Employees enrolled in the EPFO (Employees’ Provident Fund Organization) would be delighted to know that the EPFO has acknowledged that the EPF holders likely to get 8.5% interest on PF balance.
EPF Holders Likely To Get 8.5% Interest On PF Balance
By the end of July 2021, the Provident Fund Regulatory Authority is expected to decrease the interest rate for FY 2020-21 of the Employee Provident Fund (EPF) by 8.5 percent. The regulatory authorities held the EPF’s interest level steady for FY 2020-21 because the withdrawals were higher than contributions throughout the financial years.
During the fiscal year 2019-20, the government cut the EPF interest rate to an all-time low of 8.5 percent, down from 8.65 percent.
The EPFO consists of more than 6 crores of EPF Registration currently participating in the incredibly powerful investing system supplied by the regulating agency for pension accounts. Net new EPF Registration, as per the payroll data, EPFO, climbed in February by about 20 percent to 12,37 lakh compared to the same month in the previous year (2020).
The provisional EPFO salary statistics showed an increasing trend in which the Ministry of Labor and Employment added 12,37 lakh, new subscribers, with EPF Registration in February. Around 7.56 lakh net users were new members added during February 2021.
Before accessing your EPF status, it is required to enable your UAN. A password will appear on your mobile screen of the registered number. Only six hours after registering their UAN, subscribers can view their PF status. Our professionals will help you in whole process.
In case, you need any kind of direction connected with the EPF Registration, please feel free to communicate with our business advisors at 8881-069-069.
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