The Employees’ Provident Fund Organisation (EPFO) has deposited the Employees Provident Fund (EPF) interest in over 24 crore accounts ahead of Diwali, Press Information Bureau (PIB) said in a release. While celebrating the 71st foundation day of EPFO, Union Minister for Labour and Employment, Environment, Forest and Climate Change, Bhupender Yadav, expressed satisfaction that EPFO is giving 8.15% interest this year.
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The Union Ministry for Labour and Employment earlier approved to credit interest at 8.15% to the EPF scheme for 2023-24. EPF contribution is credited to the account on a monthly basis, and interest is computed every month. However, the total interest for the year is credited at the end of the financial year.
Users can view their balance online through its website. EPFO also provides the balance information via missed call facility and SMS service.
To check EPF balance, subscribers must have their Universal Account Number (UAN) activated. The UAN is an identification number mentioned in the monthly salary slip of an employee. It is unique for every employee enrolled under the EPF scheme.
Here's a step-by-step guide on how to check EPF balance via the website:
Step 1:
Visit EPFO's official website, epfindia.gov.in and log in.
Step 2: Go to ‘Our Services’ tab and choose the option that says 'for employees.'
Step 3: Click on the option ‘Member Passbook’ under the option 'services'.
Step 4: The EPF passbook page — passbook.epfindia.gov.in — will appear. Enter the username (also known as UAN) and password.
Step 5: Once logged in, the details on the concerned employment can be selected. For example, someone who has worked in four different organisations would have four different member IDs to choose from.
Step 6: After a member ID is selected, the EPF passbook can be viewed. The passbook indicates the running balance in the EPF account.
EPF interest rate calculation
The EPF interest is calculated by adding the monthly running balance, multiplying it by the interest rate, and dividing it by 1,200. The EPFO calculates the month-wise closing balance and then the interest for the whole year.
Now, if an employee withdraws a certain sum from the account, then interest from the beginning of the year till the last date of the month preceding the month in which the withdrawal took place is considered. So, the closing balance for the year will be: Opening balance plus contributions minus withdrawal (if any) plus interest.
(Edited by : Shoma Bhattacharjee)
First Published: Nov 10, 2023 4:55 PM IST
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