EPF passbook curiosity not updated? EPFO has this vital message for you

EPF subscribers would possibly shortly see their pursuits being mirrored of their accounts. The method to confirm whether or not or not your curiosity is credited to your PF account or not — is through a passbook the place the details of your provident fund steadiness are displayed. The passbook could also be availed on-line from the EPFO website.

How to entry your EPFO passbook on-line?

You can entry your EPFO passbook on-line by the EPFO website or mobile app. To do this, it’s a must to your Universal Account Number (UAN) and password.

Is there any financial loss to EPF members due to the delay in updating curiosity throughout the member passbook?

Updating of member passbook with curiosity is an entry course of. The date on which the curiosity is entered throughout the passbook of the member has no exact financial bearing as a result of the curiosity earned for the 12 months on his month-to-month working balances is always added to the closing steadiness of that 12 months and it turns into the opening steadiness for the next 12 months.

Hence, the member does not endure any financial loss in case there could also be any delay in updating curiosity of their passbook.

Further, if a member withdraws his EPF dues sooner than the curiosity is updated in his passbook, in that case moreover, on the time of his declare settlement, the due curiosity is calculated and paid from the date it turns into due robotically by the system.

Hence, on this case, too, there’s no financial loss to a member.

Meanwhile, the EPFO provided an internet primarily based facility to submit the joint risk kind (with employers) to the subscribers for selecting a greater pension till May 3, 2023. Later the deadline was extended until June 26, 2023.

Earlier this month, the labour ministry moreover clarified that an additional contribution of 1.16 per cent of basic wages for subscribers selecting elevated pensions shall be managed from employers’ contributions to social security schemes run by EPFO.

India’s state-run retirement fund supervisor raised the speed of curiosity on employees’ provident fund to eight.15% for FY23. This will revenue better than 60 million subscribers of the Employees’ Provident Fund Organization (EPFO).

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Updated: 02 Jun 2023, 01:45 PM IST