New Delhi: Salaried workers might receive lower returns on their mandatory investment as the Employees’ Provident Fund Organisation (EPFO) might lower interest rate by 15-25 basis points for this fiscal.
If reports are to be believed, the EPFO is likely to announce the revised interest rate by January 31 post meetings with its investment officials, Central Board of Trustees and the executive committee members.
Speaking to a business portal, a government official said that the decisions to lower the interest rate has been taken in wake of the economic downturn, lower yields on debt- market instruments and lower interest rates on similar offerings such as the public provident fund and government provident fund.
The economic downturn was visible this year. The falling returns on debt instruments will force the EPFO to tinker its 2019-20 payout downwards,” an official told Mint.
Earlier last year, on October 9, the EPFO had hiked the interest rate to 8.65% for the financial year 2018-19. Besides, all Group B and Group C employees, as per the EPFO notification, had also received 60 days bonus under the Productivity Linked Bonus Scheme.
Follow these steps to check PF balance on EPFO website:
Log-in to the EPFO website (www.epfindia.gov.in).
-Go the ‘Our Services’ tab and click on the ‘For Employees’ option.
-Click on the Member Passbook.
-Submit your UAN number and password.
-After logging in, you can access your PF account and check your available balance.
Follow these steps to check PF balance Via Umang:
Open the Umang app on your smartphone then select EPFO.
Click on the ‘Employee Centric Services.’
Click on ‘View Passbook’ to check your EPF balance.
Enter your UAN and click on Get OTP
Enter the OTP and click on ‘login.’
Select the member ID of the company for which you want to check the EPF balance.
Your passbook will be displayed on the screen along with your EPF balance.
Via SMS service
For EPF balance check through SMS, one’s UAN and bank account has to be linked with PAN and Aadhaar card number. Those who want to check balance can send an SMS from registered mobile number in the format EPFOHO UAN ENG to 7738299899. The last three digits of the message represent the language in which the subscriber wants his/her reply from the EPFO. Once the message is sent, the EPFO will process the inquiry and send the PF balance in reply to the SMS.