EPFO Update – Important news for PF account holders. According to the update from EPFO, soon the interest money of PF will come in the account of the employees.
Provident Fund (PF) account holders are waiting for the interest received on the amount deposited in it. There is not much time left for the end of the current financial year, but the interest of PF has not yet been transferred to the people’s account.
Account holders are complaining to EPFO on Twitter. On one such complaint, EPFO has given a reply regarding transfer of interest amount. Explain that the government has fixed the interest on PF at 8.1 per cent for the current financial year.
The amount will come soon in the account-
Responding on Twitter, EPFO said that the process of transferring the interest amount continues. It will appear in your account soon. The payment of interest amount will be completed. There will be no loss to the account holder. It is believed that the wait of 6.5 crore people may end soon. The wait for EPFO account holders is getting longer. For the last few years, the account holders are not getting the money of PF Interest on time.
Changes in PF rules-
Talking about the change in PF rules, on February 1, 2023, while presenting the general budget of the country, the government had announced relief regarding the withdrawal of EPF money. Under the new rule, now TDS deduction on withdrawal of money deposited in PF has been reduced from 30 percent to 20 percent.
This decision of the government will benefit such PF account holders whose PAN card is not updated in their PF account. Till now, if someone’s PAN card is not updated in the records of EPFO, then he had to pay TDS at the rate of 30 per cent on withdrawal of money.
Lowest interest rate-
In March 2022, the rate of interest received on deposits in PF account was reduced from 8.5% to 8.1%. This is the lowest interest rate in almost 40 years. Earlier in 1977-78 the interest rate was fixed at 8%. Since then it has been continuously at 8.25 per cent or more. In the financial year 2018-19, 8.65 percent, 8.55 percent in 2017-18, 8.65 percent in 2016-17 and 8.8 percent interest was available in the financial year 2015-16.
How much is deducted from salary?
A deduction of 12% on the salary of an employee is made for the EPF account. 8.33 percent of the deduction made by the employer in the salary of the employee reaches the EPS (Employee Pension Scheme), while 3.67 percent reaches the EPF. To get information about the interest money coming in your account, the government has provided many options.
