PF Balance check with or without UAN at unifiedportal-mem.epfindia.gov.in UAN Login EPF India Status EPF Interest Rates EPF Passbook

EPF Interest Rate 8.5% on PF Deposit for 2019-20 EPFO cuts Interest Rate

EPF Interest Rate Lowered to 8.5% on PF Deposit for 2019-20. EPFO cuts Interest Rate from 8.65% to 8.55% fro 2017-18. PF Interest Rate cuts to 8.55% for 2017-18 from 8.65% for 2016-17.

EPF which is nothing but the lump sum amount given to an employee while he/she is leaving the organisation i.e. Employee provident fund and it is different from pension fund. This was governed by EPFO – Employees Provident Fund Organisation (EPFO). Read the article completely to know more about the EPF interest rate for the financial year 2019 -2020.

On 6th March,2020, EPF has reduced the interest rates for this fianancial year 2019-20. According to an official from labour ministry, Employees’ Provident Fund Organisation (EPFO) is likely to lower interest rate on provident fund deposits for this fiscal 8.5% per cent provided to its members during 2019-20. EPFO has reduced interest rate on deposits to 8.55% for the financial year 2017-18 from 8.65% for 2016-17.

EPF Interest Rate for FY 2019-20

Labour Minister Santhosh Kumar Gangwar said that the new interest rate will result in surplus of of over 700 crore rupees for the current financial year. The exact words of Santhosh Kumar Gangwar were “Last time, we had given interest rate that exceeded people’s expectations. But, keeping everything in mind, there is no shortage of money but we have decided to fix interest rate at 8.5% so we don’t face any issues in future. The finance ministry has been reportedly nudging the labour Ministry for lowering the EPF interest rate. The EPFO has investments of more than 18 lakh crore. Lowered rates on PF could be a direct result of the economic slowdown. The earnings on long term fixed deposits bonds and government securities are down 50-80 basis points in the last one year.

It is noteworthy that recently, EPFO approved an accounting policy for valuation and accounting of equity investments which was formulated in consultancy with IIM Bangalore.

EPF Interest Rate 8.55% on PF Deposit for 2017-18

As EPFO is planning to directly credit units of Exchange Trade Funds (ETF) into provident fund accounts which may result in lower yields on other investments more particularly bonds, interest rate cut is likely to happen.

However, the official added that EPFO is yet to work out the income projection for the current fiscal based on which interest rate cut will be decided.

The policy is to enable the EPF body to credit ETFs units into the provident fund accounts of the subscribers by the fiscal end, thereby to enable every account holder to see his/ her provident fund balance in the form of cash balance and ETF units.

Members of EPFO will only be able to realize the entire returns on the equity linked investments at the time of withdrawals even though the dividends on ETFs are credited into the subscribers’ accounts on timely basis.

At the same time, subscribers will also have an option to withdraw money while taking advances from their accounts, by liquidating ETF units or from cash component.

The finance ministry has been pushing the labour ministry to adjust the EPF rate at per with its small saving schemes like public provident fund. In the month of February 2018, the trustees of EPFO had decided to lower the rate of interest on EPF to 8.55 per cent for 2018-19 from 8.65 per cent provided for 2016-17. In case, the TDS rates are changes we will intimate you. Keep visit our website at epfbalance.net for latest information..

For more details visit EPF India official website at epfindia.com

PM-SYM Pension Scheme for unorganized workers, Pradhan Mantri Shram Yogi Maan-dhan Yojana

by epfbalance Leave a Comment

Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) Pension Scheme for unorganized workers, PM-SYM Pension Scheme for workers..,

The reason why most of the people prefer to go for the government job is because of the pension benefit that government employees get after their retirement. The fixed periodical amount of money that the employees gives assurance to the people after they take leave from their work and job. The government has been taking good initiatives for the welfare of the common people and such in this area the government has came up with a new scheme wherein the workers of the unorganized sector also get monthly pension after their retirement which is after attaining the age of 60. The scheme is named as ‘Pradhan Mantri Shram Yogi Maan-dhan Yojana’.

This scheme is a gunshot for the unorganized sector workers and help them to lead their life and help them meet the basis requirements of life after their retirement. Let’s hope this scheme will lighten up the life’s of the people.

PM-SYM Scheme

There are certain eligibility criteria that one needs to have to get benefits under this scheme which include

Person should be working in unorganized sector only
Person should be in between the age of 18 and 40
Person who have earnings of ₹15000 or less than that.
Should possess original Aadhaar card
Bank account
Should be a tax payer also.

