Employees' Provident Fund Organisation (EPFO) has started crediting 8.5% interest to its subscribers by the end of December, according to reports. The EPFO central board in September said it will pay 8.5% interest to its subscribers for the year ended 31 March. The interest rate be divided into 8.15% and 0.35%.
"We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account," the labour minister Santosh Gangwar said, quoted PTI.
The retirement fund body’s earnings were badly hit in March due to coronavirus pandemic. "In view of exceptional circumstances arising out of COVID-19, the agenda regarding interest rate was reviewed by the central board and it recommended the same rate of 8.5% to the central government," the labour ministry earlier said.
"It (8.50% interest) would comprise 8.15% from debt income and balance 0.35% (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020," the statement had mentioned.
The process for capital gains for payment of 0.35% interest for 2019-20 has also been completed, Gangwar added, PTI reported.
Here's how you can check your PF balance
Check PF balance via SMS
To check the balance, EPFO members having a universal account number (UAN) and registered on the EPFO portal, can SMS to 7738299899 by typing EPFOHO UAN ENG.
Check PF balance via missed call
Registered users can send a missed call to 011-22901406 after which they will get an SMS with details of PF account balance.
Check PF balance via EPFO website
1) Go to the EPFO's official website.
2) Now, go to ‘Our Services’ tab and click on 'For Employees'.
3) On the new page, click on 'Member Passbook'.
4) You will be asked to enter your UAN and password.
5) Once you log in, your passbook showing both your and your employer’s contribution and the interest earned thereof will come up.
Someone who has worked in four different organisations would have four different member IDs to choose from
Check PF balance via UMANG app
You can also access your PF passbook on the UMANG app after logging in with your UAN and OTP.
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