The beneficiaries of the Employees' Provident Fund Organisation (EPFO) should note that the central organisation is planning to soon start processing the interest for 2021-22. Beneficiaries are likely to see the amount reflect in their accounts very soon. In March 2022, the Employees' Provident Fund Organisation (EPFO) officially declared that it will provide an interest rate of 8.1 percent. One should note that this is the lowest interest rate in four decades for the last financial year.
However, now the amount can finally be seen in the accounts by the beneficiaries. According to the latest official details available, the interest will be credited soon to your Provident Fund (PF) accounts. Beneficiaries are requested to stay alert and keep a closer look at their accounts. They will see the changes as soon as the interest is credited by the organisation.
According to the normal process, the EPF contribution is credited to the account monthly and the interest is calculated every month. One should know that the total interest for the year is credited at the end of the year.
In March, the EPFO’s central board of trustees decides on the rate of interest for the financial year. Then, the Labour Ministry and the EPFO start the process of crediting the interest into the employees’ accounts.
The Union Finance Ministry formally announced that the delay for financial year 2022 is due to a software upgrade. The upgrade is being carried out to account for the changes in the tax incidence.
Now, the beneficiaries will receive the interest in their PF accounts as the process is scheduled to begin. Everyone should stay alert and know how to check the updated balance.
EPFO to Credit Interest: How To Check Updated Balance
Here are the steps that people must follow to check the balance after the interest is credited by the central organisation:
Go to the official website of the EPFO – epfindia.gov.in.
Find the tab that says "Our Services" on the homepage.
You have to search and tap on the "For Employees" option on the site.
A new page will open and you have to click on "Member Passbook."
Enter the required details such as your Universal Account Number (UAN) and password to log in.
Once the passbook opens, you can see the interest earned.
Go through the details on the passbook carefully.
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