The Workers’ Provident Fund Group (EPFO) will more likely to credit score the pastime on provident fund deposits for the monetary yr 2020-21 quickly. Over 6 crore workers gets the ease by means of the top of this month, forward of Diwali, in line with stories. The retirement frame saved the rate of interest unchanged at the provident fund deposits at 8.5 in line with cent for the monetary yr 2020-21. The verdict used to be taken within the view of extra withdrawals and not more contribution by means of the contributors all the way through COVID-19 pandemic.
Within the wake of coronavirus outbreak within the nation, the EPFO had decreased the rate of interest to a seven-year low of 8.5 in line with cent for 2019-20 in remaining March. The rate of interest used to be 8.65 in line with cent in 2018-19. The EPFO had equipped 8.55 in line with cent rate of interest to its subscribers for 2017-18. The rate of interest used to be 8.65 in line with cent in 2016-17.
EPFO has lately allowed its contributors to withdraw cash from the retirement fund as a non-refundable advance, bringing up Covid-19. In March, 2020, the central govt offered a unique provision beneath Pradhan Mantri Garib Kalyan Yojana (PMGKY) which might permit the EPF contributors to withdraw elementary pay and dearness allowance (DA) of 3 months or 75 in line with cent in their Provident Fund cash, whichever is decrease as advance. “To improve its subscribers all the way through the second one wave of COVID-19 pandemic, EPFO has now allowed its contributors to avail 2nd non-refundable COVID-19 advance. The supply for particular withdrawal to satisfy the monetary want of contributors all the way through pandemic used to be offered in March 2020, beneath Pradhan Mantri Garib Kalyan Yojana (PMGKY),” the ministry stated.
“Right through the tough time of COVID-19 pandemic, EPFO is dedicated to offer a serving to hand to all its stakeholders,” the ministry stated in a commentary.
Finance minister Nirmala Sitharaman introduced in Funds 2021 that pastime on worker contributions to provident fund of over ₹2.5 lakh in line with annum could be taxed, ranging from 1 April. “With a view to rationalise tax exemption for the source of revenue earned by means of top source of revenue workers, it’s proposed to limit tax exemption for the pastime source of revenue earned at the workers’ contribution to more than a few provident price range to the yearly contribution of ₹2.5 lakh,” Sitharaman stated in her Funds 2021 speech.
The way to Test PF Stability
1) To test PF stability by means of SMS
The ones EPFO contributors who’ve an common account quantity (UAN), can ship “EPFOHO UAN ENG” to 7738299899 from their registered cell quantity. As soon as the SMS is effectively despatched, the person will obtain a message containing details about your EPF account together with your PF account stability. The EPFO member will want to set your most well-liked language of conversation within the SMS.
2) EPF Stability Test By the use of Overlooked Name
One too can take a look at about your EPF stability by means of giving a ignored name to the approved telephone out of your registered cell quantity. This carrier is handiest to be had if one has built-in UAN along with your KYC main points.