Subscribers have time till May 3

The petition claimed that while opting for higher contribution, a copy of the prior permission has to be given, which is mandatory under the EPF Scheme, 1952. The petitioners argued that the EPFO ​​never insisted on giving such permission and was accepting higher contributions.

They said that they are not able to fill the said column in the online option form, and without giving the proof of prior consent, they will not be able to submit the online option successfully. If they do not do so before the deadline of May 3, they will be deprived of the benefits of the scheme. The Supreme Court has given time till May 3 to choose the option of higher pension.

What did the Kerala High Court say to EPFO?

The EPFO ​​opposed the plea, arguing that permission was a “vital requirement” for availing the benefit. After listening to everyone’s arguments, the High Court said that the petitioners should get interim relief. The court said, “The Supreme Court has fixed May 3, 2023 as the last date for submitting the options. Now EPFO ​​is insisting on proof of prior consent for furnishing the details of the option under Para 26(6) of the EPS Scheme. Also, in view of the specific nature of the online facility provided for this, they are being prevented in a way from submitting the application regarding the said option.

Asked to provide online and offline facilities

The judge said that if the petitioners were not allowed to submit their options before the last date, they would be forever deprived of the opportunity to claim the benefits under the award of the court. The court directed the EPFO ​​and the authorities under it to “make adequate provisions in the online facility so that the employee/pensioner can easily exercise the option as directed by the apex court without proof of consent.” It said that if In case the online facility cannot be suitably modified, other viable options including physical submission of applications may be provided.

It said that the above facilities shall be made available to all within a period of 10 days from the date of the High Court’s order dated April 12. be made available to employees and pensioners.

The post EPFO Higher Pension Scheme: Relief news for EPF subscribers, this order of Kerala High Court will help first appeared on Rightsofemployees.com.

EPFO has to credit interest money for the financial year 2021-22. But, there was no update on this for a long time. EPFO had announced in October that EPF Subscribers will start getting money from November. But, till now the interest is stuck. However, the reason for this has not yet been disclosed openly by EPFO. Whereas, the Finance Ministry had approved interest payment at the rate of 8.1% in June 2022 itself.

EPFO trustees also expressed concern

The trustee of EPFO ​​has also expressed concern over the fact that money has not yet come into the account of the EPF account holder. This wait has been too long. But, now sources in the Ministry of Labor are telling that EPFO ​​can start putting it from 28 February. Means EPF Interest money will be credited before the festival of Holi. However, this is a long process. That’s why it may take time till March 15-20 to get the interest money in the account of all the account holders. However, EPFO ​​has not yet officially announced that it will start depositing money from February 28.

Interest money will be received before Holi

For the past few years, the account holders are not getting the EPF interest money on time. For 2020-21, 8.5% interest rate was fixed on PF in March 2021, while interest money was received in December 2021. At the same time, in March last year also, the interest rate for 2021-22 was fixed at 8.10 percent. But, the money has not been credited in the account yet.

Interest rate on EPF in last five years?

1- Year: 2021-2022
EPF Interest Rates: 8.10%

2- Year: 2020–2021
EPF Interest Rates: 8.50%

3- Year: 2019-2020
EPF Interest Rates: 8.50%

4- Year: 2018-2019
EPF Interest Rates: 8.65%

5- Year: 2017-2018
EPF Interest Rates: 8.55%

New rules for EPF withdrawal

The government has changed the rules of EPF withdrawal in the budget 2023. Big relief has been given to the account holders. According to the new rule, now TDS on withdrawal of EPF has been reduced from 30% to 20%. This will be applicable to those PF account holders whose PAN card is not updated in EPF account. According to the existing rules, if someone’s PAN card is not in the records of EPFO, then 30% TDS has to be paid on withdrawal of money, but from April 1, 2023, 20% TDS will have to be paid. If the EPF account holder withdraws within 5 years of service history, then he has to pay TDS.

How to check your EPF Balance?

• Follow the process given below to check balance online

Step 1- Visit the official website of EPFO ​​at epfindia.gov.in.

Step 2- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.

Step 3- When the new page opens, you have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.

Step 4- On login, there will be a drop down in front of you, it will have different PF account options. Select the current member ID.

Step 5- Now the passbook will open in front of you. In this, you can see the monthly contribution of both you and the employer. Along with this, the overall balance will also be visible. It will also show whether the interest amount has been credited or not. If interest has been credited by EPFO, then it will be reflected here.

Check balance through SMS and Umang App

You can check the passbook of your PF account to see whether your interest money has come or not. You can either visit the official website of EPFO ​​for this. Or you can also send the message ‘EPFOHO UAN ENG’ to 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through UMANG app.

The post EPF Interest credit date Confirm: Good news Account holders! On this day interest money will be credited in your account, check balance first appeared on Rightsofemployees.com.