The Central Government has given a big relief to the employees by increasing the Dearness Allowance (DA Hike). Before Diwali, there will be a bumper increase in the salary of the employees. With this, EPFO interest can be paid soon. It is believed that by the end of October, the amount of interest will be sent to the account of the employees.
In fact, the government has to pay interest for the financial year 2022 in the account of more than 7 crore EPF account holders that the amount of interest for this year will be paid at the rate of 8.1 percent. Along with this, up to ₹ 81000 will be sent to the account of the employees. In fact, interest is paid at the rate of 8.1 percent of the amount in the subscriber’s account.
According to the information received from the sources, the interest to be received in the PF account in the financial year 2022 by the Employees’ Provident Fund Organization has been calculated. The possibility of it being transferred to the account of the account holders next month is also fast. According to the information, Rs 72000 crore will be paid by the government as interest to the employees including job holders. The same interest rate is being hit because of the low rate that this year the government can release the interest amount earlier.
Actually this year the interest is at the lowest level of 40 years. The interest rate has been checked 8.1 percent, if you have up to 10 lakh rupees in your PF account, then you will get 81000 rupees as interest.
On the other hand, if the subscriber has ₹ 7 lakh in the PF account, then he will get ₹ 56700 as interest. If there is 5 lakh rupees in the PF account, ₹ 40500 will be paid as interest.
Benefits of e-nomination
Earlier the process of e-nomination has been developed by the government to guarantee efficient protection to the family members. In fact, EPF account holders can nominate any family member as their nominee to receive the benefit in case of their death. Along with this, many other benefits will also be provided to the nominated nominee.
On enrollment in EPF, online claim settlement facility of PF, pension and insurance will be made available to eligible nominees up to Rs.
Using the same nomination, the account holder can convert the nomination to online through the UAN site without having to submit the physical form to his employee.
How to file EPF e-Nomination?
- Universal Account Number (UAN) can be used to complete the e-nomination in EPF accounts on the EPFO website by following these simple steps:
- Log on to the official website of EPFO or click on epfindia.gov.in.
- Click on “Services” and then “For Employees”
- Click on Member UAN/Online Service (OCS/OTP).
- Log in to your account using your UAN and Password
- Click on ‘e-Nomination’ under ‘Manage Tab’
- Now a tab ‘Provide details’ will appear on your screen, click on ‘Save’
- Tap on ‘Yes’ option to update the family declaration
- Click on ‘Add Family Details’ and fill in the required information. You can add more than one nominee.
- Now, click on ‘Nomination Details’ to declare the total amount of the share. Next, click on ‘Save EPF Nomination’.
- Select ‘e-Sign’ to receive OTP on your Aadhaar linked mobile number
- You do not need to send any documents to the employer or ex-employer once your e-nomination is registered on the EPF system.
