The Labour and Employment Minister Santosh Kumar Gangwar has told that the Employees' Provident Fund Organisation (EPFO) has started crediting interest for 2019-2020. Around six crore EPF subscribers will get their interest at the rate of 8.5%,
The minister also told that said notification to the effect was issued earlier in the day and the process of crediting the amount into the accounts of the subscribers was underway. He said the announcement of 8.5% as the interest rate in March had surprised many, given the pandemic. He said the conditions in 2020 were not favourable. But, he was happy to announce that the decision taken in March was being implemented now. Of the amount, the 8.15% came from debt income and 0.35% from capital gains from the sale of Exchange-Traded Funds (ETFs), he said.
The EPFO had proposed in September to make the payment in two instalments of 8.15% and 0.35% after selling its investments in the ETFs. However, after the sale of the investments, it was able to propose crediting the entire 8.5% interest in one go, which the Finance Ministry approved, according to sources.
An EPFO official said the process had started on Thursday and that the ₹1,000 crore interest should get credited in all accounts within one week.
EPFO subscribers can check their PF Balance from the comfort of home using four different ways --check PF balance using SMS, online, missed call and UMANG App.
Know how to check EPF account balance ONLINE
How to check EPF balance through UMANG App
How to check EPF balance through SMS
How to check EPF balance through MISSED Call