After the approval of the Ministry, 8.5 percent interest will be given to the Provident Fund account holders. This will benefit more than six crore account holders of the Employees’ Provident Fund Organization (EPFO).
The Finance Ministry has accepted the proposal of the Ministry of Labor, in which the interest to be received by the PF account holders for the financial year 2020-21 was to be determined. After the approval of the Ministry, 8.5 percent interest will be given to the Provident Fund account holders. This will benefit more than six crore account holders of the Employees’ Provident Fund Organization (EPFO).
Labor Secretary Sunil Barthwal told Economic Times that it is like a Diwali gift. Soon this order will also be notified. It is noteworthy that the EPFO, which manages the retirement fund, comes under the Ministry of Labor.
It is also worth noting that there has been no change in the interest rate of EPFO this year also, but it has been kept as it is. Not only this, due to the Kovid epidemic in the last one year, there has been more withdrawal than contribution in EPFO.
In March 2020, the interest rates on PF were reduced from 8.65 percent to 8.5 percent. This is the lowest interest rate in seven years. In the year 2012-13, interest was given on PF at the same rate.
See interest money sitting at home
You can also see whether interest money has come in your PF account or not. If the interest amount has not arrived in your account, then you can also complain about it. To find out the interest amount, you have to visit the website epfigms.gov.in.
Here you will get the option of Register Grievance. After clicking on it, you can choose your status among PF Member, EPF Pensioner, Employer, Others from your profile. You have to choose PF member for complaint. After this process is completed, you will fill your UAN number and security code and click on the Get Details button, then your personal information will be revealed.
Let this Diwali bring double happiness for many people. Earlier it was reported that the Yogi government of Uttar Pradesh is also preparing to give a double gift to 28 lakh employees and pensioners of the state before Diwali. According to the proposal sent by the Finance Department, the government can increase the dearness allowance by 3 percent. Which can be announced soon. This will take the current rate to 31 per cent. According to the information, the state government can give the payment of Diwali bonus and dearness allowance to the employees and pensioners simultaneously.
This Diwali has also brought good news for the central employees. The Union Cabinet has given the gift of Diwali to the employees by increasing the dearness allowance by three percent. This dearness allowance has been implemented from July 1. With this, along with the increase in dearness allowance for July 2021, arrears will also be available. Along with 31 per cent DA, the government will also pay arrears to central employees.
