As you already might be a retired or working individual who is registered with EPF scheme, then you might have seen about EPF wages means in your EPF passbook, which might sometimes confuse you right?
Sometimes people confuse about what is EPF wages to the EPF funds being deducted, but it is totally different. In this article we will simply help you understand what is EPF wages in passbook and go through some of the meaning, definitions to help you.
EPF Wages Means
The record of an employee’s salary or wages that is used to calculate their contribution to the Employees Provident Fund (EPF) that is kept in their EPF passbook is referred to as EPF wages in the passbook.
The employee can access their EPF passbook online by logging into the EPFO portal using their UAN login and password. This will allow them to view their contribution history, check their current balance, and download their passbook.
EPF Wages in Passbook
The employee’s personal information, contribution history, and current account balance are all displayed in the EPF passbook.
- It also includes the employee’s earnings, which are used to calculate the employee’s EPF contribution.
- This includes the basic salary, DA, and cash value of food concessions.
- Other allowances, such as house rent allowance (HRA), travel allowance, and so on aren’t included.
The passbook also shows the employer’s contributions, which are matched by the employee, as well as any interest earned on the contributions, in addition to the employee’s wages.
What is the meaning of EPF wages in the passbook?
The EPF amount calculated from your basic salary is EPF wages in the passbook.
How is EPF wages calculated?
Any normal employee has to contribute 12% of their basic salary to the EPF as part of their EPF wages.
Who is eligible for EPF wages?
Any employee who is aged above 18 working with an organization are eligible for EPF wages to be deducted from their basic salary.
How can I access my EPF wages in the passbook?
You can access your EPF wages in passbook by logging into the EPFO portal using your Universal Account Number (UAN) and password. From there, you can view your contribution history, check your current balance, and download your passbook.