How to Check EPFO Account Interest Credit…Know the EPFO Rules to Get Pension
Employees Provident Fund (EPF) has started the process of crediting interest to customers. The beneficiaries have been informed by EPFO that the interest has been fully credited and there will be no loss. PF customers can see the interest amount in their account soon. The process of crediting the interest is still going on, EPF said. Due to the update of R, it is not evident in the statements.
Central Board of Trustees:
The Contributory Provident Fund, Pension Plan, Insurance Program are all administered by the Central Board of Trustees (CBT), the apex decision-making body of EPFO for employees working in India’s organized sector. The interest rate on EPF accounts is usually decided by the CBT every financial year. To know how much interest has been deposited, you have to check the PF pass book.
How to Check EPFO Balance:
Everyone who has a PF account is allotted a UAN number. Download pass book based on this number. First you need to go to EPFS website. If you click on Service, it will say Employee, Employer. You have to click on Employees. If your UAN is already activated then click on Passbook. Otherwise click on online service.
You will see the option Active UAN. Click on it and enter your UAN number, Aadhaar number, name and phone number. After that an OTP will be sent to your phone number. Enter OTP and submit. Then the password will be sent to your phone. Enter UAN and password and login. After that you need to change the password. After 6 hours of password change you can login again and download pass book.
PF Balance can also be checked through Umang App Umang App. Go to play store and download Umang app. It requires login. After that there is PF option. Clicking on it will ask for login. If you enter the UAN number and click on Get OTP, you will get the OTP. After entering the OTP you will be logged in. Then you can download your passbook.
EPFO Interest Rate:
EPFO Interest Rate will be at the rate of 8.10 percent based on the money in the PF account. Those who have 1 lakh rupees in their account will get interest of Rs.8,100 for the Year 2022.
Employees Provident Fund Organization 12 percent of the basic salary and dearness allowance of the employees working in the private sector is credited to the provident fund every month. Also, the entire share of the employee goes to the EPF. 8.33 percent of the company’s share is deposited in the Employees’ Pension Scheme. The remaining 3.67 percent goes to the EPF.
EPFO Pension Facility:
We all know that employees working in organized sector have pension facility as per EPFO rules if they work for 10 years. In such a situation pension is available every month after the age of 58 years. The reason for this is that every month some amount is deducted from the salary of the employees which is deposited in the PF account. Employees have to follow certain rules to avail the benefit of this scheme.
Good news for those working in private sector. Must read this news if you have completed 10 years of employment. On behalf of the central government, there is a plan to give pension to private sector employees every month after retirement.
10 years Pension Rule in EPFO:
As per EPFO rules an employee must have completed 10 years of service to avail pension facility. But if any employee works for less than 10 years i.e. 9 years and 6 months then it will be recognized as 10 years of service. If the same works for less than nine and a half years it will be recognized as 9 years service even if it is only one day. Also if the employee withdraws the pension amount before retirement.. they will not get pension.
Things To Remember for EPFO Pension Eligibility:
1. Do not change your UAN number, if there is a gap After leaving the company you are working for.
2. When the employee shifts to different companies, the money is credited to the account on behalf of the new company. It will be added to your previous employment period. Therefore, there is no need to work for 10 years from the beginning again.
3. For example if working in two companies for 5 years then total 10 years will be completed so the respective employee will get pension benefit. Even if there is a gap between the two jobs, the total period of service is 10 years.