There is a good news for the central employees, after reading which your mind will be very happy. The Employees’ Provident Fund Organization (EPFO) can give a big gift to its crores of subscribers this year. Sources associated with EPFO say that this year the interest amount in the PF account will come soon.
Understand in easy language how it works
Actually, the records of all the employees across the country are with the EPFO, which deducts a fixed amount every month from the salary of the employees and returns it to the employee as a hefty amount on retirement. Apart from this, according to the amount deducted from the salary, the employee also gets pension from EPFO. The EPFO pays interest every year on the amount deducted from the salary, which is decided by its trust.
Lowest interest rate in last four decades
The EPFO Trust in its meeting held in March has decided to pay 8.10 percent interest on the PF account for the financial year 2021-22. At present, this proposal has been sent to the Finance Ministry for approval, but sources say that the ministry will give its approval soon instead of reviewing it more. Actually, the interest rate given this time is the lowest in the last four decades, that is why it is being speculated that the interest money will come into the account soon this year.
like this EPFO will benefit
This year the interest money will be sent to the subscriber’s account till Dussehra or Diwali. Usually, it takes time till December for this interest money to come. EPFO has added 12.37 lakh new accounts in February this year. If the EPFO pays the interest money early, then it will only benefit, because all the settlements happening now have to be done at the interest rate of last year, which was 8.5 percent. In such a situation, after the implementation of the new interest rate, the EPFO will have to pay less interest in settlement.
In this way know the balance amount of the account
1. First of all go to the official website www.epfindia.gov.in and after selecting For Employees, select Our Services.
2. Here you will enter your UAN and password by selecting Member Passbook.
3. To check balance, it is necessary that your UAN should be activated.
4. If you do not have UAN, then first of all go to epfoservices.in and select your state and click on the office link.
5. If you submit your PF account number, name, registered mobile number here, then you will get UAN.
6. After this you will be able to easily check the balance of your PF account through the process given above.