Wait is Over! PF account holders received 8.50% interest for FY-21, Almost 23.44 crore accounts have been boosted with an interest of 8.50% for the FY21. Employee’s Provident fund Organization Declared in October, and finally announced this on Dec 13, 2021 on their Official Twitter handle.

The Ministry of Labour and Employment, seeked Central government’s approval under paragraph 60(1) of The Employees’ Provident Fund Scheme, 1952. The Act allows the Commissioner “To credit to the account of each member the interest rate determined by the Central Government consulting the Central Board.”

EPFO has mandated the addition of a nominee to the account of PF holders, which can also be done online. 31st Dec’21 is the deadline declared to add the nominee. If you fail to comply with this requirement, then you may face loss at the time of any mishap and the benefits such as pension or insurance money may be waived off.

EPFO made a statement that, “For the social security of their family, subscribers can avail the e-nomination facility for themselves. E-nomination should also be filed to claim benefits from pension, provident fund, or insurance services online. It is of great necessity that subscribers do the needful so that they can protect as well as secure their parents, spouse, and children through the services of insurance, provident fund, and pension.”

In case of any mishap, this nomination helps the dependents of the PF account holder to feel secured and avail the benefits to which the PF account holder was eligible.

EPFO claims to be, “one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken.” It definitely serves the purpose it promises by providing old age income security.

• Easy online access to member account
• Monthly updating member’s accounts
• Reliable and improvised on-line services
• Encourages voluntary compliance
• Keeps an eye on all establishments ensuring proper compliance
• Facilitates trustworthy transactions with EPFO to seek redressal or acquire information

Did You get it?
PF account holders can check their balance through-

Missed Call
Once PF account holders give a missed call on 011-22901406, they will receive all the details of their PF account balance through an SMS, on their registered mobile number.

SMS
If you are an EPFO member, then you can send an SMS writing ‘EPFOHO UAN ENG’  to 7738299899 in order to check your balance.

EPFO website
Follow these simple steps-

• Visit EPFO’s official website, https://www.epfindia.gov.in/site_en/index.php#
• On the top right of the page, click on the

‘e passbook’ tab.

• You will be required to enter your Universal Account Number (UAN) and password to login.
• After you login, yours and your employer’s contribution will be displayed, with the interest credited to your account.

*Those of you who have worked with more than one organization will have to choose different member ids.

What’s more beneficial

It’s not just this scheme of Provident fund which secures one’s life but various other schemes provide this sense of security and relief that your and your family’s life is secured. The two schemes which are mostly talked about are Pension Fund Scheme and Provident Fund Scheme.

Pension Fund is a one where 1/3rd amount is paid in cash lump sum just after the retirement, and the remaining 2/3rd is paid in the form of a monthly pension for the rest of the person’s life. Whereas, Provident fund provides full benefit i.e. the accumulated amount is paid in cash lump sum. Both the schemes have their pros and cons. One provides you with lifetime financial independence but cannot claim the wholesome amount even if you are in need, and the other provides you the full fledged amount but there are chances that it is spent and you are left with no further financial stability.

I am keen to know your view point on this. What do you think? Which Scheme should be opted to avail more benefits?

Regards and Thanks

ILA DIXIT
SR.HR Recruiter
Estabizz Fintech Private Limited