EPFO has come with a good news before Diwali festival to all the PF Subscriber. As EPFO has declared the rate of interest for Employees Provident Fund members for the accounting year 2020-2021.
The Ministry of Labour and Employment, Government of India has taken the approval from Central Government under para 60(1) of Employees Provident Fund Scheme, 1952. The approval is taken to credit interest of 8.50% for the financial year 2020-2021 to the account of each member covered under the EPF Scheme as per the provision under para 60 of EPF Scheme, 1952.
EPFO has announced the good news in a circular dated 30 October, 2021 having circular number INV-11/1/2020-INV. EPFO has started crediting the interest in approximately 25 crore EPF account of EPF member.
Download the official Notification: Click here.
How to check your PF Balance
There are multiple option available to check your provident fund balance.
- PF balance checking via Miss call.
- Via SMS.
- Through EPFO official website.
- PF balance via UMANG App.
You may check the article: Want to know your EPF balance here is how you can check it
Brief about Provident Fund
Provident Fund is a part of social security benefit scheme provided by the employer to every contractual, casual and daily wages worker in India under the provision of the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
A company, establishment or firm having more than 20 employees required to registered under EPF Act. There is a provision under the Act where company or firm get the registration under EPF Act voluntarily if employee count is less than 20.
Employees working in private sector companies, firm who earns salary of rupees 15000 or less covered under the EPF Act. The definition of salary should be Basic+ DA+ Retaining Allowance. Employees getting salary more than rupees 15000 also can become the member of provident fund with special permission of PF commissioner. But the employer also required to agree for the condition.
You may visit the official website for more information.