The above given are the things that are included in the required things that people need to have on mandatory basis.

However there is certain procedure one has to follow to get the benefit from the Pradhan manthri Shram Yogi Maan-dhan Yojana.

PM-SYM Pension Scheme Yojana for workers

The procedure steps are briefed as below bullet points:

One has to visit their near CSC center and you will be able to locate your nearest CSC center through the information page of the LIC of India, ministry of labour and other sources.

Make sure that you carry your Aadhaar card and also your savings bank account details along with IFSC and also the amount that you will contribute initially.

The Village Level Entrepreneur (VLE) present at the CSC center will key in all your details and make sure that the details matches with the UIDAI data.

The system will automatically generate the amount of contribution that the person needs to contribute monthly basing on the age of the person.
The candidate has to pay the amount to the VLE wherein the VLE gives a receipt for the amount he have received.

Enrollment form will be generated wherein the candidate is supposed to sign on the form and the VLE will scan the signed copy and upload it to the system.

In the next level when the registration is done a number called Shram Yogi Pension Account Number is generated and shram Yogi card will be generated and used as filed purpose.

Hope the article is informative and will definitely help you to get registered for the Pradhan Mantri Shram Yogi Maan-dhan Yojana. Follow us for more updates regarding the Pradhan Mantri Shram Yogi Maan-dhan Yojana scheme and get instant updates.

EPF NPS SCSS PMVVY Scheme, Pension Plans for Retirement

by epfbalance Leave a Comment

EPF NPS SCSS PMVVY Scheme,Pension Plans for Retirement. Which scheme is the best for retirement? Senior Citizens Saving Scheme, Pradhan Mantri Vaya Vandana Yojana, National Pension Scheme, Employee’s Provident Fund.

Below is the just the overview of the various monetary benefits that are available to the senior citizens after their retirement.

Pension Plans for Retirement

Senior Citizens Saving Scheme (SCSS):
Senior citizens saving scheme is one of the best plans for the senior citizens who wants to have a regular income. Through this scheme, the senior citizens can invest their amount of money in the recognized banks or post offices. Any salaried person who has crossed the age of 60 can invest in this scheme. There is a age exemption for the defence retired personnel i.e they can invest after the crossing the age of 50 years. This scheme offers periodical interest to the on the amount deposited to the senior citizens. At present the interest rate provided to the senior citizens is 8.7%

To can registered for this scheme, people are required to go through certain documentation which includes basic documents like Aadhar card and pan card. The maximum amount that can be invested in this scheme is 15,00,000 and the minimum amount is the amount that individual received as retirement benefit. Under this scheme one can also get tax exemption upto an amount of 15 lakhs.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

This scheme has been launched in the year 2017 and has been providing the investors a good rate of return. This scheme is for a time period of 10 years and the beneficiaries can get the benefits throughout the years. The interest amount will be credited to the individuals account as per the policy selected by the individual at the time of registering for the scheme. If an individual has selected monthly policy then the interest amount will be credited to the beneficiaries account at the end of every month.

The main advantage under the scheme is that the individuals can get a fixed interest rate of 8% no matter what fluctuations the interest in the market goes through. The scheme is very much useful for the senior citizens as they will get the fixed amount of money at regular intervals without any hassle. This scheme also includes after death services. Where in the principal amount after the individual’s death will be given to the dependent person.

National Pension Scheme (NPS):
The national pension scheme provides security to the senior citizens by providing regular income. This scheme provides monetary security to all the citizens of India. Under this scheme there are 2 types of accounts that people can opt for which includes the tier 1 and tier 2.

Tier 1 is the policy where the individual can invest and there is limit on the withdrawal amount. Where as the tier 2 account doesn’t have any withdrawal limit on amount.

Employee’s Provident Fund (EPF)

Employee provident scheme is one of the schemes for the retired people wherein the individuals can get to save money from the time they earn. A portion of their salary will be deducted and will be saved for later for after retirement benefit. In the same way, the employer also contributes some portion of amount and the entire amount from both contributions will be paid to the scheme by the employer and the fruits of this scheme will be enjoyed by the individual after retirement.

The above is the various schemes for pension plans to the senior citizens after their retirement. The EPS scheme is one of such that people earn more can save more for retirement and as such. The Pradhan mantri Vaya Vandana Yojana also provides a fixed amount of money instead of the financial instability in the market. Both the schemes are of their own importance and have their own kind of nature.