The process of crediting interest to employee provident fund (EPF) accounts has been started by the legally recognized Employees' Provident Fund Organisation (EPFO). The beneficiaries have been informed by EPFO that the interest is fully credited and that there will be no loss.
Having said that, EPF members might soon see that their interests are represented in their accounts. Through a passbook that contains information about your provident fund balance, you can determine whether or not your interest has been credited to your PF account. The EPFO website offers online access to the passbook.
On October 31st, EPFO stated that the process of crediting interest was still in progress but would soon be reflected in your account. The interest shall be paid in full when credited.
After the Finance Ministry responded to inquiries concerning interest not being credited to employees' PF accounts in October, EPFO provided its clarification. According to FinMin, no subscriber will experience an interest loss on October 5. All EPF members' accounts are credited with the interest. However, due to a software update that EPFO conducted to account for the change in the tax incidence, it is not apparent in the statements.
Additionally, FinMin had said that payments are made inclusive of interest for all departed subscribers seeking settlement and for subscribers seeking withdrawal.
In terms of clientele and the volume of financial transactions handled, the government-backed EPFO is among the largest Social Security Organizations in the world. A contributory provident fund, a pension plan, and an insurance program are all managed by the Central Board of Trustees (CBT), the EPFO's highest decision-making body, for employees working in India's organized sector.
The interest rate for EPF accounts is typically decided by the CBT each fiscal year. The rate is later than what the Finance Ministry has noted. The rate is then handled in PF accounts for that specific fiscal year by CBT and EPFO when the FinMin gets the go-ahead. The Ministry of Labor and Employment oversees the CBT.
Follow the steps given below to check EPFO balance:
If the employee has a UAN that has been activated and has been registered, it is simpler to verify your passbook. The 12-digit Universal Account Number (UAN) identifies an account.
A member must go to epfindia.gov.in, the EPFO's official website, to check their passbook.
Then, members select the "Services" area from the dashboard's top navigation. Select "For Employees" from the list of options under this section.
Employees will see a new page open. Select the "Member Passbook" link found in the "Services" section.
After choosing "Member Passbook," the user will be taken to a login page.
Mention your UAN information, your password, and your response to the captcha code. Then select "Login."
You will be taken to the main EPF account, where information on the employer and employee contributions as well as the interest received is highlighted. By selecting "Download Passbook," you can also print your passbook.
Notably, you must use different IDs to check your passbook balance if your company is more than one organization.
