Every single employee, either government or prviate sector, who earns more than Rs 15,000 per month currently is enrolled with Employee Provident Fund Organisation (EPFO) and gets 12% of their basic salary deducted every month. 

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The government is now planning to increase this salary limit to Rs 25,000 per month in order to bring more employees in the EPFO net. 

EPFO, apart from being tax-free upto Rs 1,50,000 each year, provides interest rates that is usually higher than the prevailing market rates for instruments like fixed deposits. 

The government, for the last fiscal, said that employees will get 8.65% interest rates on their EPF contributions. 

ALSO READ: At 8.65%, investing in EPF a better option than fixed deposits

Government rules clearly state that an individual earning more than RS 15,000 as basic salary has an option of opting out of EPFO. However, if the first salary is lower than Rs 15,000 per month then EPFO becomes mandatory and remains so for the lifetime of the employee irrespective of their salary crossing over Rs 15,000 per month in the subsequent years. 

As EPF becomes a lifelong investment scheme, it is important for employees to keep an eye on their investments and how much it has grown. 

Given the fact that a portion of EPF is now invested in the stock markets, the need to keep an eye on your retirement fund is now greater. 

Here are a few steps to check your EPF account and passbook: 

1. Log in to EPF website which is epfindia.com and call be accessed here.

2. Click on 'For Employees' section in 'Our Services'. 

3. Click on 'Member Passbook'. 

4. A new window will open which will ask you to enter your UAN number and password. 

5. Your UAN number is 10-digit permanent number linked to your mobile number and your EPF account. 

6. Once you are logged-in to your EPF account, you can find details on the EPF contribution done by you and your employer and even past employers. 

Although EPF rate, at 8.65%,  is lowest in nearly seven years, it still is considered as a safer option because of its guaranteed nature.