EPFO: There is good news for the employees working in the organized sector. According to media reports, the Union Finance Ministry has approved the increase in interest rates in PF. Along with the increased interest rates, an update has also come about when the interest amount will be transferred to your account.
New Delhi: EPFO: There is good news for the employees working in the organized sector. According to media reports, the Union Finance Ministry has approved the increase in interest rates in PF. Along with the increased interest rates, an update has also come about when the interest amount will be transferred to your account.
8.15 percent interest rates approved on EPF
It has been informed in media reports quoting sources that the Finance Ministry has approved the 8.15 per cent interest rate fixed on EPF for the financial year 2022-23. This time, the increased interest amount will start coming into the account of EPF account holders from August. However, soon an official announcement will be made by the Finance Ministry in this regard.
The increased interest rates were announced in March itself.
Explain that in March itself, EPFO had announced to pay 8.15 percent interest for the financial year 2022-23 for about seven crore account holders. EPFO invests the amount deposited in the account of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest.
Employees and employers contribute to EPF
Actually, 12 percent deduction on the basic salary of the employee is for the EPF account. At the same time, a deduction of 12 percent is also made from the side of the employer. Of this, 8.33 percent is contributed to the Employees’ Pension Scheme (EPS), while the remaining 3.67 percent goes to the EPF.
PF deposit amount can be traced
You can easily find out how much money is deposited in your PF account. For this, you can check PF balance by visiting the official website of EPF, epfindia.gov.in. On the other hand, by making a missed call on 011-22901406 from the number which is linked to your PF account, you will get the information of PF balance immediately.
