EPF Rate For FY 2021-22 : For the financial year 2021-22, EPF account holders are not able to see the amount of interest deposited in their account. Regarding which the Finance Ministry has issued a clarification.
The Finance Ministry said that after the changes made in the tax law regarding Provident Fund Savings, the software regarding the account is being upgraded, due to which the EPF account holders are not able to see the amount of interest deposited in their EPF account.
Complaint to PM Modi!
In fact, Mohandas Pai, chairman of Manipal University and former director of Infosys, tweeted and complained to the Prime Minister and the Finance Minister. He tweeted and wrote that Dear EPFO, where is my interest? He tagged the Prime Minister’s Office and Prime Minister Narendra Modi and wrote that reform is needed! Why should common citizens bear the brunt of bureaucratic inefficiency? Further in this tweet, he sought help by tagging Finance Ministry and Finance Minister Nirmala Sitharaman.
Finance ministry cleaning
In response to this tweet by Mohandas Pai, the Finance Ministry tweeted and wrote that no EPF subscriber has suffered any loss. The interest amount is being transferred to the account of all EPF account holders. However, due to changes in tax rules, software is being upgraded by EPFO, due to which it is not visible in the statement.
There is no loss of interest for any subscriber.
The interest is being credited in 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 change in the tax incidence. (1/2) https://t.co/HoY0JtPjII
— Ministry of Finance (@FinMinIndia) October 5, 2022
Payment of interest The Finance Minister said in another tweet that all the subscribers who have left EPFO, who are seeking settlement or the subscribers who want to withdraw the amount, are being paid along with the interest amount.
There is no loss of interest for any subscriber.
The interest is being credited in 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 change in the tax incidence. (1/2) https://t.co/HoY0JtPjII
— Ministry of Finance (@FinMinIndia) October 5, 2022
Delay in payment of EPF interest!
In fact, in recent years, the issue of delay in payment of interest amount has come to the fore continuously. After a long time after the decision of the EPFO Board of Trustees, the interest amount is transferred to the account of the EPFO account holders. In 2020-21, EPFO decided to pay 8.5 percent interest in March 2021 but this order was notified in October 2021 and the interest amount was deposited in their account to the account holders in December 2021. That is, 9 months after the EPFO’s decision. For 2021-22 also, the interest amount has been deposited in the account of the account holders after four months.
