In February of this year, the Employees Provident Fund Organisation enlisted almost 14 lakh new members, up 4% from the 12.37 lakh joined the previous year. According to a statement released by the Labour Ministry last month, EPFO's provisional payroll data shows that in February 2022, EPFO added 14.12 lakh net subscribers.
According to media reports, the interest credit to EPFO accounts is now expected to be credited early this year.
The Employees Provident Fund Organisation has an account for every employee in the country, which acts as a source of income once they retire. A fixed amount of money is withdrawn from the employee's salary every month and deposited to their account.
The EPFO has announced that PF account holders will get an annual interest rate of 8.5 percent. The interest credit is likely to arrive promptly this time. As a result, PF account holders must check their PF balance often. They can do it in a variety of ways.
How to check your PF balance online:
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Log on to www.epfindia.gov.in and choose 'For Employees' from the 'Our Services' dropdown menu.
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Select 'Member Passbook' under the 'Services' area to see your passbook, where you must enter your UAN number and password.
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This service requires a UAN that has been activated, and it will be unavailable if your employer has not activated your Universal Account Number.
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If you do not already have a UAN, go to epfoservices.in/epfo/ and select your state before proceeding to your office link.
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After entering your PF Account Number, name, and registered cellphone number, click 'Submit.' Your PF balance will be available to you.
EPFO members who have registered UANs will be able to get SMS updates on their most recent contributions and provident fund balance. To do so, people must text "EPFOHO UAN ENG" to the number 7738299899.
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Is PF interest credited monthly or yearly?
The EPF contribution is credited to the EPF account on a monthly basis, and interest is computed every month. However, the total interest for the year will be credited at the end of the financial year.
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Can I withdraw full PF amount?
According to the new guidelines, PF account holders can withdraw up to three months' basic income + dearness allowance, or 75 percent of their PF account's net balance, whichever is less.
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Is interest on EPF credited for 2022?
It's worth noting that the 8.1 percent EPF interest rate is the lowest it's been since 1977-78 when it was 8%. In this regard, the Ministry of Labour and Employment has received clearance from the central government to credit each member of the EPF plan with an 8.1 percent rate of interest for 2021-22.
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When EPFO will credit the interest?
"For the financial year 2021-22 (ending on March 31, 2022), the Central Board suggested an annual rate of interest of 8.10 percent to be credited on EPF accumulations in members' accounts," it stated. The recommendation will now be sent to the Union Finance Ministry, which will notify the public once it has been approved.
