EPFO Big decision on March 4! Likely rate reduction in FY21 interest to cause major upset for PF subscribers

New Delhi: The 228th meeting of the EPFO central board of trustees (CBT) to be held on March 4 may have some bad news in store for PF subscribers. As per a report in a Business daily, Employees’ Provident Fund Organisation (EPFO) subscribers are likely to get lesser interest rates for their PF in FY 2020-21.

The Economic Times, quoting official sources said that the move may be necissiated following huge withdrawals and fewer contributions in the aftermath of the COVID-19 pandemic. EPFO has written a letter to the members of CBT apprising them about March 4 meeting. 

“Finance Investment and Audit Committee (FIAC) is looking into the impact on EPFO’s earning in 2020-21, based on which a final decision will be taken on the interest rate”, Economic Times quoting government officials said. 

On December 31, 2020, Modi government gave a big New Year gift to around six crore EPF subscribers who were eagerly waiting for the final nod from government on crediting of interest for 2019-20 in their employees’ provident fund (EPF) accounts.

Labour and Employment minister Santosh Gangwar announced that PF subscribers will start receivig 8.5 percent interest on their PF account from the above day onwards.

“I am happy to inform you that a notification has been issued & for year 2019-2020, our over 6 crore subscribers will receive 8.5 percent interest on PF amount. We have made such arrangements that you’ll start receiving these benefits from today,” Union Minister Santosh Gangwar said.

He added, “We know that circumstances in 2020 weren’t favourable for us. People were surprised when in 2020 beginning, we had said that we’ll try to give 8.5 percent interest on Provident Fund amount for year 2019-2020. Today, I am here to fulfill that promise.”

Meanwhile, if you are an EPFO subscriber, you could individually check all the details regarding your provident fund. EPFO subscribers can check their PF Balance from the comfort of home using four different ways –check PF balance using SMS, online, missed call and UMANG App.

Know how to check EPF account balance ONLINE

Log on to epfindia.gov.in 
Feed in your UAN number, password and captcha code 
Click on the e-Passbook
Once you file all the details, you will land up on a new page
Now open member id 
Now you can see the total EPF balance in your account

How to check EPF balance through UMANG App 

Open the UMANG App
Click on EPFO. 
Click on Employee Centric Services
Click on the View Passbook option 
Feed in your UAN number and password
You will get OTP on your registered mobile number
Now you can now check your EPF balance

How to check EPF balance through SMS

Apart from the mobile number, the members registered on the UAN portal may get their PF details by sending an SMS from their registered mobile numbers. For this, you are required to SMS ‘EPFOHO UAN’ to 7738299899.

How to check EPF balance through MISSED Call

EPFO subscribers, registered on the UAN portal, may get their PF details available with the Employees’ Provident Fund Organisation by giving a missed call at 011-22901406 from their mobile number registered with UAN.

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