New Delhi: Retirement fund EPFO on Tuesday gave a big gift to six crore account holders in the country. EPFO has increased the interest rate on EPF deposits. In the financial year 2022-23, PF account holders will now get interest at the rate of 8.15 percent. Last year in March 2022, EPFO reduced the interest on EPF to 8.1 percent for 2021-22. Which was the lowest rate in the last 4 decades. EPFO invests the amount deposited in the PF account holder’s account in several places. A part of the earnings from this investment is given to the account holders in the form of interest.
6 crore people will benefit
Let us tell you that the meeting of the Central Board of Trustees of EPFO started yesterday i.e. Monday. In the meantime there were chances of interest rate hike by EPFO. Judging the prospects, the board has announced a hike in interest rates today. The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization (EPFO) has decided to increase the interest rate in a meeting. The CBT is the apex decision-making body of EPFO and is headed by the Union Minister for Labor and Employment, Bhupendra Yadav. About six crore active subscribers will benefit from the hike in EPF interest rates. Out of them, there were 72.73 lakh pensioners in FY22.
Explain that in March 2021, the CBT fixed the interest rate on EPF deposits at 8.5 percent for 2020-21. After the CBT’s decision, the interest rate on EPF deposits for 2022-23 will be sent to the Finance Ministry for concurrence. After the government’s ratification, the interest rate on EPF for 2022-23 will be credited to the accounts of more than five crore customers of EPFO.
Lowest interest rate in 40 years
In March last year, the government reduced the interest rate on PF account deposits from 8.5 percent to 8.1 percent. This is the lowest interest rate in nearly 40 years. In 1977-78, the EPFO fixed an interest rate of 8 percent. But since then it has been consistently 8.25 percent or higher. In the financial year 2018-19 the interest was 8.65 percent, in 2017-18 8.55 percent, in 2016-17 8.65 percent and in the financial year 2015-16 8.8 percent.
from the salary of the employee deduction happens
12% deduction on employee’s salary is for EPF account. 8.33 percent of the deduction made by the employer in the employee’s salary goes to EPS (Employee Pension Scheme), while 3.67 percent goes to EPF. You can easily check the current balance of your PF account at home. Many options are given for this. You can find out through the Umang app, website or by sending an SMS from your mobile phone. There are around 6.5 crore EPFO subscribers across the country.
Check balance from EPFO portal
- Go to EPFO official website (www.epfindia.gov.in).
- After this click on E-PassBook option.
- On the new page, enter the 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 check the passbook directly by visiting https://passbook.epfindia.gov.in/. Now complete information will open in front of you.