Provident Fund Alert Employees’ Provident Fund Organization gives 8.5 percent interest on the amount deposited in the PF account. EPFO deposits the prescribed amount every month from the salary of the employees in the PF head. There is a provision to pay interest on this deposited PF amount.
Employees Provident Fund Organization pays interest on PF. At present, the rate of interest is fixed at 8.5 percent. EPFO deducts a fixed amount every month from the salary of the employees under the PM head. Employer’s contribution is also included in this. PF is paid at the time of retirement of the employees. Employees can also withdraw PF amount in case of emergency.
However, doing so may result in a difference in the interest rate. Withdrawal of PF amount before retirement is harmful to the employees. Dhanbad coalfield is an industrial area. Here a large number of laborers work in both organized and unorganized sectors. This is work news for such employees. He has been given one more chance by EPFO to update his account. Employees who do not update the account within this stipulated time may face many problems.
Update tax account at all times
In fact, the Employees’ Provident Fund Organization (EPFO) is paying interest up to 8.5% on the amount deposited in the PF account. The central government has released a fund equal to 8.5% interest amount for PF accounts. But if you have not done this work related to PF account, then you may be deprived of the amount of interest coming in the account. Because your account may be closed. You will have a lot of trouble getting it started again.
Last date for linking
The fund which was released by the central government as interest for PF accounts can be deposited in the accounts this month. But this will happen only when you have linked your PF account with Aadhaar number. The government has made it mandatory to do Aadhaar verification and seeding in PF accounts to secure the money of the workers. This linking process has to be done before 1st September. In this regard, the employer has been informed by the EPFO.
The date fixed for linking was extended earlier
EPFO has about 22 crore accounts. Out of this, 6 crore accounts are being reported from PF alone. EPFO subscribers will have to link their UAN number with the given number of Aadhar card to get interest in PF amount. This can be done online on the EPFO website or directly by visiting the office. Help can also be taken from your employer in this regard. This issue was raised several times before the Labor Ministry. At that time also an appeal was made to extend the period given for linking UAN number with Aadhaar. After this, by issuing an order on July 15, this period was extended to September 1.
Unorganized workers need to take special precautions
The number of unorganized workers is also increasing in the organized sector like coal industry and steel industry. Coal India’s subsidiaries ECL, BCCL, CCL and other companies are focused on coal production through outsourcing. The workers are working under contract. Similarly, the number of contract laborers in SAIL is also increasing. Such unorganized workers need to be very careful. They should be sensitive about PF account. The contractors want to give PF at least to the workers. Workers should link their PF account with Aadhaar. If this happens, they will not have to face any trouble in future.
