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EPF interest rate proposed at 8.25% for financial year 2023-24. india business news

epf interest rate: The central board of trustees ,cbt) of Employees Provident Fund (EPF) has recommended an increase in the annual interest rate for EPF accounts for the financial year 2023-24. Pending approval from the Ministry of Finance, this proposed interest rate of 8.25% will be officially confirmed in the Government Gazette. Once approved, the Employees’ Provident Fund Organization (EPFO)epfo) it will credit the increased interest rate in the accounts of EPF Subscribers,
What is EPF interest rate for financial year 2023-24,
For the financial year 2023-2024, CBT has proposed an increased interest rate of 8.25% for EPF accumulation, which is higher than the previous rate of 8.15%.
The PIB release dated February 10 said, “The Board has recommended distribution of historical income amounting to Rs. On the total principal amount of about Rs 1,07,000 crore in the accounts of EPF members. Which is Rs 13 lakh crore. Rs 91,151.66 crore. 11.02 lakh crore respectively in the financial year 2022-23. The total proceeds recommended for distribution are the highest on record.
Read this also EPFO sets Employees’ Provident Fund interest rate at three-year high for 2023-24; Details here

Here’s how you can check your EPF balance using these four methods:

Using Umang App
Employees can use the Umang app on their smartphones to check their PF balance. Government released Umang App to provide citizens easy access to various government services at one place. Users can also submit claims, view them epf passbookAnd track their claims using the app, according to a report by ET. Simply enter your phone number to get started and complete the one-time registration.
Through EPFO ​​portal
To access your PF passbook on the EPFO ​​website, go to the Employees section and select “Member Passbook”. Enter your UAN and password to log in and view your PF passbook. Here, you will find details like opening and closing balance, contributions from both you and your employer, any PF transfers and PF interest earned. Yours epf balance Also displayed in the passbook.
Read this also EPFO has limited transactions in EPF accounts linked to Paytm Payments Bank; Check details here
through missed call
If you are registered on the UAN site, you can check your EPF information by giving a missed call to 011-22901406 from your registered mobile number. Make sure that your bank account details, Aadhaar and PAN are linked to your UAN. You can ask your employer to link them for you if necessary. This service is free of charge.
through SMS
If your UAN is registered with EPFO, you can get information about your latest contribution and PF balance by sending an SMS to 7738299899. Just send the following message: UAN EPFOHO ENG for English. If you prefer to receive messages in Marathi, send EPFOHO UAN MAR. Make sure your bank account, Aadhaar and PAN details are linked to your UAN, or update the latest data for accurate information.

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