Just before the start of the new year, the government has given a big gift to the salaried class. The government has approved a proposal to provide full interest of 8.5 percent on the Employees Provident Fund (EPF) for the financial year 2019-20. According to media reports, giving more information about this, the officials said that recently there was a meeting of the Ministry of Labor and Finance to discuss the proposal related to interest rate. In which the Finance Ministry had asked for the details, expressing some concern over the risky investment.
New Year Gift: Just before the start of the new year, the government has given a big gift to the salaried class. The government has approved a proposal to provide full interest of 8.5 percent on the Employees Provident Fund (EPF) for the financial year 2019-20. According to media reports, giving more information about this, the officials said that recently there was a meeting of the Ministry of Labor and Finance to discuss the proposal related to interest rate. In which the Finance Ministry had asked for the details, expressing some concern over the risky investment.
The first installment was to meet on Diwali, then the revenge decision (PF Interest credit date 2020)
In September, the EPFO’s CBT headed by the Ministry of Labor and Employment Santosh Kumar Gangwar announced to pay the interest due to Covid-19 in two installments. The EPFO had decided that 8.15 per cent interest would be credited to accounts till Diwali. The remaining 0.35 per cent will be given from the profits from the sale of shares. Which is to be given in December. However, the EPFO did not install the installment on Diwali, changing its decision. It was decided to wait till December to review the profits on investment in shares. Now approval has been received from the Ministry of Finance. EPFO will release the money within a week. After this it will be credited to your account.
According to the EPFO official, everyone has benefited from being patient till December. It has taken a little longer for the interest of the account holders to come into the accounts, but the good thing is that EPFO has got more income from the sale of Exchange Traded Fund (ETF). Even after paying 8.50 percent interest rate, EPFO will have an additional amount of Rs 1,000 crore left. In September, when it was decided to pay interest in two installments, the EPFO had Rs 500 crore at that time.
Check EPF account balance in this way
1. First log on Epfindia.gov.in.
2. After this, fill in your UN number, password and captcha code.
3. On the screen, you will see the option of e-passbook, click on it.
4. Now you will be asked for some information. After filling it, click on the OK button.
5. Open the member ID.
6. After doing this, you can see the total EPFO balance in your account.
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