Good news for employees in the private sector! The Employees’ Provident Fund Organisation (EPFO) is gearing up to announce potential changes to interest rates for the financial year 2024-25. The rates may be revised between 8% and 8.25%, with the announcement expected during the Central Board of Trustees (CBT) meeting scheduled for February 28. This is crucial information for over 65 million EPFO members, as the interest rate determines the returns on their Provident Fund deposits, which are essential for retirement planning.
Understanding EPFO and Its Significance
The EPFO is responsible for managing the provident fund for employees in the organized sector in India. Each employee is assigned a Universal Account Number (UAN), which simplifies the management of multiple PF accounts that one might have with different employers. This universal identifier allows members to view their EPF balance and access numerous services seamlessly.
How to Check Your EPF Balance
Here are the effective methods to check your EPF balance:
1. EPFO Portal
To view your PF passbook, visit the EPFO website and click on “Member Passbook.” Enter your UAN and password to access your passbook details.
2. Missed Call Service
If your UAN is registered on the EPFO site, you can obtain your EPF balance by giving a missed call from your registered mobile number to 011-22901406.
3. SMS Service
For SMS inquiries, if your UAN is registered with the EPFO, you can send a text to 7738299899. SMS format: “UAN EPFOHO ENG” to receive details about your contribution and PF balance.
4. UMANG App
The UMANG app, launched by the government, consolidates various government services in one platform. To check your EPF passbook using UMANG, download the app, complete registration with your mobile number, log in, and you can view your passbook, make claims, and track claim status easily.
Other Key Information on EPF
| Feature | Description |
|---|---|
| UAN Benefits | Links multiple PF accounts under one identifier for easier management. |
| Interest Rates | Reassessed annually; currently anticipated between 8% and 8.25% for 2024-25. |
| Member Count | Over 65 million members benefit from EPFO services and plans. |
| Withdrawal and Loans | Members have options to withdraw or borrow against their EPF balance under certain conditions. |
In conclusion, staying updated with EPFO-related news, such as the upcoming interest rate announcement, is vital for all EPF members. Understanding how to efficiently check and manage your EPF balance will empower employees to make informed decisions regarding their retirement savings.