PF Advance Withdrawal: The last good news has come for the crores of PF account holders sitting with their hearts. The Trust of Employees’ Provident Fund Org.zation has decided to increase the interest rates for the current financial year (2022-23) on Tuesday. Now more than 7 crore account holders of EPFO will get 8.15 percent interest.
pf advance withdrawal
Employees’ Provident Fund Org.zation is a retirement savings scheme set up by the Government of India. It allows salaried employees to contribute a portion of their salary towards their retirement savings. In the EPF scheme, EPFO also allows subscribers to take an advance from their PF account for specific purposes including purchase of a plot.
only a few screws left
It is not that after the seal of the trustees of the Employees’ Provident Fund Org.zation (EPFO), the new interest rate will be applicable on the PF account. For this, it is also necessary to take the approval of the government. The Finance Ministry will also review the interest rate fixed for 2022-23 and only after its approval, the way will be clear for sending interest money to PF Accounts. It is worth noting that even the interest money for the financial year 2021-22 has not been received by the PF account holders.
First there was intention to keep 8 percent, then
There were speculations that this time the interest rate on PF accounts could be reduced once again to 8 percent. But the trustees believed that in view of inflation, more interest should be given to the account holders. On the first day of the meeting, the issue of higher pension was also discussed between the Union Labor Minister Bhupendra Yadav and the trustees. It was informed that EPFO is completing the process of providing higher pension to the eligible subscribers.
EPFO income has increased
Last year has been very good for the Employees’ Provident Fund Org.zation in terms of earnings. EPFO’s income has increased. Explain that EPFO invests your funds in many places. From where he gets the returns. Through this earning, EPFO gives you interest on investment. This time many reasons are being given for increasing the interest rates. It was expected in media reports that this time (PF Accounts) interest rates could increase up to 8.20 percent. At the same time, the possibility of keeping the interest rates stable was also being expressed.
Last time interest was reduced PF Advance Withdraw
Let us inform that the Employees’ Provident Fund Org.zation had cut the interest rate last time. This shocked the employees. EPFO had reduced the interest rate from 8.5 per cent to 8.1 per cent. This was the lowest interest rate in the last 40 years. In the year 1977-78, EPFO used to give 8 percent interest. Since then the interest rate has been 8.25 per cent or more.
how to check pf account money
You can check the passbook of your PF account to know whether your interest money has come or not. For this you can either visit the official website of EPFO. Or you can also send the message ‘EPFOHO UAN ENG’ to 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF accounts can also be traced through the Umang app.
How much interest money will be received on PF Advance Withdrawal
The Board CBT of Employees’ Provident Fund Org.zation has increased the interest rate on PF Accounts from 8.10% to 8.15% for the financial year 2023. In March this year, EPFO had announced to fix interest rates at 8.15% for the financial year 2022.
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