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Tuesday, July 05 2022
Personal Finance

Step-by-Step Guide on How to Check Pension Online - 4 min read

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If you are unaware of how to check pension online, you are missing out on a procedure of critical importance. Every pension holder must know how to check their pension payment status and amount. They can verify the timely payment and the payment amount through it. If you don’t know how to check it online or only know one method, there can be some issues if one gateway fails and you need to check it urgently.

Here you will get to know how to check pension online through different methods. You will also know how a pension works, PPO, how to get PPO, what is IRA, and several other related information for your ready reference.

How Does Pension Work In India?

In India, every person can have access to a pension through different schemes without the discrimination of employer, employment status, salary, or nature of work. There are specific pension schemes for people belonging to different categories of employment. Some pension schemes are mandatory; however, some voluntary pension schemes also exist. Government employees have GPF, private employees have EPF, and employees who want to sign up for pension voluntarily have PPF, NPS, and several other options.

Pension funds are usually generated through monthly payments from the employee’s salary and the employer’s contribution on the employee’s behalf. This fund then accumulates over time and gains in value with the help of a high-interest rate. Employees can withdraw these funds when they reach the retirement age of 58 in India. They can also withdraw the funds earlier if there are any emergencies, but only subject to a few criteria.

PPO Number – Definition And How To Know Yours

PPO number is a unique identification for pensioners issued by the CPAO. It has two components: the five alphabets followed by an eight-digit number. The alphabets correspond to the pension issuing office, and the numbers are the personal ID. Everyone pensioner who receives a pension through Jeevan Praman (Life Certificate) has this ID. At the end of your employment, the pension agency provides you with this PPO number useful in the pension payment process. Following is the method to know your PPO number if you receive a pension.

  • Visit the Employees’ Portal of EPFO.
  • Click on Pensioners’ Portal under the Services menu, and it will open in a new window.
  • Click on Know Your PPO No. on the left side of the page.
  • You can toggle between Bank Account Number Search and Member ID Search.
  • If you have the account number in which the monthly pension comes, input that detail, and if you have EPFO member ID, then input that detail.
  • Click on Submit.
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By clicking on submit, the page will now display your PPO number. You can note it down as it is important in how to check pension online.

How To Check Pension Online With PPO Number?

  • After getting the PPO number, you can now track pension contributions in your account. Below is the step-by-step guide to checking pension online through the easiest method that doesn’t require logging into an account.
  • Visit the Pensioner’s Portal from EPFO again.
  • Click on PPO Enquiry/Payment enquiry on the left side of the page.
  • Click on the Issued Office dropdown menu and select the corresponding office.
  • Besides it, the Office ID will now display the first five alphabets of the PPO number.
  • Input the remaining eight digits in the PPO No. column.
  • Input the date in Pensioner’s Date of Birth.
  • Input the captcha code.
  • Click on Submit.

It will now open a pop-up window showing the entire pension payments history for the corresponding PPO number. This table is downloadable so the user can save it for future purposes.

You can also check the pension online through the EPFO account and UMANG app, but they require creating an account and can have lengthy procedures. In comparison, the steps mentioned above are convenient and easy. You can also check the details through SMS and even missed call services, but they cannot provide enough necessary data.

What Is IRA, And How Is It Similar To India’s EPF?

Individual Retirement Account (IRA) is one of the two major pension funds in the USA. Usually, the handling of the IRA is entirely by the employer, and the employee doesn’t have much say in it because it is a government-mandated pension fund.

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Every month the employer deducts a portion of the salary and contributes it to the employee’s IRA account. It is similar to the EPF in India because it is also mandatory, and the employer handles the contributions themselves.

Knowing these methods of how to check pension online, its related terms, PPO, its benefits and what is IRA will help you manage pension funds yourself. You don’t need to visit a bank, help centre or your old employer to check the fund credits. You can do the process from the comfort of your home, and that too very easily without any tough procedures. So make use of this step-by-step guide the next time you need to check your pension online.

Photo: Keydifferences.com

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