EPF interest to be credited soon as govt gives nod: Report

The Finance Ministry on Friday authorized 8.5% price of curiosity of provident fund deposit for 2020-21 paving means for the Workers’ Provident Fund Organisation (EPFO) to credit score the curiosity, reported information company PTI citing sources.

Simply forward of Diwali, it is a excellent news for over 5 crore subscribers of the Workers Provident Fund Organisation (EPFO).

The 8.5% of curiosity on provident fund deposits for the final monetary yr was determined by the EPFO’s apex choice making physique Central Board of Trustees (CBT) headed by Labour Minister in March this yr.

The retirement fund regulatory physique saved the EPF rate of interest unchanged for FY 2020-21 as there was extra withdrawal than deposits throughout your entire monetary yr.

After the Covid-19 outbreak in 2020, the EPFO had decreased PF rate of interest in March 2020 to eight.5 per cent for FY 2019-20 — 7 years’ low of EPF rate of interest. For FY 2018-19, EPF rate of interest was 8.65 per cent. For FY 2017-18, EPF rate of interest being given to the EPFO subscribers was 8.55 per cent whereas for FY 2016-17, EPF rate of interest given to EPF account holders was 8.65 per cent.

How you can examine PF stability:

Over 5 crore EPFO subscribers are suggested to maintain checking their PF stability subsequent week because the retirement fund regulator might credit score EPF curiosity of 8.5 per cent on any of the working days. The EPF account holders can examine their EPF stability by way of SMS and a missed name.

Verify PF stability by way of SMS

An EPFO subscriber can examine its EPF account stability by sending an SMS. The PF stability examine quantity is 7738299899 and the textual content of the SMS format is “EPFOHO UAN ENG.” So, an EPF account holder, who has its UAN quantity, is suggested to ship SMS on this format to 7738299899. On receipt of the SMS, the EPFO will reply to that SMS with the senders’ PF account stability particulars.

Verify PF stability by way of missed name

The EPFO is operating missed name service by way of its given quantity 011-22901406. To know one’s PF stability, the EPFO subscriber is suggested to present a missed name on this quantity from the registered cellular quantity. Nonetheless, one can avail of this service provided that the EPFO member has seeded its UAN with the KYC particulars.

In the meantime, EPFO web added 14.81 lakh subscribers in August 2021, reflecting a rising development in web payroll for the primary 5 months of this fiscal.

For the month of August, the web subscriber addition elevated by 12.61 per cent as in comparison with the earlier month of July 2021. Of the full 14.81 lakh web subscribers, round 9.19 lakh members have come underneath the social safety ambit of EPFO for the primary time.

Round 5.62 lakh web subscribers exited however rejoined EPFO by altering jobs throughout the institutions lined underneath the purview of the EPF & MP Act, 1952.

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