Crores of people working in the private sector are soon going to get a gift from EPFO as due to the low-interest rate on PF, it can be credited before December. Right now, there is only a delay in getting the seal of the Finance Ministry.
Since at present the lowest interest is being received on PF in 43 years, it is expected to get approval from the Finance Ministry soon. After this, interest can be credited to the PF account of EPFO members anytime soon.
The government can transfer the interest money to the PF account holders any time before the end of next month i.e., before June 30. At the same time, it is also said that EPFO can credit the interest money before the festive season of Dussehra-Deepawali. However, no official statement has come from EPFO about this, nor has the government made any announcements yet.
Normally PF interest is credited at the end of the year. This time due to low interest, it is expected that EPFO will not wait till December to credit. This will benefit more than six and a half crore subscribers of EPFO.
As of now, the interest rate on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, 8.5 percent was done on PF.
EPFO invests the money deposited in the account of PF account holders at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO invests 85 percent in debt options. These also include government securities and bonds. The remaining 15 percent is invested in ETFs. PF interest is decided based on earnings from debt and equity.
How to check PF Balance:
Go to the EPFO website. Select 'For Employees' from the drop-down of 'Our Services'. After that click on Member Passbook.
Select the PF account and you will see the balance as soon as you open it. To check balance through SMS 'EPFOHO UAN ENG' to 7738299899.
