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 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?