GoodNews has more than six million subscribers across the country covered by the EPFO. According to the Zee Business report, the Employees Provident Fund (EPFO) will pay 8.5 percent interest for the financial year 2020-21 through the end of July.
The EPF interest is credited directly to the beneficiary’s account by the end of July. The Ministry of Labor has given the green signal for the proposal, the report said.
At a meeting of Central Board of Trustees (CBT) chaired by Labor and Employment Minister Santosh Kumar Gangwar in Srinagar in March, the EPF rate was set to be kept at 8.5 per cent. This is the lowest interest rate offered by the Social Security Institute of India in the last seven to seven years.
Covid-19 Background: The opportunity to get Piff advance money
In the wake of the Kovid-19 second wave in India, the EPFO is allowing its members to take the Kovid-19 advance. This can be applied in the same way as PF Withdraw applied last year to Kovid.
Aadhaar Lind Mandatory with PF
It is mandatory to link Aadhaar to PF account with effect from 1st June. If not, the employer’s PF contribution will not be credited to the account. This time the Aadhaar alignment responsibility has been assigned to the employer. Notify their employee and ensure that the PF account is aligned with Aadhaar.
According to the new rule, Employer contribution will be terminated if Aadhaar fails to link to PF account.
How to link EPF-Aadhaar online
– You must first log in to the EPFO website and log in.
- Enter Universal Account Number (UAN) and Registered Mobile Number
- Generate and submit OTP. Plus select the gender
- After doing this, enter your Aadhaar card number and select ‘Aadhaar Verification’ method.
- Select the ‘Use mobile or e-mail based verification’ method
- Then another OTP will come to your mobile. Enter that OTP.
- Finally, your PF account will be linked to Aadhaar.
Be sure to link PAN card with Aadhaar!
The EPFO recently asked PF account holders to settle the emergency. This is to link the PAN card to the PF account. If your PAN is linked to a PF account, better, sleep as soon as possible.
What happens if a PF does not link to a PF account?
If you do not link the PAN to a PF account you will suffer two major losses. The first of these is that when you apply for a PF withdrawal, the maximum tax TDS will be deducted on it. This can be avoided if the PAN card is linked. Second, you may have trouble getting the money. The PF account is less than five years old and the people who have deposited in the account have paid Rs 50,000. If higher, the money will be taxed.
