After the tax exemption, now the government can take a big decision regarding the interest rate of Employees Provident Fund (PF). The meeting of the Central Board of Trustees of EPFO ​​​​is going to be held on 28 February, in which there can be a discussion on increasing the interest rate on PF for 2024-25.

The official agenda of this meeting has not been released yet. At the same time, this meeting will be chaired by the Union Labor Minister and representatives of employer associations and trade unions will also attend it.

PF interest rate may increase

The main focus of the Government of India at this time is to increase the demand in the market and many steps are being taken for this. After not taking tax on income up to 12 lakhs, the government wants people to increase domestic consumption as much as possible by increasing their additional income. In such a situation, it is being speculated that the interest rate on PF for 2024-25 can be increased.

EPFO has so many account holders

The government did the same in the last two years. The interest rate of PF was made 8.15% in 2022-23 and 8.25% in 2023-24. Now looking at the base rate of banks, it can be said that there may be a slight increase in the interest rates of PF. Let us tell you that EPFO ​​has accounts of more than seven crore people in the country. At the same time, according to the annual report of the year 2023-24, EPFO ​​has seven crore 37 lakh account holders. Apart from this, the number of people depositing money in the pension fund of EPFO ​​has also increased to about eight lakh.

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ATM cards will be provided to EPFO ​​members

In case of any emergency, EPFO ​​members will be able to withdraw money up to a fixed limit. The Union Minister said that after the launch of EPFO ​​3.0, ATM cards will be provided to EPFO ​​members. He said that the first phase of upgrading the website and system under IT System 2.01 will be completed by the end of January 2025. After this, there will be no problem in withdrawing money from the PF account due to mistake in the name or any other reason. He claimed that by May-June the entire system of EPFO ​​will start working like a bank.

EPFO data is being centralized

Under IT System 2.01, all the data of EPFO ​​is being centralized. Talking to journalists, he said that currently PF account holders have to face many problems while withdrawing money. But after the system upgrade, problems like mistake in name, Aadhaar and bank account number not being updated and PF of old company not being transferred will not be faced. After the system upgrade is complete, many types of work including PF withdrawal will be done easily. After this, it will not take much time to catch the mistakes and correct them.

Employment increased in NDA government compared to UPA government

Countering the opposition’s allegation of rising unemployment in the country, Mandaviya claimed that employment has increased in NDA government compared to UPA government. He said that employment in the country has increased by 36 percent in the last 10 years to 64.33 crores in 2023-24. Whereas in 2014-15 it was 47.15 crores. He said that under the UPA government, employment had increased by about 7 percent between 2004 and 2014. He said that during the UPA government, only 2.9 crore additional jobs were created between 2004 and 2014, while under the Narendra Modi government, 17.19 crore jobs were added between 2014-24.

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PPO number is very important

Actually, the PPO number is issued by the Employees’ Provident Fund Organization (EPFO) to the person retiring from any company. Without this pension cannot be received. That’s why it is very important to have it. In fact, the Employees Provident Fund Organization (EPFO) also provides the facility of checking salary status etc. from the PPO number given for the identification of the beneficiary. So let’s know the process of getting it back.

How to apply?

1. First of all go to the official website of Employees’ Provident Fund Organization https://www.epfindia.gov.in/site_en/index.php .
2. Now in the ‘Online Services’ section, click on the option of ‘Pensioners Portal’.
3. Now a new page will open in front of you. Here you click on ‘Know Your PPO No’.
4. Here you fill your bank account number in which your pension comes every month. If you want, you can also search by entering your PF number.
5. After filling all the details submit it.
6. After this you will see your PPO number on the screen.

PPO number is mandatory

This special 12-digit number works as a reference for you.
Through this, the Central Pension Accounting Office is contacted.
It is also easy to transfer your account from one bank to another branch by entering the PPO number in the pensioner’s passbook.
For any kind of pension related work or complaint, it is mandatory to give PPO number in EPFO.
It is very important to write this number even to see the pension status.

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Do you work in a company with less than 20 employees? Are you self employed? So soon you are going to get good news. You can also open an account in Employee Provident Fund Organization (EPFO) like employed people. Actually EPFO ​​has proposed to connect all the people working in organized sector with EPFO ​​and opening EPF account for those who are self-employed. For this, EPFO ​​has suggested to abolish the salary limit of Rs 15,000 and to do away with the rule of opening EPF account of employees of a company with more than 20 employees.

EPF account will open even if you are self-employed!

