EPFO September Update: There is good news for the PF provident fund account holders of the Employees Provident Fund Organization! The central government has increased the interest on the money deposited in the provident fund for the year 2022-23! Soon the interest money will be deposited in your PF Account, the process has started! This will benefit more than 6 crore PF account holders! There is hope! That the fund can start paying interest from September 2023!
Actually, recently a member tweeted and asked the Employees Provident Fund Organization! How long will the amount of interest be deposited in our account? EPFO responded to this! That the process of depositing interest money in the account for the financial year 2022-23 is in the pipeline! It will be uploaded soon! Whenever the interest is received, it will be paid in one go! There will be no loss of interest of any kind! Interest in PF Account is calculated on a monthly basis! But it is credited to the members’ account at the end of the financial year!
Know how much will be the benefit
According to the Employees Provident Fund Organization Act, if 12 percent of an employee’s basic salary and DA is deposited in the PF account. On this, the related company also deposits the same amount ie 12 percent in the employee’s PF account! However, 3.67% of the contribution made by the company goes to the PF account, while the remaining 8.33% goes to the pension scheme!
PF account holder will benefit: EPFO September Update
For example, if a total of 10 lakh rupees is deposited in the PF account till March 31, 2023, then with an interest rate of 8.15 percent, the interest will increase to 81,500 rupees, that is, there will be a benefit of 10 lakh rupees directly. If 5 lakh rupees are deposited in the account of an employee, then according to the new interest rate, he will get interest of 40,750 rupees, before the Employees Provident Fund Organization was 40,500 rupees, that is, there will be a benefit of 250 rupees. Many options are given for this. You can check through the Umang app, website or by sending an SMS from your mobile phone. There are around 6.5 crore EPFO subscribers across the country.
Check balance in PF Account like this
Umang App- Download Umang App from Play Store on your smartphone. Register your phone number and log in to the app. Go to ‘Service Directory’ by going to the menu given in the upper left corner. Find PF Account option here and click on it. Go to View Passbook here and check balance through your UAN number and OTP. The board had fixed the interest rate of 8.15 percent on the EPF account for the financial year 2022-23. 12 percent is deducted from the employee’s salary for the Employees Provident Fund Organization account. 8.33 per cent of the deduction made by the employer in the employee’s salary goes to the EPS employee pension scheme, while 3.67 per cent goes to the EPF.
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