New Delhi: Retirement fund body EPFO may credit 8.5 percent rate of interest for 2019-20 in the employees' provident fund (EPF) accounts of around six crore subscribers in one go before January.
Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 percent interest into two installments of 8.15 percent and 0.35 percent in its trustees meet headed by Labour Minister Santosh Gangwar.
Meanwhile, in December this year, PTI quoting highly placed source said that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 percent rate of interest on EPF for 2019-20 earlier this month. The source further said that earlier the Ministry of Finance had sought some clarifications on the rate of interest for the last fiscal, which were duly addressed.
In March this year, the EPFO's apex decision making body Central Board of Trustees headed by Labour Minister Santosh Gangwar had approved 8.5 percent interest rate on EPF for 2019-20.
In a virtual CBT meeting in September, the EPFO had decided to honour its commitment to provide 8.5 percent rate of interest for the last fiscal. But the CBT had also decided to split the rate of interest into two installments of 8.15 percent and 0.35 percent in view of the pandemic.
It may be recalled that in order to ease the burden of EPF subscribers during the COVID-19 crisis, the Labour and Employment Ministry had on March 28 made amendments to the Employees’ Provident Funds Scheme (EPFO) allowing partial withdrawal of provident fund.
EPFO members are allowed withdrawal not exceeding the basic wages and dearness allowances for three months or up to 75 per cent of the amount present in the EPF account of the member. The EPFO members were allowed to apply for the withdrawal online and all EPFO members will be able to avail the facility.
Know how to check EPF account balance online:
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
How to check EPF balance through 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