If your EPF account comes under an Exempted Trust, then the process of giving interest at the same rate will be started there too. Let us know how much interest will you get on EPF? When will this interest be visible in your account? Do you lose interest due to delay in this or not?

How much interest will you get on EPF?

As per Para 60 of the EPF Scheme (Employees Provident Fund) 1952, EPF interest is calculated on the running balance of every month and is credited to the account at the end of the year.

Suppose the total balance in your EPF account on 1 April 2024 is Rs 5 lakh. Your basic salary is Rs 60,000 per month. You deposit 12% of your salary every month i.e. Rs 7,200. Your employer also deposits Rs 7,200. But out of this amount of the employer, 8.67% goes to EPS (Employee Pension Scheme), which is a maximum of Rs 1,250. The remaining balance comes into your EPF account.

In this way, in the whole year, your contribution to EPF will be Rs 86,400 (7,200 × 12) and the employer’s contribution will be Rs 71,400 (excluding Employee Pension Scheme contribution). Interest will be calculated on this entire amount and the existing Rs 5 lakh at the beginning of the year at the rate of 8.25% annual interest.

When will EPF interest be credited to the account?

Usually EPF interest is credited at the end of the financial year, but its credit is delayed in the account. Sometimes interest credit is visible only by September or October. Account holders are advised to check the status of their EPF account through the EPF passbook website or UMANG app or SMS.

What is the loss due to delay in EPF interest?

No, delay in credit of EPF interest does not cause any loss to the account holders. Interest is calculated on the average balance of the entire year and the full interest is received even if it is visible after a few months.

How to check EPF balance?

If you are facing problem in logging into EPFO ​​passbook website, you can try these options.

UMANG App

SMS Service

EPFO Helpline Number

Official website of EPFO

This is good news for EPFO ​​account holders that the government has approved the interest rate of 8.25% for 2024-25. Now the account holders just have to wait a bit, the interest will be added to their account soon.

The post EPF Interest Rate 2024-25: Government approves 8.25% interest on EPF, know when will you get the interest? first appeared on Rightsofemployees.com.

The Investment Finance and Audit Committee of the Employee Provident Fund Organization is going to meet next week in which the income and expenditure of EPFO ​​for the current financial year 2024-25 will be considered. In this meeting, it will be decided how much interest should be given on the Employee Provident Fund and then the final seal on the interest rate will be put in the meeting of the Central Board of Trustees to be chaired by Labor and Employment Minister Mansukh Mandaviya. After the interest rate is decided in the meeting of the Central Board of Trustees, it will be sent to the Finance Ministry for approval.

For the financial year 2023-24, EPF account holders got interest at the rate of 8.25 percent, 8.15 percent in 2022-23 and 8.10 percent in 2021-22. It is believed that in the current financial year, EPFO ​​has got a great return on its investment. At the same time, EPFO ​​has created history in the matter of Provident Fund claim settlement. In the financial year 2024-25, the Employee Provident Fund Organization has settled more than 5 crore claims, which is a record. In the financial year 2024-25, EPFO ​​has settled 5.08 crore claims worth Rs 2,05,932.49 crore, which is much more than the 4.45 crore settlement of Rs 1,82,838.28 crore in the financial year 2023-24.

At present, EPFO ​​has more than 7 crore subscribers. For those employed in the organized sector, especially the private sector, the money deposited with EPFO ​​is considered the biggest social security scheme. Every month a fixed portion is deducted from the salary of private sector employees in the name of PF. The employer contributes to PF. Employees can withdraw PF money in case of job loss, building or buying a house, marriage, children’s education or retirement.

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Employees Provident Fund Organization members and Employees Pension Fund (EPF) account holders will not face any problem in withdrawing PF money, because now EPF offices will not be able to easily reject the claim. A new guideline has been issued in this regard.

EPFO members have been given relief from the problems they face in withdrawing PF money and the problem of repeated claim rejections. The Finance Ministry has said that the claims of EPFO ​​subscribers should not be rejected more than once and the claims should be settled within the stipulated time.

