EPFO interest news: When can you expect the 8.15% EPF rate to be credited? How to check PF balance in passbook

livemint.com:

Employees Provident Fund scheme for the financial year 2022-23. As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15 per cent on EPF for 2022-23 into the accounts of members. “The Union Ministry for Labour and Employment approved an interest rate of 8.15 percent for the Employees' Provident Fund (EPF) scheme.

The approval, conveyed by the Central Government, ensures that each member of the EPF scheme will receive the credited interest of 8.15 percent per annum for the year 2022-23. The interest rate is officially notified in the government gazette following approval by the Ministry of Finance, and EPFO credits this rate into its subscribers' accounts. EPF contributions are credited monthly, and interest is computed accordingly," said Amit Gupta, MD, SAG Infotech.

Although, interest is calculated on a monthly basis in an EPF account, however, they are deposited at the end of a financial year. The transferred interest is added to the next month's balance and is then compounded to calculate interest on that month's balance amount. “At the end of the financial year, the total interest for the year is credited," said Amit Gupta.

As per the rule, the EPF interest is calculated by summing the monthly balances, multiplying them by the interest rate, and dividing by 1,200. Anyone can check their EPF balance through various methods, including the official website, text messages, missed calls, or the Umang App. -To check your passbook, a member will have to visit EPFO’s official website - epfindia.gov.in.

-Click on 'Services' section which is mentioned at the top of the dashboard. -Under this section, click on the 'For Employees' option. -A new page will be opened.