In what can only be categorised as a New Year bonanza to benefit crores of EPF subscribers, media reports have emerged which says that it has allowed Employees' Provident Fund Organisation (EPFO) and Exempted Provident Fund Trusts to invest in public sector debt ETFs (Exchange Traded Funds) like Bharat Bond ETF.
According to Live Mint, a notification in this regard was issued on January 4.
It is to be noted that Labour and Employment Minister Santosh Gangwar on December 31 announced that PF subscribers will start receiving 8.5 percent interest on their PF amount from the said day onwards.
In a written reply, Labour Minister Santosh Kumar Gangwarn in Lok Sabha in 2019 had said that Employees’ Provident Fund Organization (EPFO) is investing in Exchange Traded Funds (ETFs) based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs), and Bharat 22 Indices.
As of September 2019, the total amount invested by EPFO in ETFs was Rs 86,966 crore. The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) in its 207th meeting held on March 31 2015 had decided to invest only in ETFs in the category of equity and related investments.
“I am happy to inform you that a notification has been issued & for year 2019-2020, our over 6 crore subscribers will receive 8.5 percent interest on PF amount. We have made such arrangements that you'll start receiving these benefits from today,” Union Minister Santosh Gangwar said.
“We know that circumstances in 2020 weren't favourable for us. People were surprised when in 2020 beginning, we had said that we'll try to give 8.5 percent interest on Provident Fund amount for year 2019-2020. Today, I am here to fulfill that promise.” he added.
Six crore EPF subscribers are now eagerly waiting for nod from government on crediting of interest for 2019-20 in their employees' provident fund (EPF) accounts.
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.
