In September, the EPFO decided to split the rate of interest into two instalments of 8.15% and 0.35% in view of the coronavirus pandemic.
The working class may get some good news from the government soon as the retirement fund body Employees’ Provident Fund Organisation (EPFO) is likely to credit 8.5% interest for 2019-2020 in the EPF accounts of around 6 crore subscribers in one go by the end of this year, news agency PTI reported.
In September, the EPFO, citing the times due to the coronavirus crisis, had decided in September to split the 8.5% interest rate for EPF account holders into two instalments of 8.15% and 0.35%. This was announced after a meeting between EPFO trustees and Labour Minister Santosh Gangwar.
PTI quoted a source saying that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 per cent rate of interest on EPF for 2019-20. This is said to have happened earlier in September.
In March this year, during the COVID-19 induced nationwide lockdown, the EPFO had approved 8.5% interest rate on EPF for 2019-20. Later, in September, the EPFO had decided to honour its commitment to provide 8.5 per cent rate of interest for the last fiscal. But it was also decided to split the rate of interest into two instalments of 8.15% and 0.35% in view of the pandemic.
Zee Business reports that among the reasons why EPF account holders may get the 8.5% interest rate and that too in one go is that since the stock market conditions are more than favourable now with benchmark indices at a record high, there should not be an issue to credit entire 8.5 per cent in one go.
How to check your EPF account balance
Here are four ways to check your EPF account balance
-Using Umang app – Employees can view their PF balance on mobile phones with the help of Umang app.
– Using the EPFO portal – To view your PF passbook on the portal you need to have your account tagged with your Universal Account Number (UAN).
– Sending an SMS – If your UAN is registered with the EPFO, you can get the details of your latest contribution and PF balance by sending an SMS to 7738299899. You need to send this message: EPFOHO UAN ENG. ‘ENG’ is the first three characters of the preferred language.
– By giving a missed call – If you are registered on the UAN portal, giving a missed call on 011-22901406 from your registered mobile number will get you the details.
