Employees Provident Fund Organisation fixes the EPF interest rate at 8.15% for FY 2022-23

According to information cited by the news agency PTI, the Employees Provident Fund Organisation (EPFO) has set the interest rate for the fiscal year 2022–2023 at 8.15%. If the predicted interest rate is the same as what the sources have published, the interest rate for EPF accounts will rise by 0.05%. For the fiscal year that just ended, FY 2021–2022, the interest rate for EPF accounts was 8.10%.

Be mindful that the finance ministry must notify the Central Board of Trustees (CBT) of the interest rate’s determination before it takes effect. Only then will EPFO begin crediting the interest rate to the EPF accounts when the interest rate is announced? Deposits made to Voluntary Provident Funds (VPF) will also be subject to the interest rate that has been announced. This interest rate on EPF deposits will also be given to employees whose EPF accounts are with the exempted trust.

Workers’ Provident Fund contributions are necessary for people who receive a wage. There is also a requirement for the employer to make a matching contribution to the EPF account. 12% of the employee’s salary is deducted each month and put towards the EPF account. The employee’s contribution is fully deposited into the EPF account. Just 3,67% of the EPF account’s funds are contributed by employers. The Employees Pension Plan will receive 8.33% of the sum that is left over (EPS).

Since the interest rate on EPF deposits for the upcoming fiscal year, 2022-2023, is being determined, the retirement fund organization is still crediting interest to EPF accounts for the last financial year, 2021-2022.

The EPFO is responsible for managing an employee’s EPF account, and there are four ways to check the account balance:

a) By using the Umang app

b) By going to the EPF member’s e-Sewa portal.

c) By notifying you of missed calls

d) Via SMS transmission

If an employee’s account is run by an exempted trust, they should request an EPF statement from their employer in order to find out the balance.

You can complain to the EPFO if the interest rate is not still reflected in your EPF account. The EPF i-gram webpage or WhatsApp can be used to file a complaint. One must file a complaint with the employer in the event that a trust is exempt from EPFO.

In March 2022, EPFO reduced the interest rate on EPF for its approximately five crore subscribers from 8.5 percent in 2020–21 to a more than four-decade low of 8.1 percent.