The Employees' Provident Fund Organisation (EPFO) has started the process of crediting interest for 2021-22 and the same will soon reflect in the accounts of beneficiaries, the retirement fund body said in a tweet while replying to a query.
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The process of crediting interest is ongoing and it will get reflected into your account soon. Whenever the interest is credited, it will be paid in full. There will be no loss of interest.
— EPFO (@socialepfo) October 31, 2022
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.
Central board of trustees announces the interest rate for the financial year, and the proposal is then forwarded to the finance ministry for ratification. Once the approval is done, the labour ministry notifies the interest rate and the process of crediting interest into accounts begins.
For FY22, the Finance Ministry earlier said that the delay is due to a software upgrade being done to account for changes in the tax incidence.
Once the EPF interest is credited, subscribers can check the same by taking note of their Provident Fund (PF) balance. This can be done by logging in to the official website, sending a text message ‘EPFOHO UAN ENG’ to 7738299899, giving a missed call at 9966044425, or by downloading and using the UMANG App.
Before checking the balance, one, however, needs to keep the Universal Account Number (UAN) ready. The UAN links and helps a member or subscriber to view details of all Member IDs they have.
Steps to check PF balance online
Step 1: PF subscribers must visit the EPFO’s official website - epfindia.gov.in- and go to the ‘Our Services’ tab.
Step 2: On the tab, select the 'For Employees' option.
Step 3: When a new page opens, the subscriber must click on 'Member Passbook' and enter details like the Universal Account Number (UAN) and password.
Step 4: Once the passbook opens, it will reflect the employer’s contribution, the individual’s contribution and the interest earned. Those who have been employed in more than one organisation will have to check different member IDs.
ALSO READ | How to read your EPFO account balance statement
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