The central authorities in July this yr accepted a marginal improve within the rate of interest for workers’ provident fund (EPF) deposits to eight.15 per cent for the monetary yr 2022-23. This announcement adopted the Worker Provident Fund Organisation’s (EPFO) determination in March to lift the rate of interest for its over six crore subscribers.
Now, EPFO depositors are questioning when the curiosity quantity might be credited to their EPF accounts. The retirement fund physique responded to a consumer on X (previously Twitter) who requested, “When will we get the interest added to our passbook for FY 2022-23?”
EPFO replied, “The process is in the pipeline and may be shown there very shortly. Whenever the interest is credited, it will be accumulated and paid in full. There will be no loss of interest. Please maintain patience.” Again in March, EPFO instructed its discipline places of work to credit score the 8.15 per cent curiosity for EPF 2022-23 into members’ accounts.
As soon as the quantity is credited, customers can examine their EPF steadiness by means of varied strategies, together with the EPFO web site, SMS, missed calls, or the Umang App.
In March 2022, the Workers’ Provident Fund Organisation (EPFO) had lowered the rate of interest on EPF deposits for 2021-22 to a four-decade low of 8.10 p.c from 8.5 p.c in 2020-21. This was the bottom fee since 1977-78 when the EPF rate of interest was 8 p.c.
The Workers’ Provident Fund Group (EPFO) is without doubt one of the largest social safety organisations, offering social safety advantages to members within the type of PF, pension, and insurance coverage advantages.
Step-by-step information to examine EPFO steadiness:
-Go to EPFO’s official web site: epfindia.gov.in.
-On the primary web page, click on on “Services” and choose “For Employers”.
-You’ll then be directed to a brand new web page the place it is best to click on on “Member Passbook” underneath the “Services” part. It will open a login web page.
-Enter your UAN, password, and the captcha to log in to your account.
-After logging in, you’ll be able to see your account particulars, together with your contributions and your employer’s contributions. You may additionally be capable to see the curiosity as soon as it’s added.
-If you wish to examine your EPFO steadiness by means of SMS, sort ‘EPFOHO UAN ENG’ and ship it to 7738299899 out of your registered cell quantity.
What’s non-refundable EPF advance?
EPFO members can withdraw cash from their accounts as a “non-refundable advance,” a provision that was later prolonged to supply monetary reduction to these impacted by the COVID-19 pandemic. In consequence, EPFO members are actually allowed to withdraw cash, citing COVID-19 as the explanation. Previous to this alteration, members may withdraw cash upfront for causes like shopping for a home or coping with an sickness.
On Saturday, the EPFO introduced that members can now apply for a non-refundable EPF advance by means of the Unified Member Portal or the UMANG App to entry varied advantages.