News of benefits: In the new year, the government has given a big relief to the people who have jobs. The Ministry of Finance has approved full deposit of 8.5% interest earned on Provident Fund.
The Employees Provident Fund Organization is now allowed to transfer money to the account once. Following this decision of the government, interest will now be credited to the accounts of the account holders at once. Earlier, EPFO used to deposit 8.5 per cent interest in two installments. It was decided in September that the 8.5 per cent interest would be sent in two installments (8.15 per cent and 0.35 per cent).
Is going to transfer money to the account
The labor ministry sent the proposal to the finance ministry this month seeking approval to deposit PF 8.5 per cent interest in one installment for 2019-20. The Finance Ministry’s decision will benefit 6 crore EPFO registered account holders. According to English media, the government is going to transfer money to the accounts of the account holders soon. A meeting of the finance ministry and the labor ministry on the interest rate proposal was held this week, after which the employee provident fund proposal was approved.
8.50 per cent interest will be credited to the account
In September this year, a proposal was submitted to the ministry by the Employees Provident Fund Organization to unify the split interest rate. Following the seal of the Ministry of Finance, now the Employees Provident Fund Organization will soon deposit 8.50 per cent interest in the Employees Provident Fund account for the financial year 2019-20. Earlier, EPFO paid 8.65 per cent interest in FY19.
You can find out by giving a miss call
The interest on EPF in FY20 is 8.5 per cent, the lowest in 7 years. It is assumed that transferring full interest to the account will benefit the account holders. This will also reduce the difficulties of EPFO. You can find out your PF account balance online or by making a missed call. The process of checking PF balance is very simple. You can check PF balance via SMS, missed call or online. EPFO allows its customers to check PF balance.
Text this number
You can also check EPF balance via SMS. To check the balance, type EPFOHO UAN ENG from the registered mobile number and message to 7738299899. ENG describes the first three letters in which language you want information. The messaging facility is available in English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam and Bengali. News of benefits