Great news related to EPF account is coming for the employed. Soon the Finance Ministry can announce it. For the financial year 2022-23, the interest of Provident Fund can be finalized. A decision on this can be taken by the end of June.

According to sources related to EPFO, a draft has been prepared by the Labor Ministry and sent to the Finance Ministry. Now approval is yet to be received from the Finance Ministry. As soon as approval is received, it will be notified. This process is expected to be completed by July. Let us tell you, the Labor Ministry has fixed 8.15 percent on EPF for the financial year 2022-23.

When will I get the interest money?

Like every year, the Central Board of Trustees (CBT) of EPFO ​​decides the interest for the previous financial year. Usually this meeting takes place in March. In this, considering the earnings of the whole year, it is decided that how much interest should be given. For the last year, it was decided in the meeting held in March 2023.

The board increased the interest rates. After this, it is the job of the Labor Ministry to prepare its draft. The Labor Ministry sends it to the Finance Ministry for approval. It is notified only after the approval of the Finance Ministry. It is expected that soon approval can be received from the Ministry of Finance on the interest for the financial year 2022-23. If everything goes well then by November-December this year it will be credited after completing all the formalities.

How much increased interest on EPF?

If sources in the Labor Ministry are to be believed, the draft has been prepared and sent in May itself. Usually by the end of June, approval is received from the Ministry of Finance. The EPF interest rate has been fixed for the financial year 2022-23. It was increased by 5 basis points as compared to the previous financial year. However, before that it was 8.50 percent. Let us tell you, 12 percent of the basic salary of the employed person is deposited in the EPF account. The same share is also from the side of the employer.

How is it decided how much interest will be received?

The interest rates for the financial year 2022-23 were fixed in the CBT meeting held on 25 and 26 March. Interest rates are decided every year during the board meeting in March. Last year has been very good for EPFO ​​in terms of earnings. Earnings have increased. This was the reason that the interest rates were increased, albeit marginally. Employees Provident Fund Organization invests your money in many places. He gets a return on this. Interest is received on the investment only through this earning.

Where is the money deposited in EPFO ​​put?

Employees’ Provident Fund Organization (EPFO) invests your money deposited in Provident Fund accounts (EPF account) in many places. A part of the earnings from this investment is given to you in the form of interest. EPFO invests 85% of the total deposits in debt options. These include government securities and bonds. There is a total investment of more than Rs 36,000 crore in this. The remaining 15% is invested in ETFs (Nifty & Sensex). PF interest is decided on the basis of earnings from debt and equity.

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At the same time, preparations are being made to release the outstanding interest amount of some EPF account holders for the financial year 2021-22 soon. EPFO has indicated that interest on EPF deposits will be transferred to members’ accounts in April 2023. Interest rate on EPF amount increased for 2022-23

The Central Board of Trustees of EPFO ​​has increased the interest rates on EPF accounts for the financial year 2022-23 to 8.15 percent, which is 0.05 percent more than the interest rate for the same period last year. Please tell that the interest rate in the financial year 2021-22 was 8.10 percent.

According to the new interest rate of 8.15 percent, the government will give interest to the account holders on the amount deposited in EPF.

EPFO can issue interest amount in April

According to EPFO, usually interest money on EPF accounts is released in the last month of the financial year. EPFO has indicated that the amount of EPF interest can be released in April. At the same time, some EPF account holders could not get the interest amount even for the last financial year 2021-22. It is estimated that he too can be released in April.

Finance Ministry said – there will be no loss of interest amount

Even for the financial year 2021-22, the Finance Ministry has said in November 2022 that there will be no loss of interest amount for the customers of Employees Provident Fund Organization (EPFO) if the interest amount is not transferred to some EPF account holders.

It was told then that the delay in depositing the interest amount for the financial year 2021-22 was due to software upgradation due to the tax changes implemented last year. Due to this, the amount of interest rate sent to the accounts is not visible to the EPF members.

Salary contribution percentage in EPF account

EPFO operates Employees Provident Fund Account (EPF Account) for its members to provide social security after retirement of salaried employees. An employee contributes 12 per cent of his salary on a monthly basis to the EPF account.

