EPF subscribers may soon see their interests being reflected in their accounts. The method to check whether your interest is credited to your PF account or not — is through a passbook where the details of your provident fund balance are displayed. The passbook can be availed online from the EPFO website.
How to access your EPFO passbook online?
You can access your EPFO passbook online through the EPFO website or mobile app. To do this, you will need your Universal Account Number (UAN) and password.
Is there any financial loss to EPF members due to the delay in updating interest in the member passbook?
Updating of member passbook with interest is an entry process. The date on which the interest is entered in the passbook of the member has no actual financial bearing as the interest earned for the year on his monthly running balances is always added to the closing balance of that year and it becomes the opening balance for the next year.
Hence, the member does not suffer any financial loss in case there is any delay in updating interest in their passbook.
Further, if a member withdraws his EPF dues before the interest is updated in his passbook, in that case also, at the time of his claim settlement, the due interest is calculated and paid from the date it becomes due automatically by the system.
Hence, in this case, too, there is no financial loss to a member.
Meanwhile, the EPFO provided an online facility to submit the joint option form (with employers) to the subscribers for opting for a higher pension till May 3, 2023. Later the deadline was extended until June 26, 2023.
Want to opt for a higher pension? Know the deadline
Earlier this month, the labour ministry also clarified that an additional contribution of 1.16 per cent of basic wages for subscribers opting for higher pensions will be managed from employers’ contributions to social security schemes run by EPFO.
EPF’s latest interest rate
India’s state-run retirement fund manager raised the interest rate on employees’ provident fund to 8.15% for FY23. This will benefit more than 60 million subscribers of the Employees’ Provident Fund Organization (EPFO).
Source By: livemint
