EPFO interest credit date: Earlier, before the presentation of Budget 2023, people were expecting this amount to be deposited in their account, but this could not happen. However, Finance Minister Nirmala Sitharaman definitely announced the change in PF rules in her budget speech. The wait of 6.5 crore people in the country may also be over. Let us know when the interest money received on the amount deposited in PF will come into the account.
EPFO interest credit date:
The wait for 6.5 crore PF account holders in the country may end soon. The people of the country were expecting the EPFO interest money to be deposited in their account even before Budget 2023. But Finance Minister Nirmala Sitharaman definitely announced the change in PF rules in her budget speech.
After the announcement of changes in the rules of PF, now soon the interest money received on the amount deposited in PF can come. Let us know on which day the government will transfer the interest money to the account of PF account holders.
When will EPFO interest money come?
During the General Budget 2023 presented on February 1, changes in the rules regarding PF were announced. After the announcement of the change in the rules regarding PF, the expectation of the account holders has increased again that soon the interest money received on the amount deposited in PF for the financial year 2022-23 can come into their account.
According to media reports, the government can put the money into the government’s account before Holi. The government of India and related organizations will soon announce the exact official date of EPFO interest money.
Reason for delay in getting EPFO interest money!
The biggest reason for the transfer of interest money in the account is that it has to go through many stages before sending the money. Let us tell you that from this financial year, the government will transfer money to the accounts of 7 crore PF account holders at an interest rate of 8.1 percent. After the approval of the Ministry of Finance, even after the transfer of interest, money is transferred to the accounts after raising funds.
EPF interest rate
EPFO reviews the EPF interest rate every year by the Central Board of Trustees in consultation with the Ministry of Finance. The EPF interest rate for the financial year 2021-22 is 8.10%. Let us know the EPF interest rate for the last 5 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%
EPF Contribution Ratio:
Let us tell you that in the EPF scheme, the employee and the employer contribute an equal amount every month. The employee contributes 12% of the basic salary + dearness allowance to his EPF account. If the company/organization with less than 20 employees or a jute, bidi, briquette, coir, and guar gum factory, then the employee will have to contribute 10%.
8.33% of the employer’s contribution goes to the EPS (Employees’ Pension Scheme) and 3.67% to the EPF. Apart from this, the company also contributes an additional 0.5% towards EDLI. From June 1, 2018, employers are required to pay an additional fee for administrative accounts at the rate of 0.50%.
How to check the EPF account balance?
If you are also a PF account holder, then you can check the balance of your PF account with the easy methods mentioned below.
1- Check EPF account balance through the official website
- Go to the official website of EPFO.
- Along with this, click on the service tab.
- Now click on the section with ‘For Employee’.
- After that click on ‘Member Passbook’ and log in by entering your UAN and password.
- Now your account balance will appear in front of you.
2- Check EPF account balance through SMS
To check your PF account balance through SMS, you have to send the format ‘EPFOHO UAN ENG’ to 773829899 from your registered mobile number.
3- Check EPF account balance by giving a missed call
You can check your PF account balance by giving a missed call on 011-22901406 toll-free number from UAN’s registered mobile number.
New rules for PF withdrawal
While presenting the general budget of the country on February 1, 2023, the government announced relief regarding the withdrawal of EPF money. Under the new rule, now TDS deduction on withdrawal of money deposited in PF has been reduced from 30% to 20%. This decision of the government will benefit such PF account holders whose PAN card is not updated in their PF account.