EPF Interest For FY 2022-23: When Will The Credit Happen
The Employees' Provident Fund Organisation ( EPF O) has announced an interest rate of 8.15% for Employees' Provident Fund (EPF) accounts in the fiscal year 2022-23.
Although interest accrues monthly in an EPF account, deposits are made at the end of the financial year. This accumulated interest is compounded and applied to the balance for the next month, determining the interest for that specific month's balance.
Contributions to EPF:
For salaried employees, contributing to the Employees Provident Fund is mandatory. Employers are also required to match the employee's contribution to the EPF account. An employee contributes 12% of their monthly income to their EPF account, which is entirely credited to their account. The employer's contribution of 3.67% of the employee's salary goes into the EPF account, while the remaining 8.33% is allocated to the Employees' Pension Scheme (EPS).
Interest Credit Delays and Queries:
Many EPF members are eagerly awaiting the interest credit for the current fiscal year, and some have expressed their concerns on Twitter. In response, the EPFO stated that the process is underway and will be reflected shortly. They assured that when the interest is credited, it will be paid in full, ensuring no loss of interest. The delay in interest credit has sparked queries from concerned members.
Many EPF members are eagerly awaiting the interest credit for the current fiscal year, and some have expressed their concerns on Twitter. In response, the EPFO stated that the process is underway and will be reflected shortly. They assured that when the interest is credited, it will be paid in full, ensuring no loss of interest. The delay in interest credit has sparked queries from concerned members.
Balancing the Books with UMANG App:
EPF subscribers can now effortlessly check their PF balance using the UMANG application from the comfort of their homes.
EPF subscribers can now effortlessly check their PF balance using the UMANG application from the comfort of their homes.
Step 1: Download and install the UMANG app.
Step 2: Register using your mobile number.
Step 3: Opt for "EPFO" from the available options.
Step 4: Click on "View Passbook."
Step 5: After entering your UAN , request an OTP.
Step 6: Proceed with "Login." Your passbook and EPF balance will be displayed on-screen.
Step 2: Register using your mobile number.
Step 3: Opt for "EPFO" from the available options.
Step 4: Click on "View Passbook."
Step 5: After entering your UAN , request an OTP.
Step 6: Proceed with "Login." Your passbook and EPF balance will be displayed on-screen.
Checking EPF Balance via EPFO Portal: Visit the employee section of the EPFO website and select "Member Passbook." You can access your PF passbook by entering your UAN and password. The passbook provides detailed information about employee and employer contributions, opening and closing balances, as well as any PF transfers and accrued interest. Your EPF balance can be conveniently viewed through the passbook feature.