EPFO Update – Provident Fund is considered a major support for salaried employees. The PF amount brightens an employee’s life in old age. Most companies deduct PF from their employees’ salaries to ensure savings for the future. In addition, the PF provides employees with interest on their contributions every financial year.

If PF is being deducted from your salary while you are employed, the government transfers the annual interest amount to your account. You can easily check how much PF amount has been credited to your account. Employees don’t need to worry about this at all.

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According to EPFO ​​rules, if your monthly salary is ₹15,000, you must be part of the EPF scheme. The EPFO ​​also provides the facility of partial withdrawal from your PF account under certain conditions when needed.

Know how much PF is deducted.d

An employee’s PF money is deducted from their salary. It’s important to know how much PF is deducted. Employees are required to contribute 1 per cent of their basic salary and dearness allowance to their PF account. The company also contributes the same amount.

The company’s contribution is divided into 3 parts. 3.per percentage of the amount is deposited in EPF. 8 per cent is transferred to EPS and EDLI. This contributes to the employee’s pension, which they benefit from after retirement. The government may soon announce the interest rate for the financial years 2025 and 2026.

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How much interest can you get?

The central government deposits the annual interest amount into the Provident Fund account. Recently, an interest rate of per cent was provided. Interest is paid on the total amount in the PF account. Earlier, the interest rate for the financial year 2023-24 was increased from 8.15% to 8.25%, a 0.10% increase.

In 1952, the interest rate on PF was only 3 per cent. The best time for PF holders was from 1989 to 1999. During that time, the interest rate on PF was 12%. Since then, interest rates have been on a downward trend.

Check your balance in two ways.s

You can check your balance via a missed call. To do this, give a missed call to 9966044425 from your registered mobile number. You will easily receive an SMS with your balance shortly afterwards. The second method is also simple. Send a text message with ‘EPFOHO UAN’ (followed by the language code, e.g., EPFOHO UAN ENG) from your registered number to 7738299899. You will then receive the information via SMS.