There is a big good news for the account holders of Employees Provident Fund Organization ( EPFO ). Account holders will not face any problem in updating 11 details related to their account including name, date of birth and gender.
EPFO has issued a Standard Operating Procedure ( SOP ). By providing EPF account holders the facility to update their personal information, the number of claim rejections will also reduce and the risk of fraud will also reduce. By providing EPF account holders the facility to update their personal information themselves, the number of claim rejections will reduce. Besides, the risk of online fraud will also reduce.
You will be able to do these 11 updates easily
If the information submitted to EPFO and the information filled in the claim form at the time of making the claim does not match, the claim gets rejected. But now EPFO has issued a circular saying that EPF members can correct or update 11 details. The information that can be updated includes name, gender, date of birth, father’s name, relationship, marital status, date of joining. Date of joining, reason for leaving, date of leaving, nationality and Aadhaar number are included.
Interest on PM will increase
This month there is an important news for the account holders of Provident Fund. It is being told that by the end of the month of August, the interest received on the deposits of the account holders will be deposited in their account. Giving a big gift to the account holders, the interest rates have been increased by the central government. This year EPFO will give 8.15 percent interest on the deposited amount.
However, to get this interest amount, everything must be fine in your account. If the details do not match in the PF account, the interest amount may be denied. To get the amount of interest, it is most important that the account is linked with Aadhaar card. If the UAN account is not seeded with Aadhaar, the money will not come into the PF account. Verification and seeding is mandatory to avail the benefits.
UAN number will have to be linked with Aadhaar number
For EPFO members to get the interest amount coming into their account, first of all it is very important to link the UAN number with the Aadhaar number. Along with this, employees who have opened a new account or made any changes in the account details are also required to link Aadhaar. To link Aadhaar, first go to EPFO website. Login by giving the information sought there and go to the account. Click on KYC under Manage menu. Select the Aadhaar option and enter your details. After that click on save. Here UIDAI data will be verified using. After completion of KYC, Aadhaar will be linked to the EPF account.
What is EPFO?
Employees’ Provident Fund Organization (EPFO) was established in 1951 by the Ministry of Labor and Employment, Government of India. People are encouraged to save for retirement through this statutory body of the Government of India. The current interest rate on PF is 8.15 percent. It is possible to easily calculate the interest amount that will be credited to the EPF account at the end of a financial year. This amount is added to the employer’s and employee’s contribution at the end of the year to arrive at the total balance in the account.
How to check PF account balance
Visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/ to check your balance in EPFO account . Log in here with your Universal Account Number (UAN) and password. If you have not activated your UAN, you can do so by clicking on “Activate UAN” on the login page. After logging in, go to the “View” section and click on “Passbook” to view your EPF account balance, contributions and transactions.