It was said that cases of delay in payment and harassment are coming to the fore. It has been observed in many cases that claims were rejected for a particular reason and when it was resubmitted after correction, it was again rejected for other/different reasons. All responsible officers associated with EPFO ​​should ensure that no claim is rejected.

When can members withdraw EPF money?

The amount deposited in EPF account can be withdrawn partially or completely. PF funds can be withdrawn when the employee retires or remains unemployed for more than 2 months continuously. At the same time, some part of the amount can be withdrawn in circumstances like medical emergency, marriage, home loan payment etc.

Online way to withdraw PF

1. First of all, EPFO ​​members log in to the UAN member portal with their UAN and password.
2. Now click on Online Services tab from the top menu bar and select Claim (Form-31, 19 & 10C) from the drop down menu.
3. After this your information will be shown on the screen. Enter the last 4 digits of your bank account and click on Verify.
4. Now click on Yes to sign the undertaking certificate and proceed.
5. Now select the Proceed for Online Claim option.
6. Select PF Advance (Form 31) to withdraw your PF funds online.
7. After this, a new section of the form will open, in which you will have to fill the Purpose for which advance is required and select the required amount and the address of the employee. Keep in mind that all the purposes of withdrawing money will be mentioned in red colour.
8. Now tick on verification and submit your application.
9. Depending on the purpose for which you have filled the form, you may be required to submit scanned documents.
10. Your company will have to accept your withdrawal request, after which the money will be withdrawn from your EPF account and credited to the bank account details you entered while filling the withdrawal form.
11. An SMS will be sent to your mobile number registered with EPFO. Once the claim is processed, the amount will be transferred to your bank account. This money usually arrives within 15-20 days.

The post EPFO Online Claim: PF claim will not be rejected again and again, online process made easy, know first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has extended the last date for submission of applications to opt for higher pension (EPFO Higher Pension) till July 11. This time period is given to the employees. It has been extended by 3 months for the employer. This is the third time for the employees when the deadline to apply for opting for higher pension has been extended.

First of all, after the order of the Supreme Court, time was given till March 3, 2023 to choose higher pension. After this it was increased to 3 May. The last time it was extended till 26 June. Now it has been changed to 11th July. EPFO said in a statement issued on Monday evening that the eligible pensioners / shareholders have been given a last opportunity of 15 days to settle any kind of problem related to higher pension.

EPFO statement:

As per the statement, any eligible pensioner or EPFO ​​member who is not able to update KYC and is facing difficulty in submitting the application for validation of option/joint option may immediately visit ‘EPFI GMS’ Complain about it. According to EPFO, this complaint can be made by going to the Grievance Category in ‘High Pension Benefits on High Salary’. Even after this, the record will be safe for redressal of any complaint.

How is the pension made now?

No provision for pension was made under the EPF and Miscellaneous Provisions Act, 1952. Since the introduction of EPS in 1995, pension has been given. Money was put into EPS by the employer. No amount was taken from the employee in this. Let’s understand it more clearly. Both the employee and the employer pay 12-12 percent of the employee’s basic salary and dearness allowance to the EPFO. The entire share of the employee goes to the EPFO. At the same time, out of 12 percent of the employer, 8.33 percent goes to EPS (this is the pension fund) and the remaining 3.76 percent goes to EPFO.

What changed for higher pension?

In 2014, amendments were made to the EPF scheme and employees were also empowered to contribute 8.33% of their actual salary or maximum pensionable salary to EPS. In 2014, the maximum pensionable salary was increased to Rs 15,000. Before that it was Rs.6500. If someone’s actual salary comes out above 15000, then he can put 8.33 percent of it in EPS.

The employer who was earlier putting 8.33 per cent in this fund will now have to contribute an additional 1.16 per cent to the EPS. The Supreme Court had issued an order in this regard last month. Significantly, the contribution of employees to EPS will increase the pension but the money going to EPF will decrease. Due to which the lump sum amount received by the employees after retirement will also reduce.

The post EPFO Deadline Extended: Good news for EPF account holders, the last date for higher pension has been extended first appeared on Rightsofemployees.com.

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPF Amount Transfer: Good News! 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.