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.
The EPFO is learnt to have got clearance from the Finance Ministry for interest rate recommendation of 8.5% for FY20 and is expected to credit it to subscribers in the next few days, reported Indian Express.
The retirement fund body is looking at crediting the interest rate in one go of 8.5% instead of a split of 8.15% and 0.35% proposed earlier, reported the news portal.
In September, the EPFO, citing the times due to the coronavirus crisis, had decided 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.
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% 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.
How to check your EPF account balance
Here are four ways to check your EPF account balance
1. Using Umang app - Employees can view their PF balance on mobile phones with the help of Umang app.
- Open the UMANG App
- Click on EPFO.
- Click on Employee Centric Services
- Click on the View Passbook option
- Feed in your UAN number and password
- You will get OTP on your registered mobile number
- Now you can now check your EPF balance
2. 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).
- Log on to epfindia.gov.in
- Feed in your UAN number, password and captcha code
- Click on the e-Passbook
- Once you file all the details, you will land up on a new page
- Now open member id
- Now you can see the total EPF balance in your account
3. 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.
4. 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.
