The Employees’ Provident Fund Organisation (EPFO) has declared the interest rate as 8.15% for Employees’ Provident Fund (EPF) accounts for the financial year 2022-23.
In spite of the fact that interest is calculated on a monthly basis in an EPF account, deposits are made at the end of the fiscal year. The transferred interest is compounded and applied to the balance for the next month to determine interest on that month’s balance.
Salaried workers are required to make a contribution to the Employees Provident Fund. Additionally, an employer is required to contribute in a matched manner to the EPF account. An employee contributes 12% of his income on a monthly basis to his EPF account. The EPF account receives the entire employee contribution. Just 3.67 percent of the employer’s salary is put into the EPF account. The Employees Pension Scheme (EPS) receives the remaining 8.33% of the total.
Many EPF members are eagerly waiting for the interest credit and some people took complained the same on Twitter. For all the interest related queries, EPF replied “The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience.”
Int on PF for fy 2022-2023 still not credited , not sure whether money also is safe or not
— sulemankhan838 (@sulemankhan838)
When we will get the interest added to our passbook for FY 2022-23.
— Sudhi_08 (@Sudhi_08)
Some Employees’ Provident Fund (EPF) subscribers are yet to receive their interest for FY22, while others have received it.
However, time and again the EPFO has assured its subscribers that its interest credit is an ongoing process. EPF who have not received their interest took it to twitter to complain
Sir, pls inform us when EPFO will credit interest which is pending since last 3 years. Just come to know and surprised getting reply “since last 3 years EPFO is compiling the account” In digital world, how come EPFO is taking long time for calculating interest?
— MineshBhatt8 (@MineshBhatt8)
How to check EPF balance on UMANG app
The subscribers can now easily check their PF balance at home on the UMANG application.
Step 1: Download and install Umang app
Step 2: Register from your mobile number
Step 3: Choose “EPFO” from the options
Step 4: Click “View Passbook.”
Step 5: After entering your UAN, click Get OTP.
Step 6: Select “Login.”
Your passbook and EPF balance will be shown on the screen.
How to check EPF balance using EPFO portal
Go to the employee section of the EPFO website and click on “Member Passbook.” By entering your UAN and password, you can gain access to the PF passbook. Employee and employer contributions, as well as opening and closing balances, will be detailed. The sum of any PF transfers, as well as the amount of PF interest generated, will be shown. The EPF balance can also be viewed with a passbook.