The Employee Provident Fund Organization (EPFO) began crediting 8.5% interest to its subscribers in late December, according to reports. In September, EPFO’s central board said it will pay 8.5% interest to its subscribers for the year ending March 31. The interest rate is divided into 8.15% and 0.35%.
“We had said that our endeavor would be to provide an 8.5 percent interest rate on EPF for 2019-20. We have issued a notice to provide an 8.5 percent interest rate on EPF for 2019-2020. Process for credit said interest rate on subscribers’ accounts, “Labor Minister Santosh Gangwar was quoted as saying. PTI.
Retirement fund body earnings were severely affected in March due to the coronavirus pandemic. “In view of the exceptional circumstances arising from COVID-19, the central board reviewed the agenda regarding the interest rate and recommended the same rate of 8.5% to the central government,” the Labor Ministry previously said.
“This (8.50% interest) would comprise 8.15% of the debt income and the balance of 0.35% (capital gain) from the sale of ETFs (exchange-traded funds) subject to redemption before the December 31, 2020, “the statement had mentioned.
The capital gains process for the payment of 0.35% interest for 2019-20 was also completed, Gangwar added. PTI reported.
Here’s how you can check your FP balance
Check PF balance by SMS
To verify the balance, EPFO members who have a universal account number (UAN) and are registered on the EPFO portal, can send an SMS to 7738299899 by writing EPFOHO UAN ENG.
Check your PF balance through a missed call
Registered users can send a missed call to 011-22901406, after which they will receive an SMS with the details of the PF account balance.
Check the PF balance via the EPFO website
1) Go to the official EPFO website.
2) Now, go to the ‘Our services’ tab and click on ‘For employees’.
3) On the new page, click on ‘Member Savings Book’.
4) You will be asked to enter your UAN and password.
5) Once you log in, your savings book will appear showing both your contribution and that of your employer and the interest earned on it.
Someone who has worked in four different organizations would have four different member IDs to choose from
Check your PF balance through the UMANG app
You can also access your PF savings book in the UMANG app after logging in with your UAN and OTP.
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