PF i.e. EPFO ​​account is a savings scheme, in which guarantee-free interest is given to the members. This facility is available to those employees whose number or salary is more than 20. However, under this scheme, 12 percent of the basic salary and DA of the employee is deposited in the account and the company deposits the same amount in the PF account of the employees. Recently, the government has decided to give good news to the members of the Employees' Provident Fund Organization (EPFO).

It is being said that the government can soon transfer the interest of PF to the account of the people. According to the report, the central government has decided to deposit interest at the rate of 8.1 percent on the amount deposited in the PF for the financial year 2021-22. Explain that the government changes the interest rate every year and recently the government had reduced the interest rates on PF. But before that let us know what this EPF is.

What is EPF?

If you do not know about EPF, then let us tell you that Employees Provident Fund, also known as PF ie Provident Fund. This government scheme was started in 1952 under the Employees' Provident Fund Act. Since then it has become a mandatory savings ie retirement plan for the employees.

Explain that under the EPF Act, employees have to pay 12 percent of their salary every month to this fund. Apart from this, your company also contributes a similar amount to your PF account in the same way. The amount deposited in the PF account also gets interested annually, the rate of which is determined by the government.

There will be a change in the interest rate-

This year the government will transfer the interest amount to the account soon. It is being said that this time the account holders will get the money only after the interest rate is reduced and permission is taken from the ministry. Explain that retirement fund body Employees' Provident Fund Organization (EPFO) had reduced the interest rate for FY 2022 because the organization had reduced the interest rate to 8.1 percent from 8.5 percent last year.

Check your EPF balance like this-

You can check your PF balance both online and offline, let's know-how.

  • For this, first, you have to go to the EPFO ​​e-Sewa portal and then open the account by entering your UAN and password and captcha code.
  • As soon as you open the PF or EPF account, you will be asked to fill out some forms which you can fill out step-to-step.
  • After this, you will be asked for the KYC process which you will have to fill out.
  • After this, the reason for withdrawing money from the PF account will have to be given.
  • After this, you have to add the account number in the EPF to which you want to send the money.
  • Then you have to accept all the terms and conditions and finalize the form.
  • After this, OTP will come on your mobile, which has to be entered and submitted.
  • After submission, all the money will be credited to your account within about 10-12 days.

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