New Delhi: Employees Provident Fund Organisation (EPFO) has begun crediting 8.5 percent rate of interest on employees’ provident fund (EPF) to its members. The amount will reflect in accounts from January 1, 2021. ALSO READ | Deadline For Filing of Income Tax Return Extended – Details Inside
Over six crore EPFO members will be able to see their updated accounts with the credit of 8.5 percent rate of interest for 2019-20, a senior official told news agency PTI.
The labour ministry is said to have already sent the direction to credit the interest rate on EPF for 2019-20 to the EPFO.
Labour Minister Santosh Gangwar stated, “We had said that it would be our endeavour to provide 8.5 percent rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5 percent rate of interest on EPF for 2019-20. We have also begun the process to credit the said rate of interest into subscribers’ account”.
It will be ensured that all members retiring on December 31 must get 8.5 percent rate of interest (for 2019-20), the minister added.
He also revealed that the process for capital gains for payment of 0.35 percent interest for 2019-20 has also been completed.
“It (8.5 percent interest) would comprise 8.15 percent from debt income and balance 0.35 percent (capital gain) from the sale of ETFs (exchange-traded funds) subject to their redemption by 31st December 2020,” he said.
After receiving the finance ministry’s concurrence, Gangwar approved it ahead and then the direction was sent to the EPFO for crediting the interest on EPF into the subscribers’ accounts.
The EPFO’s apex decision making body Central Board of Trustees headed by Gangwar had, in March this year, approved the 8.5 percent interest rate on EPF for 2019-20.
Then in September, the EPFO decided to split 8.5 percent interest into two installments of 8.15 percent and 0.35 percent in its trustees meet but later, the ministry decided to credit the entire 8.5 percent into subscribers’ accounts in one go.
How To Check PF balance on EPFO’s website:
Step 1: Go to the EPFO’s official website.
Step 2: Go to ‘Our Services’ tab and click on ‘For Employees’.
Step 3: On the new page, click on ‘Member Passbook’.
Step 4: Enter your universal account number (UAN) and password.
Step 5: After logging in, your passbook will appear having both your and your employer’s contribution to the account, and the interest earned will also be displayed on the screen.
Other than the website, to know the PF balance, EPFO members registered on the EPFO portal can send an SMS to 7738299899 writing their text in this format: EPFOHO UAN ENG.
(With Agency Inputs)