In February 2024, the Employees’ Provident Fund Organisation (EPFO) revealed the interest rate for the financial year 2023-24 for provident fund deposits, raising it to 8.25% from the previous year’s 8.15%. Naturally, many EPF members are curious about when they will receive the EPF interest for the fiscal year 2023-24. According to EPF’s response to a query from a member on social media platform X, the interest crediting process is underway, assuring members that the interest will be accumulated and paid in full without any loss.
Moreover, for the financial year 2022-23, the interest has already been provided to 28.17 crore members’ accounts of EPFO as of March 2024. EPFO encouraged members to check their EPF passbook for verification.
EPF Contribution Rules
The Employees’ Provident Fund (EPF) is a mandatory savings and retirement plan for active employees, allowing access to the fund’s corpus after retirement. EPF members can file withdrawal or transfer claims both online and offline, and track the status of their EPF claims online.
It is compulsory for salaried employees in companies with 20 or more personnel to make EPF contributions. The EPF&MP Act requires an employee to deposit 12% of their monthly income into the EPF account, with the employer matching the contribution. While the employee’s entire contribution is credited to the EPF account, only 3.67% of the employer’s portion is deposited, with the remaining 8.33% allocated to the Employees Pension Scheme (EPS).
EPF Interest Rates FY2023-24
The EPF interest rate for the fiscal year 2023-24 stands at 8.25%, as recommended by the CBT, marking an increase from the previous 8.15%. According to the PIB release dated February 10, 2024, the Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores.
How to Check EPF Balance
EPF members can check their balance using various methods:
- UMANG app: Download and install the Umang app, register using your mobile number, select “EPFO” from the options, click “View Passbook,” enter your UAN, and click “Login” to view passbook and EPF balance.
- EPFO portal: Go to the employee section of the EPFO website, click on “Member Passbook,” and login using your UAN and password to access the PF passbook and view the EPF balance.
- Sending SMS: If your UAN is registered with the EPFO, you may get information about your most recent contribution and PF balance by sending an SMS to 7738299899 in the format UAN EPFOHO ENG.
The EPF provides a crucial avenue for retirement savings, and staying updated on the interest rates and monitoring your balance ensures financial preparedness for the future.
For more information and assistance, members can reach out to the EPFO directly or visit the official website for comprehensive guidance.
This is valuable information, enabling EPF members to stay informed about their contributions and the interest they accrue, ultimately securing their financial well-being.
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