EPFO interest: PF interest is on the way, and seven crore people will benefit; check your balance while sitting at home

The government will soon transfer interest for the fiscal year 2022 to the PF accounts of approximately seven crore employees. This money is available for transfer in late August or early September. The government is currently offering 8.1 percent interest on PF.

New Delhi: There’s good news for those in the organized sector. The interest for the fiscal year 2022 will be deposited into his PF account. The government will soon transfer interest for the fiscal year 2022 to the PF accounts of approximately seven crore employees. This money is available for transfer in late August or early September. The government is currently offering 8.1 percent interest on PF.  EPFO previously gave 8% interest in 1977-78, and thereafter it was 8.25 percent or higher.

A 12% deduction from an employee’s salary is made for the EPF account. When it comes to the employer, 8.33 percent of his deduction goes to the EPS (Employees’ Pension Scheme), while the remaining 3.67 percent goes to the EPF. If your basic salary is Rs 25000, the total monthly contribution to the EPF by both the company and the employee will be around Rs 3918. At the same time, you will receive Rs 2082 in your EPS account each month.

Interest rates have fallen to their lowest level in 40 years

EPFO has declared an interest rate of 8.1 percent for the fiscal year 2022. Finance Minister Nirmala Sitharaman defended the PF interest rate cut, claiming that the EPFO has a central board that decides what rate to pay them. He hasn’t changed it in a long time. However, they have now reduced it from 8.4 to 8.1 percent. 8.5% interest was paid in the fiscal year 2019-2020. Interest was also received at a rate of 8.5% in 2020-2021, as opposed to 8.65% in 2018-19, 8.55% in 2017-18, 8.65% in 2016-17, and 8.8% in 2015-16.

Balance check online

You do not need to go anywhere to find out the balance of your PF account. You can check your balance from the comfort of your own home. You can find out your balance by going to the EPFO’s official website, epfindia.gov.in. After visiting this website, select e-passbook. After clicking it, you will be prompted to enter your UAN number, password, and captcha. This will display the information related to the PF account. The member ID can be found here. If you choose it, your PF balance will be displayed on the E-Passbook.

SMS and missed call

You must make a missed call to 011-22901406 from the phone number associated with your PF account. You will receive a message on your register number immediately after making a missed call with PF balance information. SMS can be used to check the balance of your PF account. First, from the registered mobile number, send EPFOHO UAN . You must select the balance information option in the language in which it is available. For Hindi, for example, you must message by writing EPFOHO UAN HIN.

Check your balance using the app

To begin, you must first download the UMANG app. Then enter your phone number and log in to the app. Go to the top left corner menu and select ‘Service Directory.’ Look for the EPFO option and select it. After clicking View Passbook, enter your UAN number and OTP to check the balance.

Also Read – Nirmala Sitharaman stated that GDP growth will be 7.4% in the current fiscal year, and that this rate will be maintained next year

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