New Delhi: Employees’ Provident Fund Organisation (EPFO) has credited an interest rate of 8.50 per cent in 23.44 crore account holders for the financial year (FY) 20-21, the retirement fund body announced on Monday on its official Twitter handle.
“23.34 crore accounts have been credited with an interest of 8.50 per centr for the FY20-21,” EPFO said in a tweet.
In October, EPFO announced the declaration of the rate of interest for the Employees’ Provident Fund Members accounts for the year 2020-21.
“The Ministry of Labour and Employment has conveyed the approval of the central government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest at 8.50 per cent for the year 2020-21 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952," EPFO had said in its official circular.
To check the balance, the members have to send an SMS to 7738299899 by typing EPFOHO UAN ENG.
Meanwhile, the EPFO has made it mandatory for all PF account holders to add a nominee to their account. The deadline to add the nominee is set for December 31, 2021. Failing to add a nominee to your PF account by the due date can lead you to face many difficulties, including the loss of benefits such as insurance money and pension. Notably, PF account holders can add the nominee online also.
EPFO said in a statement, “EPFO subscribers should avail themselves of the facility of e-nomination for the social security of their family. File your e-nomination to avail provident fund, pension and insurance services online. It is extremely important for the subscriber to file its nomination to take care of spouse, children and parents and to protect them through online PF, pension and insurance (sic).”
The nomination is to provide security to the dependents of PF account holders, in the case of any mishap with the PF account holder, the nominee will be eligible to get the benefits such as availed insurance or pension scheme.