EPFO Curiosity Price Hike: EPFO Curiosity Price Hike: EPFO declares 8.25% as EPF rate of interest for FY 2023-24

That is on the again of robust monetary returns for EPFO this 12 months, together with its investments in fairness, and nearly negligible Covid withdrawals, supply informed ET.

The central board of trustees of EPFO, headed by the labour and employment minister Bhupender Yadav, gave its go forward to the proposed rate of interest on the 235rd board assembly of EPFO on Saturday.

The rate of interest could be formally notified after approval from the ministry of finance, following which EPFO would credit score the speed of curiosity into its subscribers’ accounts, within the later a part of the approaching monetary 12 months.

The rate of interest of 8.25%, as soon as notified, can be relevant on voluntary provident Fund (VPF) deposits as properly. Additional, exempted trusts are additionally sure to credit score the curiosity on the similar charge as EPFO to its staff.

The Workers’ Provident Fund is a compulsory contribution for salaried staff in organisations with 20 or extra staff. Below the EPF&MP Act, an worker contributes 12% of his wages to the EPF account on a month-to-month foundation and an identical contribution is made by the employer. Whereas the staff’ full contribution is deposited to the EPF account, solely 3.67% of the employer share is deposited to the EPF account and the steadiness 8.33% goes in direction of the Workers Pension Scheme (EPS).

What’s EPF

The Workers Provident Fund is a mandated contribution for salaried staff. An employer can also be obligated to make an identical contribution to the EPF account. On a month-to-month foundation, an worker contributes 12% of his earnings to his EPF account. The worker’s complete contribution is positioned into the EPF account. Within the case of the employer, simply 3.67 % is deposited into the EPF account. The remaining 8.33% goes to the Workers Pension Scheme (EPS).

How one can test EPF steadiness

An worker whose EPF account is managed by the EPFO can test the account steadiness utilizing following 4 methods:
a) By utilizing Umang app
b) By visiting EPF member e-sewa portal
c) By giving missed name
d) By sending SMS

How one can test EPF steadiness on UMANG app

The subscribers can now simply test their PF steadiness at dwelling on the UMANG utility.
Step 1: Obtain and set up Umang app
Step 2: Register out of your cellular quantity
Step 3: Select “EPFO” from the choices
Step 4: Click on “View Passbook.”
Step 5: After getting into your UAN, click on Get OTP.
Step 6: Choose “Login.”
Your passbook and EPF steadiness can be proven on the display.

How one can test EPF steadiness utilizing EPFO portal

Go to the worker part of the EPFO web site and click on on “Member Passbook.” By getting into your UAN and password, you’ll be able to acquire entry to the PF passbook. Worker and employer contributions, in addition to opening and shutting balances, can be detailed. The sum of any PF transfers, in addition to the quantity of PF curiosity generated, can be proven. The EPF steadiness may also be considered with a passbook.

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