Diwali 2023: ‘Gift’ for employees as centre starts crediting PF interest; here how to check if you have received
Employees’ Provident Fund Organisation (EPFO) has initiated the process of crediting interest to provident fund (PF) accounts for the financial year 2022-23, offering an interest rate of 8.15 percent. This marks the highest interest rate on PF accounts in more than four decades. The interest rate set by the EPFO for the financial year 2022-23 represents a notable uptick from the 7.59 percent interest rate provided in the preceding financial year.
The EPFO interest rate is decided every year by the Central Board of Trustees (CBT) of the EPFO in collaboration with the Ministry of Finance. The declaration of the interest rate for the financial year 2022-23 was announced in June this year. Annually adjusted by the Indian government, the interest is computed based on the monthly closing balance of the PF account.
The interest is then credited to the PF account after each financial year. The EPFO has issued a cautionary note, indicating that the crediting of interest to PF accounts for the financial year 2022-23 may experience delays in reflecting across all accounts. This delay is attributed to the substantial number of subscribers the EPFO serves, necessitating time for processing all interest payments.
The Union Labour Minister, Bhupender Yadav, affirmed that interest has been successfully credited to more than 24 crore accounts. The EPFO has reassured that diligent efforts are being made to expedite the crediting of interest to all accounts at the earliest. In reply to a post on Platform X, erstwhile Twitter, regarding the issue of “timely interest" payments, the EPFO commented, “The process is in the pipeline and may be shown there very shortly.
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