EPFO began crediting 8.5 per cent provident fund curiosity.
Retirement fund physique Employee Provident Fund Organisation (EPFO) on Thursday, December 31, began crediting 8.5 per cent charge of curiosity on staff’ provident fund (EPF) for fiscal 12 months 2019-2020 for its over six crore members. With this growth, a number of members of the Employees Provident Fund Organisation will now be capable to see their up to date EPF accounts with credit score of 8.5 per cent charge of curiosity from tomorrow, January 1, 2021. The Ministry of Labour had already directed to credit score the 8.5 per cent curiosity on worker provident fund for 2019-20 to the EPFO and the physique has already began crediting curiosity into members accounts for the final fiscal. (Also Read: 8.5% Provident Fund Interest To Be Credited In Accounts From Tomorrow )
“We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account,” said Labour Minister Santosh Gangwar. He also stated that he has asked to ensure that all those members who are retiring on December 31, must obtain 8.5 per cent rate of interest for fiscal year 2019-20. The process for capital gains for payment of 0.35 per cent interest for 2019-2020 has also been completed, according to the minister.
Starting from tomorrow, members can see the credited quantity of their accounts. One can test the EPF steadiness both by SMS, or by giving a missed name, or accessing the web site, or by means of the UMANG app in these easy steps:
Here’s methods to test your EPF steadiness at residence:
- Through SMS: Send SMS ‘EPHOHO UAN LAN’ from registered cell quantity to 7738299899 (LAN is the primary three characters of the popular language)
- Through Missed Call: Give a missed name on 011-22901406 from the registered cell quantity
- Through the web site: Visit EPF passbook portal, log in utilizing UAN and password. Download or view passbook
- Through the UMAG App: Go to EPFO. Click on Employee Centric Services, choose ‘view passbook’ and log in with UAN to view the passbook
Earlier this 12 months, EPFO’s apex decision-making physique — Central Board of Trustees had accepted 8.5 per cent rate of interest on EPF for fiscal 2019-2020. In September 2020, the retirement fund physique had determined to separate the 8.5 per cent curiosity into two instalments of 8.15 per cent and 0.35 per cent in its trustees meet headed by the Labour Minister. But later, the ministry determined to credit score the whole 8.5 per cent into the accounts in a single go.
