A big update has come out for crores of employees. The amount of interest will be transferred to the account of the employees soon. The process for this has been started. Let us tell you that this time up to Rs 40000 will be sent to the employees. On the other hand, it is very necessary to take the UAN number of EPFO with the employees to take other benefits including the amount of interest. Actually this year EPFO has implemented the interest rate 8.10. It is believed that the amount can be sent to the employees’ account before Durga Puja.
In fact, soon the amount of interest will be sent to the employee. The interest rate applicable on EPF contribution for the financial year 2021-22 is 8.10%. The government is not currently considering any proposal to reconsider the existing EPF rate. At present, the EPF rate is higher than other comparable schemes such as General Provident Fund (7.10%), Senior Citizen Savings Scheme (7.40%), Sukanya Samriddhi Account Scheme (7.60%).
The current EPF interest rate is the lowest in four decades. Last year it was 8.5 per cent. From 2016-17, EPF rates remained around 8.5%. It was 8.65% in 2018-19, 8.55% in 2017-18 and 8.65% in 2016-15. Suppose the total EPF contribution (including employee + employer) in a month is Rs 5000 at the beginning of the month. At 8.1% interest rate, the total interest earned on PF contribution till the end of this month will be 5000×8.1%/12 = Rs 33.75.
On 1 August 2022, Union Minister of State for Labor and Employment, Rameshwar Teli, in a written reply to a question in Rajya Sabha, said that CBT, EPF had recommended 8.10 percent interest rate on EPF for the financial year 2021-22, approved by the government. and more than other schemes. General Provident Fund (7.10%) / Senior Citizen Savings Scheme (7.40%) / Sukanya Samriddhi Account Scheme (7.60%). There is no proposal to reconsider the accepted rate of interest (8.10%) on EPF deposits for the year 2021-2022.
The Employees’ Provident Fund Organization provides a 12-digit code to its provident fund account holders. Which is known as Universal Account Number. UAN does not change when employees change jobs between organizations, unlike EPF account number and member ID.
If a company has twenty or more employees, the employer is required to generate a UAN number for each employee. On joining a new organization, the employee has to give his UAN to the employer. The employee has to submit identity proof, residence proof, bank account details, Permanent Account Number (PAN), Aadhaar and Employees State Insurance Corporation (ESIC) card to generate his UAN while linking with EPFO for the first time.
How to Generate UAN Online
- Select the “Activate UAN” link located in the Important Links section.
- Select the Aadhaar option and give the required information to continue.
- Click on the button titled “Get Authorization PIN”.
- Your browser will redirect you to a new page with the data you entered. Verify information to ensure accuracy.
- To proceed, select the Agree checkbox.
- To verify your request, enter the OTP sent to your phone.
- Click on Activate UAN and Validate OTP.
- After submission, your UAN number and password will be sent to the registered mobile number via text message.
