Employees’ Provident Fund Organization (EPFO) has declared the interest rate for EPF account at 8.15% for the financial year 2022-23. The interest rate on EPF account has been announced through a circular dated July 24, 2023. The Employees’ Provident Fund Organization (EPFO) board had fixed an interest rate of 8.15 per cent on the EPF account for the financial year 2022-23 and sent it to the finance ministry for approval. By August, interest money will start coming into the account of EPFO ​​members.

According to the circular, “The Ministry of Labor and Employment, Government of India has conveyed the approval of the Central Government under Para 60(1) of the Employees’ Provident Fund Scheme, 1952 for crediting interest at the rate of 8.15% for the year 2022-23 to the account of each member of the EPF Scheme in accordance with the provisions of Para 60 of the EPF Scheme, 1952. You are requested to issue necessary instructions to all concerned accounts for crediting the said interest to the members.”

This time interest will come soon in the account

According to sources, this time there will be no delay like last year in getting the interest amount in the EPF account. Seven crore EPFO ​​members will get its benefit. Explain that in March this year, the board had proposed to increase the interest rate to 8.15 per cent. In the last financial year, this rate was 8.10 per cent. Employees will be able to get information about their interest by visiting the official website of EPFO. For this, one has to click on e-passbook.

How to check EPF balance

You can check your PF account balance in four ways. First, by using the UMANG app. Second, by visiting the EPF Member e-Seva portal. Third, by giving missed call and fourth by sending SMS. You give a missed call on 9966044425 from your registered number and after few seconds EPF account balance will come on your mobile.

What is EPS, how much contribution is made by the employee and the company

Employees’ Provident Fund is a mandatory contribution for salaried employees. The employer is also bound to make an equal contribution to the EPF account. An employee contributes 12% of his earnings to his EPF account on a monthly basis. The entire contribution of the employee is credited to the EPF account. In case of employer, only 3.67 per cent is deposited in the EPF account. The remaining 8.33% goes to the Employees’ Pension Scheme (EPS).