PF Balance: On the question of delay in EPF interest credit to account holders, the minister said that till March 6, 2023, interest was deposited in the accounts of members of 98% contributory establishments. The minister further said that EPF interest credit is a continuous process which is done in a prescribed manner without hampering the regular claim settlement.
Provident Fund: The money of employed people is invested in PF account every month. In this, one part is given through the employer and the other part is given by the employee. However, sometimes there is a delay in depositing the amount in PF through the employer and the PF passbook is not updated. In such a situation, there is confusion in the minds of many people that if the PF passbook is not updated, will there be a decrease in the PF money? Let’s know about it…
PF Passbook
If your Employees Provident Fund (EPF) account passbook is not updated then you will not be short of money. According to the government, EPF member passbook update is just an entry process and the date on which the interest is recorded in the passbook does not have any financial implications for the account holder. In a written reply to a question in the Lok Sabha on Monday (March 13, 2023), Union Minister of State for Labor and Employment Rameshwar Teli said that even if the passbook is not updated, there is no financial loss to the EPF members.
Not loss
According to the minister, the monthly running balance of EPF is always added to the closing balance of that year. Hence the date of entry in the passbook does not affect the EPF interest credit. The minister said, “Updating the member passbook with interest is just an entry process, the date on which the interest is recorded in the member’s passbook has no real financial impact as the interest earned for the year is always added to the final balance.” is added. Hence there is no financial loss to the member.”
Delay in EPF interest payment
On the question of delay in EPF interest credit to account holders, the minister said that till March 6, 2023, interest was deposited in the accounts of members of 98% contributory establishments. The minister further said that EPF interest credit is a continuous process which is done in a prescribed manner without hampering the regular claim settlement.
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