The Employees' Provident Fund Organisation (EPFO) is likely to credit the interest for FY21 before Diwali, according to the Livemint report. This will take place along with the hike in Dearness allowance (DA) and dearness relief (DR) given to central government employees and pensioners.
The move could cheer the salaried class, which has faced months of job loss and income loss due to COVID-19, the report said.
"The EPFO’s central board has approved the interest rate. The retirement fund manager has sought the finance ministry’s nod and is expected to get a go-ahead soon," two officials were quoted as saying in the report.
Nearly 6 crore account holders are expecting the interest to be credited to their accounts.
The EPFO had declared 8.5 percent for the financial year 2019-2020. This is the lowest interest rate in the past seven years. In 2018-2019, the interest was pegged at 8.65 percent while in 2017-2018 it was 8.55 percent.
Once the interest is credited, users can view their balance online through its website. EPFO also provides the balance information via missed call facility and SMS service.
To check EPF balance, subscribers must have their Universal Account Number (UAN) activated. The UAN is an identification number mentioned in the monthly salary slip of an employee. It is unique for every employee enrolled under the EPF scheme.
Here's a step-by-step guide on how to check EPF balance via the website:
Step 1: Visit EPFO's official website -- epfindia.gov.in and log in.
Step 2: Go to ‘Our Services’ tab and choose the option that says “for employees”.
Step 3: Click on the option ‘Member Passbook’ under the option 'Services'.
Step 4: The EPF passbook page -- passbook.epfindia.gov.in -- will appear. Enter the username (also known as UAN) and password.
Step 5: Once logged in, the details on the concerned employment can be selected. For example, someone who has worked in four different organisations would have four different member IDs to choose from.
Step 6: After a member ID is selected, the EPF passbook can be viewed. The passbook indicates the running balance in the EPF account.
(Edited by : Anshul)