Six Updates In The Employees Provident Fund You Should Know

From interest rate for 2016-17 to Aadhaar to a new loyalty scheme, the last few days have seen a lot of development related to your provident fund.

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In the new financial year, the Employees Provident Fund Organization (EPFO) has made changes. It has increased the interest rates on your deposits; it has extended the last date to link Aadhaar to your EPF account, EPFO has also extended the deadline for submitting digital life certificates for its over 50 lakh pensioners till April 30, etc.

Here are six updates that you should not miss from EPFO:

Interest on PF deposits

About four crore subscribers of EPFO will get 8.65 per cent interest on provident fund deposits for 2016-17. The Finance Ministry has allowed the Labour Ministry to go ahead with 8.65 per cent rate of interest. According to EPFO estimates, the fund will see a surplus after providing 8.65 per cent interest rate for the last fiscal.

Benefit up to Rs 50,000

EPFO has proposed a loyalty-cum-life benefit of up to Rs 50,000 at the time of retirement for contributing to the scheme for 20 years or more. The benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years, the EPFO board has decided. The benefits will be available for EPFO subscribers after approval from the government. When Can You Withdraw Your EPF?

EPFO to go online

EPFO is expected to launch online facility for settlement of claims, including EPF withdrawal and pension fixation, by May this year to put an end to tedious paperwork by its members. EPFO Made PF Withdrawal Easy: Here Are Facts To Know

UMANG app

Members of retirement fund body EPFO will soon be able to settle their claims like EPF withdrawal through mobile application Unified Mobile App(UMANG) for new-age governance. The Employees' Provident Fund Organisation is developing online claims settlement process by receiving application online. The application will be integrated with Unified Mobile App for new-age governance, (UMANG) App, to receive the requests online. However, the timeframe to roll out the same has not been finalized. What Is EPF App? How To Use M-epf to view EPF Balance?

New recommendation

EPFO's apex decision-making body the Central Board of Trustees (CBT) has recommended a minimum sum assured of Rs 2.5 lakh in the event of the death of a subscriber. At present, the dependants of the deceased get a sum assured of up to Rs 6 lakh. There is no provision of minimum insurance and any benefit for surviving members or in cases of permanent disability under the scheme. The benefits will be available for EPFO subscribers after approval from the government.

Linking Aadhaar

EPFO has also extended the deadline for submitting digital life certificates for its over 50 lakh pensioners till April 30 to link pension accounts with Aadhaar. Retirees are required to provide life certificates digitally either through their mobile phones or at common service centers or bank branches providing such facility. How To Check EPF Balance Through Mobile SMS?

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