New Delhi: The central government employees will have the best Diwali this time as the Employees Provident Fund Organisation (EPFO) has decided to give 60 days bonus to all Group B and Group C EPFO employees. A notification in this regard was issued earlier by the Ministry of Labour. All Group B and Group C employees, as per the EPFO notification, will get 60 days bonus under the Productivity Linked Bonus Scheme for the financial year 2018-19.
Some reports also suggest that the EPFO has started crediting interest to provident fund accounts and several PF account holders have already received interest credit of 8.65 per cent for the financial year 2018-2019 ahead of Diwali. Employees can check their PF/Provident Fund balance by using UMANG App, SMS, EPF portal or by just giving a missed call.
Check PF Balance
On October 9, the EPFO stated that the rate of interest on Employees’ provident fund (EPF) has been increased to 8.65% for the financial year 2018-19. It will credit around Rs 54,000 crore as interest in the accounts of over 6 crore members.
The interest rate till now was 8.55%, which was approved for 2017-18. It is to be noted that rate of interest of 8.55% for 2017-18 was the lowest in the last five years. In 2016-17, the interest rate was kept at 8.65%, while in 2015-16 it was 8.8%. The EPFO had provided 8.75% interest for 2013-14 as well as 2014-15, while in 2012-13, the rate of interest was 8.5%.
The development comes after the Labour Ministry following the Finance Ministry’s approval, announced to increase the interest rate Last month.
In a statement to news agency PTI, Union Labour Minister Santosh Gangwar said, “It gives me immense pleasure that for fiscal 2018-19, the Labour Ministry has notified 8.65% rate of interest on EPF. This rate of interest is 10% higher than 8.55% prescribed for 2017-18.”