When will the FY24 EPF interest be paid to you? Examine EPFO’s reaction
In February of this year, the Employees’ Provident Fund Organization (EPFO) raised the interest rate on provident fund deposits.
The interest rate for the fiscal year 2023–24 (FY24) has been declared by EPFO to be 8.25%, up from 8.15% the year before.
Since they will be earning a larger sum than they did in the previous financial year, the fund members are excited to receive their EPF interest for FY24.
When will interest from the EPF be credited for FY24?
In response to this inquiry, the Government of India’s EPFO official X account said that it is in the process of awarding it but did not provide a specific timetable.
“The procedure is being worked on and might be shown there soon. The interest will accrue and be paid in full whenever it is credited. EFO on X said that there would be no loss of interest.
As of March 2024, interest for the fiscal year 2022–2023 has been credited to the accounts of 28.17 crore EPFO members.
“Dear member, as of right now, 28.17 crore EPFO member accounts have received the interest for the Financial Year 2022-2023. Please verify your EPF passbook, members,” EPFO said in a statement on X.
How can I see my EPFO balance?
The techniques listed below allow employees under EPFO management to verify their EPF balance.
To examine balance, download the Umang app, register, choose EPFO, click “View Passbook,” input UAN, and log in.
EPFO portal: To access detailed contributions and balances, go to the employee area, choose “Member Passbook,” and then enter your password and UAN.
Lost SMS and phone call: Send an SMS with the following format, UAN EPFOHO ENG for English, to 7738299899 if UAN is registered. Make sure Aadhaar, PAN, and bank are connected to UAN.
What is the regulation for EPF contributions?
For current workers, a retirement savings plan known as the workers’ Provident Fund (EPF) or PF (Provident Fund) is required. Employees have access to the fund’s corpus once they retire.
EPF members may submit withdrawal or transfer claims online or offline. No matter how they applied, anyone may check the status of their EPF claim online.
For paid workers in organizations with twenty or more employees, the EPF is required. Employees pay 12% of their monthly salary into an EPF account, with their employer matching the amount, in accordance with the EPF&MP Act.
Only 3.67% of the employer’s share is deposited, with the remaining 8.33% going to the Employees Pension Scheme (EPS), even if the whole employee contribution is credited to the EPF account.
