Crores of people working in the private sector (Pvt Sector) are going to get a big shock soon. A decision is going to be taken this month regarding the rate of interest on PF. There is a possibility that interest on PF may be reduced further for the current financial year. This news is disappointing because PF is already getting the lowest interest in 43 years.
This is how the interest on PF reduced
Currently, EPFO has more than six and a half crore subscribers. At the same time, the rate of interest available on PF is at the lowest level in many decades. EPFO had fixed the rate of interest of PF at 8.1 per cent for 2021-22, which is the lowest rate of interest on PF after 1977-78. Earlier in 2020-21, interest was being received on PF at the rate of 8.5 per cent. There was no change in the rate of interest of PF in the fiscal year 2020-21. Just a year before this, in 2019-20, this interest rate was reduced from 8.65 per cent to 8.5 per cent.
Crores of people will be harmed
Now it is being told that the meeting of EPFO is going to be held on March 25-26, in which a decision can be taken regarding the interest. According to the news published in an English newspaper, the interest on PF can be further reduced to 8 percent. According to the news, Lok Sabha elections are going to be held next year. Before that, assembly elections will also be held in many important states. For this reason, there is no scope to reduce the interest on PF much, but it is possible to reduce it as compared to last year. If this happens, then crores of people working in the private sector are going to suffer a direct loss.
EPFO invests in these places
Let us tell you that Employees Provident Fund Organization ie EPFO invests the amount deposited in the account of PF account holders in many places. A part of the earnings from this investment is returned to the account holders in the form of interest. At present, EPFO invests 85 per cent in debt options, which include government securities and bonds. The remaining 15 per cent is invested in ETFs. PF interest is decided on the basis of earnings from debt and equity.
How to check PF balance (How to check PF Balance):
- Go to the website of EPFO.
- Select ‘For Employees’ from the dropdown of ‘Our Services’.
- Click on Member Passbook.
- Login with the help of UAN number and password.
- Choose the PF account and you will see the balance as soon as you open it.
- To check balance through SMS, send the message ‘EPFOHO UAN ENG’ to 7738299899.
- PF balance can also be checked from Umang app.