For the current financial year, the government had fixed an interest rate of 8.1 per cent on PF. The Central Board of Trustees has decided to increase the interest rate for the financial year 2022-23 in the meeting.
EPFO has given a big gift to its six crore account holders. EPFO has increased the interest rate on deposits in EPF. In the financial year 2022-23, now the PF account holder will get interest at the rate of 8.15 percent.
EPFO had reduced the interest on EPF to 8.1 per cent for 2021-22 in March. EPFO invests the amount deposited in the PF account holder’s account in many places. A part of the earnings from this investment is given to the account holders in the form of interest.
6 crore people will get benefit
The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization (EPFO) has decided to increase the interest rate in the meeting. CBT is the apex decision-making body of EPFO and is headed by Union Labor and Employment Minister Bhupendra Yadav. About six crore active subscribers will benefit from the increase in EPF interest rate. Of these, 72.73 lakh were pensioners in FY22.
40 years lowest interest rate
In the month of March last year, the government had reduced the interest rate on deposits in PF account from 8.5 per cent to 8.1 per cent. This is the lowest interest rate in almost 40 years. In 1977-78, the EPFO had fixed an interest rate of 8 per cent. But 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.
Deductions from employee’s salary
12% deduction on the salary of an employee is for 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. You can check the current balance of your PF account in easy ways sitting at home.
Many options have been given for this. You can find out through the Umang app, website or by sending an SMS from your mobile phone. There are about 6.5 crore EPFO subscribers across the country.
Check balance from EPFO portal
- Go to the official website of EPFO (www.epfindia.gov.in).
- After this click on the E-PassBook option.
- On the new page, enter UAN, password and captcha code and click on login.
- After logging in, select the Member ID option to view the passbook.
- Now you will get the passbook in PDF format, which can be downloaded.
- You can also view the passbook directly by visiting https://passbook.epfindia.gov.in/.
- Now the complete information will be open in front of you.