Whereas, the employer also contributes 12 per cent for the employee. The entire 12 per cent contribution of the employee is deposited in the EPF account, but in the 12 per cent of the employer, 3.67 per cent contribution is deposited in the EPF account of the employee and the remaining 8.33 per cent is deposited in the Employees’ Pension Scheme (EPS).

All this amount is available on the retirement of the employee. The Central Government gives interest rate on annual basis on the amount deposited on EPF.

Method to know the amount present in the EPF account

EPF account holders can choose several options to know the amount present in their account. Members can know the current account balance by sending a message to Employees’ Provident Fund Organization on mobile number 7738299899 through their registered mobile number.

Apart from this, the amount can be known by giving a missed call on 011-22901406 and logging in through the member passbook by visiting the official website of EPFO ​​www.epfindia.gov.in. Whereas, the balance in the account can also be found from the Umang app.

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Whenever the interest amount of the subscribers is transferred from the EPFO ​​side, you can check it sitting at home. EPFO has given its members the facility to check EPF balance in 4 ways. Subscribers can check EPF account balance by sending SMS from mobile, giving missed call, logging on to website and also through UMANG app.

check by missed call

You can know your PF balance through missed call service of EPFO. You will have to give a missed call on the number 9966044425 issued by EPFO ​​from your registered mobile number. In a short while you will get a message, which will have the details of your EPF account balance. This service is absolutely free for the subscribers.

Know balance by sending SMS

You can also know EPF balance through SMS. You will have to send an SMS to the number 7738299899 issued by EPFO. The format of the message will be EPFOHO UAN ENG. Through this message, EPF account information will come in English on your registered mobile number. If you want this message in Hindi, then you have to send it by writing EPFOHO UAN HIN. This service is also available in many other regional languages.

You can also know the balance from the website

EPFO Subscriber can get complete information of PF account through the official website epfindia.gov.in. For this, you have to go to the EPF Passbook Portal on the home page. Log in there with your UAN number and password. After this click on Download/View Passbook. The passbook will open in front of you and you can see the balance.

Umang App Know Balance

You can also know EPF account balance through Umang. For this, go to EPFO ​​in the app. Then click on Employee Centric Services. Then select View Passbook and login with UAN to view the passbook. If you do not have this app, then first download it and then register in it. This app provides users with government services at one place. You can directly view your EPF passbook on this app, as well as track your claim requests. For this, you have to do one-time registration of your mobile number just once.

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EPFO has to credit interest money for the financial year 2021-22. But, there was no update on this for a long time. EPFO had announced in October that EPF Subscribers will start getting money from November. But, till now the interest is stuck. However, the reason for this has not yet been disclosed openly by EPFO. Whereas, the Finance Ministry had approved interest payment at the rate of 8.1% in June 2022 itself.

EPFO trustees also expressed concern

The trustee of EPFO ​​has also expressed concern over the fact that money has not yet come into the account of the EPF account holder. This wait has been too long. But, now sources in the Ministry of Labor are telling that EPFO ​​can start putting it from 28 February. Means EPF Interest money will be credited before the festival of Holi. However, this is a long process. That’s why it may take time till March 15-20 to get the interest money in the account of all the account holders. However, EPFO ​​has not yet officially announced that it will start depositing money from February 28.

Interest money will be received before Holi

For the past few years, the account holders are not getting the EPF interest money on time. For 2020-21, 8.5% interest rate was fixed on PF in March 2021, while interest money was received in December 2021. At the same time, in March last year also, the interest rate for 2021-22 was fixed at 8.10 percent. But, the money has not been credited in the account yet.

Interest rate on EPF in last five years?

1- Year: 2021-2022
EPF Interest Rates: 8.10%

2- Year: 2020–2021
EPF Interest Rates: 8.50%

3- Year: 2019-2020
EPF Interest Rates: 8.50%

4- Year: 2018-2019
EPF Interest Rates: 8.65%

5- Year: 2017-2018
EPF Interest Rates: 8.55%

New rules for EPF withdrawal

The government has changed the rules of EPF withdrawal in the budget 2023. Big relief has been given to the account holders. According to the new rule, now TDS on withdrawal of EPF has been reduced from 30% to 20%. This will be applicable to those PF account holders whose PAN card is not updated in EPF account. According to the existing rules, if someone’s PAN card is not in the records of EPFO, then 30% TDS has to be paid on withdrawal of money, but from April 1, 2023, 20% TDS will have to be paid. If the EPF account holder withdraws within 5 years of service history, then he has to pay TDS.

How to check your EPF Balance?

• Follow the process given below to check balance online

Step 1- Visit the official website of EPFO ​​at epfindia.gov.in.

Step 2- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.

Step 3- When the new page opens, you have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.

Step 4- On login, there will be a drop down in front of you, it will have different PF account options. Select the current member ID.

Step 5- Now the passbook will open in front of you. In this, you can see the monthly contribution of both you and the employer. Along with this, the overall balance will also be visible. It will also show whether the interest amount has been credited or not. If interest has been credited by EPFO, then it will be reflected here.

Check balance through SMS and Umang App

You can check the passbook of your PF account to see whether your interest money has come or not. You can either visit the official website of EPFO ​​for this. Or you can also send the message ‘EPFOHO UAN ENG’ to 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through UMANG app.

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The Employees’ Provident Fund Organization has not yet transferred the interest money (epfo interest 2021-22) to the employees’ accounts for the financial year 2021-22, for which concern has been expressed. Although the interest for the financial year (epfo interest) was approved only in June last year.

Getting 8.1 percent interest

The EPFO’s CBT headed by Union Labor Minister Bhupendra Yadav had approved 8.1 percent interest for 2021-22 in March 2022. Let us tell you that this is the lowest rate in the last four decades.

14.93 lakh new members added in December

EPFO ​​has added 14.93 lakh new members in December 2022 purely. This is two percent more than the same period a year ago. The Ministry of Labor has given this information. According to the data released by EPFO, in December 2022, the number of members has increased by 14.93 lakhs.

The ministry has given information, the ministry has said that if compared with the same month last year, the number of members has increased by 32,635 in December, 2022 as compared to the same month last year. The Labor Ministry has also released the payroll data of the Employees’ State Insurance Corporation (ESIC). It shows that in December 2022, 18.03 lakh new employees are associated with ESIC.

8.02 lakhs came under social security

on an annual basis, it shows that in December 2022, compared to December 2021, the number of employees contributing to the ESI scheme has been 14.52 lakhs more. Out of 14.93 lakh new members added by EPFO ​​in December, 2022, 8.02 lakh have come under this social security for the first time.

How many members are of which age?

Maximum 2.39 lakh newly joined members are in the age group of 18 to 21 years. 2.08 lakh new members have been added in the age group of 22 to 25 years. Of the total new members, 55.64 per cent are in the age group of 18 to 25 years.

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Twitter user asked a question 

A Twitter user has written a tweet tagging EPFO, Ministry of Finance and PMO India, ‘EPFO has not yet paid the interest for the contribution of 2021-22. Stop this loot and give people their money. It is sad that even the opposition is silent on this. December has arrived. If you cannot pay interest, then stop taking money from the working class.

EPFO replied 

EPFO has given its answer on the tweet of a Twitter user named Nikumbh. EPFO has written in its reply, ‘Dear member, the process of depositing interest is going on and it will be reflected in your account soon. Interest will be paid in full as and when it is credited. There will be no loss of interest.

PF account holders have got a big relief from this answer of EPFO. Now it is expected that before the new year, interest money will come in the account of the account holders. Actually, the interest of PF passes through a long process, due to which there is a delay in the release of interest many times. The EPFO ​​trust fixes the rate of interest and sends its recommendation to the finance ministry. Funds are raised only after getting approval from there.

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Subscribers can update KYC through EPFO’s online portal epfindia.gov.in. If your EPF account is not KYC compliant then EPFO ​​can reject the claim request of the subscribers. You can update your KYC information sitting at home through UAN (Universal Account Number) EPFO ​​(Employees Provident Fund Organization) portal. For this you will need UAN.

If KYC is updated then there is no problem in money transfer or withdrawal. In case of non-updation of KYC, claim requests will be rejected. If you have not submitted the KYC documents, then the EPF member will not get any SMS alert.

How to update KYC online

Step 1: First of all, you have to go to the EPFO ​​member portal.
Step 2: Now you have to login by entering your 12 digit UAN number, password and captcha code.
Step 3: After login, a new page will open. In which you will see Manage written.
Step 4: From here select the ‘KYC’ option.
Step 5: A new page will open with a list of different document types. Enter the document number, name as per the document and other details like IFSC in case of bank details and expiry date in case of passport and driving license.
Step 6: Now click on ‘Save’.
Step 7: The status of the KYC document will appear in the column ‘KYC Pending for Approval’.
Step 8: The ‘Digitally Approved KYC’ state will appear after the documents are verified by the employer. Also, SMS will be received on your registered mobile number.

These documents will come in handy

for KYC update Aadhar Number, Permanent Account Number (PAN), Bank Account Number, Passport, Driving License etc. will be useful.

Let us tell you that the Employees’ Provident Fund Organization has started the process of adding interest to the account of its account holders . EPFO gave this information by tweeting on 31 October. Responding to a user’s query, the organization said that the process of transferring interest has been started and soon the money will reach the beneficiaries’ account. Apart from this, EPFO ​​also said that no one will suffer any kind of loss in interest.

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The interest amount is going to be transferred soon in the account of PF account holders. EPFO may soon announce the transfer of interest for 2021-22 to the accounts of more than 6.5 crore subscribers. This time the Employees’ Provident Fund Organization (EPFO) will deposit interest at the rate of 8.1 percent in the account of its members. The amount of which will be directly credited to your PF account. The decision on interest was taken in the last meeting of the Central Board of Trustee of EPFO. After this, the Finance Ministry has also given its consent on this. 

Interest is not available on the entire money

Let us tell you that there is a contribution of both the employee and the employer in the Provident Fund account. In this, 24 percent of the basic and dearness allowance together are deposited. But you will be surprised to know that the organization does not pay interest on the entire payment. Let us know on which amount the Provident Fund Organization pays the interest amount.   

This is how interest is calculated

Your PF gets deposited every month, while the interest is credited on an annual basis. But let us tell you that the calculation of interest is done on a monthly basis. According to the rules of EPFO, if there is any withdrawal on the last date of the financial year, then the interest for 12 months is deducted. The organization always takes the opening and closing balance of the account and accordingly the monthly running balance is added and the rate of interest is multiplied by / 1200.

Check interest with this easy process

You do not need to worry to check interest money in EPFO. There are several ways to check whether the interest amount has been credited to your account. By the way, information about transfer of interest from EPFO ​​​​is given to every subscriber by messaging. But, you can easily get the balance information in the account by sending a message yourself. You just have to type ‘EPFOHO UAN ENG’ on your mobile phone and send it to 7738299899. The last three characters of the message are for the language.

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Due to this, in the last financial year also, the employees got the benefit of 8.5 percent interest. EPFO, which cuts PF, has not yet announced the date of transfer of interest, but this claim is being made in all media reports. According to the claims, the interest amount will be sent to the account by September 30.

Employees will get so many thousand rupees

EPFO, which deducts PF, will send money to the account of employees by 30 September. In such a situation, the question arises that how much money will come in the account of PF employees, for which you will need to read the entire article carefully. According to 8.1 percent interest, if Rs 7 lakh is deposited in your account, then an amount of Rs 56,000 will be added. You will get the amount. Earlier in the financial year 2019-20 also 8.5 percent interest amount was released, which benefited about 6 crore employees.

Know how to check

• First of all you have to go to epfindia.gov.in.
• Now you have to click on the option of Click Here to know your EPF Balance.
• Now you have to be redirected to the page of epfoservices.in/epfo/.
• Now you have to click on the option of Member Balance Information.
• Now enter your PF account number and registered mobile number here.
• Now select your state.
• After doing this, click on the link of the EPFO ​​website of your state.
  Now click on submit option.

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Interest money is expected to arrive in the account of PF employees by July 30, due to which a lot of enthusiasm is being seen among the people. The government has announced to give 8.1 percent interest money for the financial year 2020-21, which is believed to be the lowest in forty years.

Earlier, 8.5 percent interest was announced. EPFO, the PF deducting body, has not yet officially announced the interest, but this claim is being made in all the media reports.

so much money will come in the account

The Central Government has decided to send 8.1 percent interest to the account of PF employees. This will benefit more than 6 crore employees. Accordingly, if Rs 10 lakh is lying in your account, then interest of Rs 81,000 will be available.

Check amount like this

You can know how much money is in PF account from your mobile sitting at home. You have to send EPFO ​​UAN LAN to 7738299899 from the mobile number registered with EPFO. If you need information in English, you should type ENG instead of LAN. Thus HIN is written in Hindi and TIM in Tamil.

Check money with this app

Download UMANG App from Play Store on your Smartphone.

Log in to the app by registering your phone number.

Go to the Services directory in the top left corner menu.

Here click on EPFO ​​option. After going to View Passbook, check your UN number and balance through OTP. With this you can easily access your PF account.

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This interest rate is the lowest interest rate in 40 years. Earlier, the government had given 8.5 percent interest. According to an estimate, if someone has a fund of Rs 10 lakh in his account, then the entire Rs 81,000 will be credited to his account.

However, no official statement has come from the government for this yet. But sources claim that by August 30, money will be credited in the accounts of all the employed people.

how to check balance

You can follow 4 ways to check your PF balance. Or you can choose any one of the four methods. In these ways, you can check the balance through SMS and you can also know by giving a missed call.

Apart from this, you can also check through EPFO’s website, and UMANG app. For this, you have to send a message by SMS to 7738299899 by writing EPFO ​​UAN LAN (language) from the mobile number registered with EPFO.

The calculation of interest will be something like this

If you have Rs 10 lakh in your PF account, you will get Rs 81,000 as interest. On the other hand, if you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest. Also, if you have Rs 5 lakh in your account, you will get Rs 40,500 as interest. If you have one lakh rupees in your account, then 8,100 rupees will come.

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So much interest money can come

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EPFO Alert: If PF is deducted from the salary of any member of your family due to your salary, then this news is of your use. Now a huge amount is going to be transferred in the accounts of such employees. Employees’ Provident Fund Organization ie EPFO ​​is now going to transfer interest money in the account of employees soon, which will benefit more than 6 crore people in a big way.

Also Read: PF Withdrawal: How to claim PF in medical emergency for fast process

If there is 5 lakh in the account, you will get Rs 40,000 interest According to the announcement of the government, 8.1 percent interest has been announced for the financial year 2021-22, which is the lowest in the history of 40 years. If 5 lakh rupees are lying in your PF account, then you will easily get interest of about 40 thousand rupees.

Official announcement has not been made

The EPFO, which has cut PF, has not yet made an official announcement to put money in the account, but in some media reports this thing is being done on a large scale. It is being claimed in media reports that this amount can be transferred soon.

Check pf money like this

If you are a PF employee then do not go to the office to see the money in the account. You can easily check all your money sitting at home. Now you have to send EPFO ​​UAN LAN to 7738299899 from mobile number registered with EPFO. LAN stands for your language. If you want information in English, then you have to write ENG instead of LAN. In this way HIN is written for Hindi and TAM is written for Tamil. To get information in Hindi, you have to message by writing EPFOHO UAN HIN.

• You can also see money from this app
• Download UMANG App from Play Store on your Smartphone.
• Register your phone number and log in to the app.
• Go to the menu in the top left corner and navigate to ‘Service Directory’.
• Search here and click on EPFO ​​option.

After going to View Passbook here , check the balance through your UAN number and OTP.

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