Retirement fund body EPFO had on 28 March 2023 increased the interest rate on Employees’ Provident Fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. After this, it was sent to the Finance Ministry for approval, which has been stamped and an official notification has also been issued in this regard.
EPFO PF Interest Rate Hike: There is good news for PF account holders of Employees Provident Fund Organization. After the Central Board of Trustees, now the Central Government has approved 8.15 percent interest rate on Employees’ Provident Fund (EPF) for the year 2022-23. The EPFO has asked the filing offices to credit the interest on EPF at the rate of 8.15 per cent for 2022-23 into members’ accounts, according to an official order issued on Monday.
In fact, the Board of the Employees’ Provident Fund Organization had fixed an interest rate of 8.15 per cent on the EPF account for the financial year 2022-23. On March 28, 2023, the retirement fund body EPFO had increased the interest rate on Employees’ Provident Fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. After this, it was sent to the Finance Ministry for approval, which has been stamped and an official notification has also been issued in this regard.
EPFO gave information
According to EPFO, the Labor Ministry has conveyed the approval of the Central Government for crediting interest at the rate of 8.15% per annum for the year 2022-23 in the account of each member of the EPF scheme. Last year the interest rate on EPF account was 8.10%. According to the information, now the regional offices of EPFO will start the process of adding money to the customers’ account through internet. There is a possibility that interest money can be sent to the account of the employees soon. More than 6 crore PF account holders will get its benefit. Sending interest money to the account can be started from August 2023.
Know how much deduction, how much benefit
According to the EPFO Act, if 12% of the base pay and DA of any employee is deposited in the PF account. On this, the concerned company also deposits the same amount i.e. 12% in the PF account of the employee. However, 3.67% of the contribution made by the company goes to the EPF account, while the remaining 8.33% goes to the Pension Scheme.
For example, if the PF account has a total deposits of Rs 10 lakh in the PF account, then the interest will increase to Rs 81,500 on the interest rate of 8.15 per cent, ie the profit of 500 directly. The same amount of Rs 5 lakh is deposited in the account of an employee, then it will get an interest of Rs 40,750 according to the new interest rate, which was earlier beneficial for Rs 40,500. On the other hand, an employee with a deposit of Rs 3 lakh will get an interest of Rs 24,450.
Check balance like this
Umang APP- Download the Umang App through Play Store on your smartphone. Register your phone number and login to the app. Go to ‘Service Directory’ by going to the menu given in the top left corner. Search and click on the EPFO option here. After going to View Passbook here, check the balance through your UAN number and OTP.
EPFO – Login to EPFO’s website and click on e-passbook. Clicking on the e-passbook will bring you to a new page. Where you will have to enter your username (UAN number), password and captcha, and then a new page will open and select the member ID here. Here you will get your EPF balance on the e-passbook.
