessary actions if needed. Remember to keep your EPF account number and other essential details safe and secure.

    FAQs

    1

    Is a member’s registration on the member portal necessary in order to submit a transfer claim online?

    Yes, a member must be registered on the member portal in order to submit a transfer claim online.

    2

    How does a member find out if he is qualified to submit an online Transfer Claim?

    A member can find out if he is qualified to submit an online Transfer Claim by checking his EPF account balance and ensuring that he has at least 7 months of service in his previous employment.




    3

    Can a member change any of their information that is stored in the EPFO database, such as their father’s name, date of birth, date of joining, and date of leaving?

    No, a member cannot change any of the information that is stored in the EPFO database. However, they can request a correction to their information by submitting an online form.



    4

    If only his former employer has registered digital signatures on the Online Transfer Claim Portal (OTCP) portal of EPFO, can a member still submit an online claim?

    Yes, a member can still submit an online claim even if only his former employer has registered digital signatures on the OTCP portal. However, the claim will need to be approved by the former employer before it can be processed.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors