Employees’ Provident Fund Organization (EPFO) has increased the interest rates for the financial year 2022-23 to 8.15 per cent, giving a big update to the EPF members. Now the government is going to release interest money soon on the amount deposited in the EPF account.
At the same time, preparations are being made to release the outstanding interest amount of some EPF account holders for the financial year 2021-22 soon. EPFO has indicated that interest on EPF deposits will be transferred to members’ accounts in April 2023. Interest rate on EPF amount increased for 2022-23
The Central Board of Trustees of EPFO has increased the interest rates on EPF accounts for the financial year 2022-23 to 8.15 percent, which is 0.05 percent more than the interest rate for the same period last year. Please tell that the interest rate in the financial year 2021-22 was 8.10 percent.
According to the new interest rate of 8.15 percent, the government will give interest to the account holders on the amount deposited in EPF.
EPFO can issue interest amount in April
According to EPFO, usually interest money on EPF accounts is released in the last month of the financial year. EPFO has indicated that the amount of EPF interest can be released in April. At the same time, some EPF account holders could not get the interest amount even for the last financial year 2021-22. It is estimated that he too can be released in April.
Finance Ministry said – there will be no loss of interest amount
Even for the financial year 2021-22, the Finance Ministry has said in November 2022 that there will be no loss of interest amount for the customers of Employees Provident Fund Organization (EPFO) if the interest amount is not transferred to some EPF account holders.
It was told then that the delay in depositing the interest amount for the financial year 2021-22 was due to software upgradation due to the tax changes implemented last year. Due to this, the amount of interest rate sent to the accounts is not visible to the EPF members.
Salary contribution percentage in EPF account
EPFO operates Employees Provident Fund Account (EPF Account) for its members to provide social security after retirement of salaried employees. An employee contributes 12 per cent of his salary on a monthly basis to the EPF account.
Whereas, the employer also contributes 12 per cent for the employee. The entire 12 per cent contribution of the employee is deposited in the EPF account, but in the 12 per cent of the employer, 3.67 per cent contribution is deposited in the EPF account of the employee and the remaining 8.33 per cent is deposited in the Employees’ Pension Scheme (EPS).
All this amount is available on the retirement of the employee. The Central Government gives interest rate on annual basis on the amount deposited on EPF.
Method to know the amount present in the EPF account
EPF account holders can choose several options to know the amount present in their account. Members can know the current account balance by sending a message to Employees’ Provident Fund Organization on mobile number 7738299899 through their registered mobile number.
Apart from this, the amount can be known by giving a missed call on 011-22901406 and logging in through the member passbook by visiting the official website of EPFO www.epfindia.gov.in. Whereas, the balance in the account can also be found from the Umang app.
