One of the World’s largest Social Security bodies, The Employees’ Provident Fund Organisation (EPFO) has stated that the PF interest credit will reflect shortly in the passbook.
The EPFO shared a post on the social media platform saying, “The process is in the pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience”, the post added.
The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience— EPFO (@socialepfo) August 4, 2023
The EPFO subscribers can check the balance online by following the below process:
- Go to the EPFO website.
- Click the ‘Services’ option and select ‘For Employees’.
- Under the ‘Services’ heading, click the ‘Member Passbook’ option.
- Enter the UAN number, passbook and click the ‘Sign In’ button.
- Select the member ID and click the ‘View Passbook’ button. The account details will be displayed. The interest will also be displayed once it is credited.
Recently, The Central Government has ratified the interest rate of employees’ provident fund (EPF) subscribers to 8.15% which will cover over 6 crore subscribers.
The circular said, “The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest@ 8.15 % for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952.”
“You are accordingly, requested to issue necessary instructions to all concerned for crediting the said interest to the members’ accounts,” the circular added.
Earlier, In March it was said, The Employees’ Provident Fund Organisation (EPFO) will only be providing the rate of interest only after it is ratified by the government through the finance ministry.
The current financial year 2022-23, marginally higher than 8.1 per cent for the previous year. However, Employees’ Provident Fund Organisation (EPFO) rate continues to be among the highest when compared with other savings instruments, with small savings rates.