Good News for EPFO subscribers. According to media reports, the PF interest money can be credited to subscribers' accounts soon after Diwali. However, there is no official announcement by the government on this.
EPF interest rate
The government in June approved an employee provident fund (EPF) interest rate of 8.1% for the years 2021–2022, which is the lowest in four decades. The EPF interest rate is at its lowest point since 1977–1978, when it was 8%.
It is important to mention that the EPFO oversees assets of Rs 15.7 lakh crore and has over 65 million members.
The employees' provident fund (EPF) interest amount is being credited into subscribers' accounts earlier this month, the finance ministry stated, and if it wasn't apparent in the statements, it was because the EPFO software was being changed. No subscriber has lost any interest money, according to the ministry.
“There is no loss of interest for any subscriber. The interest is being credited to the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for the change in the tax incidence," the finance ministry tweeted.
An interest rate of 8.5% on EPF deposits year 2020–21 was established by the Central Board of Trustees (CBT) in March 2021. The CBT is a tripartite EPFO body made up of representatives from the government, employees, and employers. The CBT's decisions are binding on the EPFO. The minister of labor serves as its leader.
In October 2021, the finance minister approved it. The EPFO then instructed field offices to credit the subscribers' accounts with the interest income, which was set at 8.5% for 2020–21.
The fourth consecutive increase by the RBI saw the repo rate rise by 50 basis points to 5.9%. The RBI's rate-setting panel has increased rates by a total of 190 basis points throughout the course of the last four reviews of the monetary policy since May of this year. The interest rate at which the RBI loans money to commercial banks is known as the repo rate.
How to check if you have received interest in your EPFO account?
Go to epfindia.gov.in
Add details such as your UAN number, captcha code, and password
Now click on the e-Passbook option
You will be redirected to a new page once you gave filled in all the details
Now open your member ID and you will be able to see the EPF balance in your account
