EPFO subscribers expected to receive entire PF interest amount after Diwali: Reports

Good news for EPFO subscribers! People who are still awaiting the deposit of interest in their PF amounts may get some cheerful news in the next few days. The interest is expected to be credited into subscribers’ accounts by the end of this month, according to media reports. Therefore, if the EPF interest amount has not yet been paid to your account, it will probably be done shortly after Diwali. The finance ministry said earlier this month that the interest amount is being credited into subscribers’ accounts and if it wasn’t apparent in the account statements, it was because the EPFO software is being upgraded. According to the ministry, no subscriber has lost any interest money.

The government in June approved an employee provident fund interest rate of 8.1 percent for the years 2021–2022, which is the lowest in four decades. The interest rate on the EPF is at its lowest level since it was 8 percent in 1977–1978. Last year, the EPFO managed assets of Rs 15.7 lakh crore. It has over 65 million members currently.

An interest rate of 8.5 percent on EPF deposits year 2020–21 was determined by the Central Board of Trustees (CBT) in March 2021. The CBT is a tripartite EPFO body made up of representatives from the government, employees, and employers. The CBT’s decisions are binding on the EPFO and the minister of labour serves as its head.

Steps to check your PF balance:

• Go to the EPFO’s official website .
• Type in your password, captcha code, and UAN number.
• Select “e-Passbook”.
• Your browser will lead you to a new page once you have filled in all the fields.
• Go to the member ID.
• You can now view the whole amount of EPF in your account.
• You can also determine your PF balance through SMS. To do so, you are required to type ‘EPFOHO UAN’ and send it to 7738299899 from the registered mobile number. To know the PF value through missed calls, you need to give a missed call at 011-22901406 from the mobile number linked with your UAN.

You can also check your PF balance at the UMANG app. Follow the below-mentioned steps:

• Launch the UMANG App.
• Select “EPFO”.
• Choose “Employee Centric Services”.
• Select “View Passbook” from the menu.
• Put your UAN number and password in.
• On your registered mobile number, you will receive an OTP.
• You can view your EPF balance after you have verified the OTP.

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