If you have an Imploial Provident Fund (EPF) account, be alerted. The Employees’ Provident Fund Organisation (EPFO) has warned all its stakeholders to avoid fraud. Otherwise their EPF account may be empty. EPFO says that fraudsters have become EPFO employees and call account holders for their personal details such as Aadhaar number/day. PAN/UAN/Bank details etc. If such a phone call is received, the shareholders will not fall into the trap.
EPFO said in a tweet that the organization will never be able to use the member/family. Aadhaar number/shareholders It does not ask for sharing personal details such as PAN/UAN/Bank details or making an amount deposit with the Bank. Therefore, do not disclose personal information over the phone or make an amount deposit in the caller’s bluff. An alert has also been issued on EPFO’s official website to warn shareholders.
Starting to pour interest for FY19
EPFO has started putting interest in the accounts of its 6 crore shareholders for the 2018-19 financial year. The interest rate on EPF has been fixed at 8.65 per cent for the financial year 2018-19. The organization is currently looking after more than 22.05 crore accounts.
How to Check EPF Balance Without UAN Sitting Home? These two ways will come handy
Who has an EPF account
If 20 or more employees are working in a company or institution, the company will have to provide Animpe Provident Fund (EPF) benefit to employees under the EPF Act. The EPF Scheme allows EPF for every employee under 1952. Then it is a government institution or a private institution. Under the EPF Act, 12 per cent of the employee’s basic salary plus DA goes to the EPF account every month. Employees also contribute 12 per cent.
Out of 12 per cent of the employer’s contribution, 8.33 per cent goes to the Employees’ Pension Scheme and the rest 3.67 per cent goes to the EPF account. This could happen if the implosion wants to increase its contribution. Interest on deposits in EPF is also available.