EPFO to credit 8.5% interest soon: Here’s how to see PF Balance online
Zee News
A minimum of 12% of an employee's base salary and performance wages must be deducted as provident fund contributions, with the employer contributing another 12%.
New Delhi: The ministry of finance has approved an interest rate of 8.5 percent on deposits in provident fund accounts for the fiscal year 2020-21. The decision, which will be implemented soon, will benefit almost six crore EPFO pensioners, as the retirement body will credit the money into their accounts in the coming days. Representatives from the labour ministry had asked the finance ministry earlier in October to expedite the decision to set the interest rate at 8.5 percent.
A minimum of 12% of an employee's base salary and performance wages must be deducted as provident fund contributions, with the employer contributing another 12%. If you're an employee, you may find out how much money you have in your provident fund when your employer gives you your EPF statement at the end of the fiscal year. As a result, you don't have to rely on your company to supply the information because you may check your balance at any time utilising various digital ways. Checking from the Umang App, EPFO member e-sewa website, SMS, or missed call are all options. Read on to learn more about them.
Umang App
