EPFO Passbook Check: The statutory body Employees’ Provident Fund Organization has started the process of depositing interest in the Provident Fund (EPF) accounts of the employees. EPFO has assured the beneficiaries that the interest will be credited in full and there will be no loss. That said, EPF subscribers may soon see their interest reflected in their accounts.
The way to check whether the Employees’ Provident Fund Organization subscribers’ interest is credited to your PF account is through a passbook where the details of your provident fund balance are displayed. The passbook can be availed online from EPFO’s website. Last month on October 31, EPFO tweeted that the process of depositing interest is going on and it will be visible in your account soon. Interest will be paid in full as and when it accrues. There will be no loss of interest.
Employees’ Provident Fund Organization
The clarification from the Employees’ Provident Fund Organization comes after the Finance Ministry responded to questions asked in October about interest not being credited to the PF accounts of employees. According to Finmin, there is no loss of interest for any EPFO subscriber on October 5. The interest is being credited to the accounts of all EPF subscribers. However, this is not reflected in the statements in view of a software upgrade being implemented by EPFO to account for the change in tax incidence.
Employees’ Provident Fund Organization
Generally, CBT decides the interest rate for EPFO EPF accounts every financial year. The rate is seen later by the Finance Ministry. Once FINMIN gives the green signal, the rate is processed into the PF accounts for that particular financial year by the CBT and the Employees’ Provident Fund Organisation. CBT is under the Ministry of Labor and Employment.
EPFO Passbook Check- EPFO Latest Update
In March this year, the CBT announced an interest rate of 8.10% for EPFO EPF accounts – the lowest since 1977-78. However, the 8.1% rate is still beating inflation. In the Employees’ Provident Fund Organization, this rate will be deposited in the accounts of the members for the financial year 2021-22 when EPF is deposited.
Employees’ Provident Fund Organization
Although interest is calculated on a monthly basis in the EPFO EPF account, however, they is credited at the end of a financial year. The transferred interest is added to the next month’s balance and then compounded to calculate interest on that month’s balance. All the customers of the Employees’ Provident Fund Organization are going to get good news soon.
Check EPFO Passbook Online
- To check his/her passbook in the Employees’ Provident Fund Organisation, a member has to visit the official website of EPFO – epfindia.gov.in.
- Then, members click on the ‘Services’ section mentioned at the top of the dashboard. Click on the ‘For Employees’ option under this section.
- A new page will be opened for the employees. Click on the ‘Member Passbook’ option mentioned under ‘Services’.
- Once ‘Member Passbook’ is selected, he will be directed to a login page.
- Mention your UAN details along with your password and answer the captcha code. After this click on ‘Login’.
- You will be directed to the main EPF account, where the interest earned is highlighted along with the contribution details of both employees and employers. You can also print your passbook by clicking on ‘Download Passbook’.
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