Good News! for all epfo member – The government will deposit in the account of 6 crore epfo member before Diwali
EPFO Member : According to media reports, the Central Board of EPFO has approved the hike in interest. And the Epfo body is now awaiting the approval of the Finance Ministry.
There is good news for the epfo member, of the Employees’ Provident Fund Organization (EPFO). The retirement fund body may credit the interest rate for the financial year 2020-21 (FY21) before this Diwali. According to media reports, the Central Board of EPFO has approved the hike in interest. And the Epfo body is now awaiting the approval of the Finance Ministry.
According to the tv9 media reports, two government officials said on condition of anonymity that this would give more money to government employees and pensioners along with an increase in their dearness allowance (DA) and dearness relief. While some argue that the finance ministry’s approval is just a matter of protocol, the EPFO cannot credit the interest rate without its approval. The EPFO is expected to proceed based on the decision of its board and its financial position.
EPFO may pay interest before Diwali to boost festive spirit – Mint
According to the mint reports, The Employees’ Provident Fund Organization (EPFO) is likely to collect the interest rate for FY21 before Diwali to cheer up lakhs of people ahead of the festive season.
At least two government officials said on condition of anonymity. That with this there will be a hike in their dearness allowance and dearness relief to government employees and pensioners. The move may appease the salaried class, which has faced months of job losses and loss of income due to Covid.
The Central Board of EPFO has approved the interest rate. One of the two officials mentioned above said that the retirement fund manager has sought the finance ministry’s approval and is expected to get the nod soon.
“The officials have sought the approval of the Finance Ministry to go ahead with the 8.5% interest rate for 2020-21. When the decision on interest is taken, all the factors have been taken into account and the fund manager is ready to pay the rate of 8.5 percent.”
Finance ministry’s approval pending
“Though some argue that the finance ministry’s approval is just a matter of protocol, the EPFO cannot credit the interest rate without its approval. EPFO is looking forward to the proceeding, based on the decision of its Board and comfortable financial position.”
In March, the board recommended an 8.5% payout for FY21. EPFO has an estimated income of around ₹70,300 crores in the last financial year. Which includes around ₹4,000 crores from selling a portion of its equity investments. “The equity market has developed very well since our last board meeting. This also gives us relief, as our stock exposure has generated decent earnings even though it is hypothetical till liquidation,” said another official.
Epfo Member – Check PF Balance for PF Claim
Once the interest is credited to the PF account, EPF Member can check their EPF balance and interest status in four ways. Subscribers must have their Universal Account Number (UAN) to check the EPF balance & EPF claim.
Check Pf balance via SMS
EPFO member can also check their EPF account balance by sending SMS. For this, you have to message on number 7738299899. For this, write “EPFOHO UAN ENG” and send it to the given mobile number. On receiving the SMS, EPFO will send you the PF account balance information.
Check PF Balance by Missed Call
EPFO has also given the facility of missed calls to check pf balance. In such a situation, you can check the balance by giving a missed call on the number 011-22901406. However, for this, the number of EPFO member should be registered with the PF account. Apart from this, the EPFO member will have to link in UAN, KYC details.
Through EPFO portal
EPF Member after registering himself on the EPFO Portal, log in to https://passbook.epfindia.gov.in/MemberPassBook/Login using your UAN and Password. With this, epfo member can see your passbook. Also, you can apply for the PF Claim.
PF Balance check by UMANG app
EPFO members can view their PF account balance and EPF details through the ‘UMANG’ mobile application. Go to Employee Centric Services and click View Passbook. To check your PF balance in Employees Provident Fund, you need to enter the UAN and enter the OTP sent on the registered mobile number.
Labour Rights in India
Labour Rights are freedom of association and the right to collective bargaining. The abolition of forced or compulsory labour. The abolition of child labour and the abolition of discrimination in relation to employment and occupation. Read More.
EPF Act / Employees Provident Fund Act 1952
The employer and employee are required to contribute 12% of an employee’s ‘basic wages’ to the Employees Provident Fund / EPF. The employer’s contribution is also directed to a pension fund, from which an employee would be entitled to a monthly pension upon retirement.
Dignity of Labour
The Dignity of Labour is the belief that all types of jobs are respected equally. And no occupation is considered superior and no job should be discriminated against on any grounds. Regardless of whether one’s occupation involves physical labour or mental labour. It is believed that the job deserves respect. Read More
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