Actually, at present, to open an EPF account, it is necessary to have a minimum salary of Rs 15,000. Also, the EPF account of an employee of the same company can be opened where at least 20 employees work. But after amending this rule, self-employed people can also open EPF account. So all the employees working in the organized sector, even if there are less than 20 employees in the company, their EPF account can be opened after the amendment of the rule. Along with this, self-employed people will also be able to open their EPF account. EPFO is in talks with the state governments in addition to the stakeholders regarding this proposal.

The number of EPF account holders will increase!

If the proposal of EPFO ​​is agreed to, then the limit of salary will also end in addition to the headcount rule in the company to join EPFO. Doing this will help in increasing the number of EPF account holders to more than 5.5 crores. Along with this, self-employed will also be able to join the social security scheme. Not only this, EPFO ​​will be helped to increase their fund corpus, after which they will be able to increase the investment limit in the stock market from the existing 15 percent.

Enrollment will increase in social security scheme!

Let us tell you that EPFO ​​provides insurance benefits to the account holders for Employees’ Deposit Linked Insurance Scheme in addition to pension through Provident Fund through EPF, Employees’ Pension Scheme. Social Security Code 2020 also has a provision to provide retirement benefits of ESIC and EPFO ​​to organized sector workers, gig and platform workers. For this, necessary amendments have been asked through the notification.

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To transfer PF, you must have an active UAN number and its password. Apart from this, all the information should be filled in your UAN number like bank account number, mobile number, Aadhaar number should be updated. 

How can check PF account balance – 

1. You have to visit the official website of EPFO ​​https://unifiedportal-mem.epfindia.gov.in/memberinterface/ .
2. Now you have to login after entering UAN number, password and captcha. 
3. After login, you have to go to the home page. 
4. Now here you have to go to the Members Profile and check all your personal details here.
5. Here you have to verify your name, Aadhar details and PAN card. 
6. Apart from this, email id, mobile number and bank account details should also be filled correctly. 
7. Before transferring PF, you should check your passbook. For this, you have to go to View where the option of Passbook will appear.
8. After clicking on passbook, you have to log in once again. 
9. After login, as soon as you click on the select member id, a complete will be opened. 

The balance of all the old companies will be visible,

now let us tell you that the member IDs of all the companies you have worked for will be shown to you. The ID which will be at the bottom in this will be your current company. Here you will see the PF balance of all your companies by going to View Passbook. 

How to transfer old EPF to new

1. Before transferring old PF, it is necessary to update the entry and exit dates. 
2. You have to go to View and click on the option of Service History.
3. If the old company has updated both the dates, then your PF will be transferred easily. 
4. You have to go to Online Services and click on ONE MEMBER ONE EPF ACCOUNT (transfer request). 
5. A new page will open in front of you where you will get personal information. 
6. Apart from this, you will get the details of the PF account of the existing company, in which you are going to get the old PF money. 
7. Just below it will be the details of the old employer from which to transfer PF. The PF transfer you are going to get here has to be approved by your current or old employer. 
8. After this, you have to enter your UAN details, as soon as you do this, the PF ID of all your previous companies will come, select the one whose money is also to be transferred.
9. After this you have to authenticate it through OTP. Click on GET OTP. 
10. Here you will see THE CLAIM HAS BEEN SUCESSFULLY SUNMITTED 
11. Here you will see the transfer claim status.
12. Now you have to get a print out of it and give it to your company for attestation, it will be sent to the PF office
12. Now in 7 to 30 days your old PF balance will be transferred to the new account.

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Because the government is soon going to deposit Rs 72,000 crore in the accounts of more than 6 crore employees of the country. Let us inform that the Modi government of the Center is going to transfer the interest rate of the financial year 2022 to the accounts of EPFO ​​account holders soon. The interest rate will be 8.1 percent. According to the information received, the government has prepared its complete outline. Transfer money to EPFO ​​account holder’s account only. It is being said that the government will transfer the interest money by June 16.

How to check your status To check your status, visit the official website of EPFO ​​(epfindia.gov.in). Here you click on your e-passbook. After clicking on it, you will have to enter your UAN number, password and captcha on your passbook.epfindia.gov.in. As soon as you enter the PF account, all the details related to your PF account will come in front of you. Here you will see the member ID which you will select. Here you will see your PF balance on ePassbook.

Last year people had to wait 6 to 8 months for interest. But, this year the government is preparing to transfer money to the accounts of the given people soon. According to media reports, you will get interest till June 16. This interest is at its lowest level in 40 years. Because before that the interest rate has always been high. Therefore, the employees working in the organized sector will not have to wait any longer for the interest amount this time.

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