EPFO Interest: The government has increased the interest on your PF, know how long the credit will be in the account, check this way
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EPF Interest: Employees’ Provident Fund Organization (Employees Provident Fund Organization (EPFO) has announced an increase in interest rates. The institute has announced 8.15 percent interest to EPF members for the financial year 2022-23. Explain that the calculation of interest on EPF account is done on a monthly basis. However, the interest is given directly to the member’s account only after the end of the financial year. In such a situation, the members are now waiting as to when the interest will be credited to their account. EPFO has given its answer in response to a question asked on social media.
EPF told when interest will come
Tagging the EPFO, a user on social media asked when the interest for the financial year 2022-23 would be credited to their account. Responding to this question of the user, EPFO said on the official Twitter handle that work is being done on this and as such the interest will be credited. That amount will start appearing in your passbook. You will not have any loss in interest. Please be patient.
Earlier 8.10 percent interest was available
EPFO has reduced the interest rate on EPF deposits to 8.10 percent for 2021-22 in March 2022. This was the lowest interest rate since 1977-78, when the EPF interest rate was eight per cent. Let us tell you that recently the Ministry of Labor said that the data shows that in May 3,673 establishments have included their employees in the social security net of EPFO. About 8.83 lakh new members joined EPFO in May, which is the highest level in the last six months. Of the new shareholders, 56.42 per cent stake is held by employees in the age group of 18-25 years. This shows the rise in organized employment of the youth. Although about 11.41 lakh subscribers withdrew from EPFO in May, but they also joined it again. This gives indications of their leaving one job and doing another job.
What is EPFO
Employees’ Provident Fund Organization (EPFO) was established in 1951 by the Ministry of Labor and Employment, Government of India. People are encouraged to save for retirement through this statutory body of the Government of India. The current interest rate on PF is 8.15 percent. It is possible to easily calculate the interest amount that will be credited to the EPF account at the end of a financial year. This amount is added to the employer’s and employee’s contribution at the end of the year to arrive at the total balance in the account.
how to check pf account balance
To check your balance in EPFO account, visit Log in here with your Universal Account Number (UAN) and password. If you have not activated your UAN, you can do so by clicking on “Activate UAN” on the login page. After logging in, go to the “View” section and click on “Passbook” to view your EPF account balance, contributions and transactions.
Complete information will be available on Umang app
Download and install the UMANG (Unified Mobile Application for New-Age Governance) app from Google Play Store or Apple App Store. Register on the app with your mobile number and set up a PIN. Go to EPFO and select Employee Centric Services. Click on View Passbook and log in using your UAN and PIN to check your EPF account balance.
Information will be available on missed call
Complete information about PF account can also be found on missed call. For this, make sure that your UAN is linked with your mobile number. Give a missed call on 011-22901406 from your registered mobile number. You will receive an SMS containing your EPF account balance and other details. Apart from this, you can also get complete information about your account through SMS service. Make sure that your UAN is linked with your mobile number. Send an SMS in the format “EPFOHO UAN ENG” to 7738299899 from your registered mobile number. Replace ENG with the first three letters of your preferred language (eg, ENG for English, HIN for Hindi). Please note that in order to use the online methods, you must have an active UAN, and your UAN must be linked with your Aadhaar and bank account details. Also, ensure that your mobile number is updated with EPFO for missed call and SMS services. If you face any issue or have trouble accessing your EPF account balance, you can contact the EPFO helpdesk or your employer for assistance.
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