EPFO News: PF account holders must do this work before August 31, otherwise there will be loss of interest
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epfo news: Provident Fund (Employee Provident Fund) has an important news for account holders this month. It is being told that by the end of the month of August, the interest received on the deposits of the account holders will be deposited in their account. Giving a big gift to the account holders, the interest rates have been increased by the central government. This year EPFO will give 8.15 percent interest on the deposited amount. However, to get this interest amount, everything must be fine in your account. If the details do not match in the PF account, the interest amount may be denied. To get the amount of interest, it is most important that the account is linked with Aadhaar card. If the UAN account is not seeded with Aadhaar, the money will not come into the PF account. Verification and seeding is mandatory to avail the benefits.
UAN number will have to be linked with Aadhaar number
In order to get the amount of interest coming into the account of EPFO members, first of all it is necessary that it is very important to link the UAN number with the Aadhaar number. Along with this, the employees who have opened a new account or have made any changes in the details of the account, they are also required to link Aadhaar. To link Aadhaar, first go to the EPFO website. Login by giving the information sought there and go to the account. Click on KYC under Manage menu. Select the Aadhaar option and enter your details. After that click on save. Here UIDAI data will be verified using. After completion of KYC, Aadhaar will be linked to EPF account.
Earlier 8.10 percent interest was available
EPFO has reduced the interest rate on EPF deposits to 8.10 percent for 2021-22 in March 2022. This was the lowest interest rate since 1977-78, when the EPF interest rate was eight per cent. Let us tell you that recently the Ministry of Labor said that the data shows that in May 3,673 establishments have included their employees in the social security net of EPFO. About 8.83 lakh new members joined EPFO in May, which is the highest level in the last six months. Of the new shareholders, 56.42 per cent stake is held by employees in the age group of 18-25 years. This shows the rise in organized employment of the youth. Although about 11.41 lakh subscribers withdrew from EPFO in May, but they also joined it again. This gives indications of their leaving one job and doing another job.
What is EPFO
Employees’ Provident Fund Organization (EPFO) was established in 1951 by the Ministry of Labor and Employment, Government of India. People are encouraged to save for retirement through this statutory body of the Government of India. The current interest rate on PF is 8.15 percent. It is possible to easily calculate the interest amount that will be credited to the EPF account at the end of a financial year. This amount is added to the employer’s and employee’s contribution at the end of the year to arrive at the total balance in the account.
how to check pf account balance
To check your balance in EPFO account, visit Log in here with your Universal Account Number (UAN) and password. If you have not activated your UAN, you can do so by clicking on “Activate UAN” on the login page. After logging in, go to the “View” section and click on “Passbook” to view your EPF account balance, contributions and transactions.
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