EPFO starts crediting 2022–23 interest in PF accounts
The PF interest rate is determined annually by EPFO's Central Board of Trustees (CBT) in consultation with the Ministry of Finance. The interest rate for this year was announced in June
The Employees’ Provident Fund Organization (EPFO) has begun crediting interest to PF accounts for the fiscal year 2022–23, with an interest rate of 8.15 percent.
Shri Bhupender Yadav, Union Minister for Labour and Employment, Environment, Forestry, and Climate Change, expressed happiness that EPFO is paying 8.15% interest this year and has already credited interest in over 24 crore accounts.
While some users have already received interest payouts, the EPFO has warned that the process may take some time to reflect in all accounts. The EPFO assured users in a statement issued on social networking platform X (previously Twitter) that the interest accumulation would be complete, underscoring that there would be no loss of interest. Union Labour Minister Bhupender Yadav said that over 24 crore accounts have already received interest.
The PF interest rate is determined annually by EPFO’s Central Board of Trustees (CBT) in consultation with the Ministry of Finance. The interest rate for this year was announced in June.
How do I check my EPF account balance?
Individuals can examine their PF accounts once the interest has been successfully credited. Subscribers can check their provident fund account balance using a variety of techniques, including text messages, missed calls, the UMANG app, and the EPFO website.
The long-awaited EPF interest for FY23 has sparked attention on social media sites. To allay these fears, the EPFO issued step-by-step guidance for checking EPF balances, highlighting the importance of activating the Universal Account Number (UAN), a unique identifying number found on monthly salary slips.
Follow the steps:
* Visit EPFO’s official website at epfindia.gov.in and log in.
* Navigate to the ‘Our Services’ tab, selecting “For Employees.”
* Choose ‘Member Passbook’ under the ‘Services’ option.
* Access the EPF passbook page (passbook.epfindia.gov.in) and input the username (UAN) and password.
* Log in and select the relevant employment details, choosing from multiple member IDs for those who have worked in different organizations.
* View the EPF passbook to observe the running balance in the EPF account.
How is the EPF interest rate calculated?
The monthly running balance is added, multiplied by the interest rate, and divided by 1,200 to calculate the EPF interest rate. The EPFO computes monthly closing balances and interest for the whole year. In the event of a withdrawal, interest is calculated from the start of the fiscal year to the end of the month preceding the withdrawal. This thorough computation guarantees that the closing balance for the year is a realistic depiction of the opening balance, contributions, withdrawals, and interest.
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