Higher EPFO rate for the employees for the financial year 2022-2023

What’s the news?

It is now being heard that the Employees Provident Fund Organisation (EPFO) has increased its interest to 8.15% for the financial year 2022-2023 by issuing a press release.

The press release issued:

The press release issued by the EPFO says,” The recommended rate of interest of 8.15% safeguards the surplus, as well as guarantees increased income to members. The rate of interest at 8.15% and the surplus of 663.91 crores is higher than the last year.”

According to the statement released, EPFO has successfully provided increased earnings to its members, even during economic fluctuations, while keeping credit risk at a minimum. Regarding its investment credit profile, EPFO offers higher interest rates than other similar investment options available to its subscribers. EPFO is known to adopt a cautious and growth-oriented approach while emphasizing the safety and security of the invested capital, thus ensuring a balanced investment strategy.

Despite the fluctuations in equity and capital markets, EPFO, one of the largest social security organizations, has consistently delivered on its objective of providing its subscribers with a high assured interest rate. This can be attributed to the organization's prudent investment strategy, which is both conservative and progressive in nature. As a result, EPFO remains a sensible choice for PF members seeking reliable and valuable investment options.

What is EPFO?

The Employees Provident Fund is an obligatory deposit for salaried employees, whereby the employer must match the contribution made to the EPF account. Monthly, an employee is required to contribute 12% of their wages to the EPF account, while the employer contributes only 3.67%. The remaining 8.33% is reserved for the Employees Pension Scheme (EPS).

It is noteworthy that amidst the ongoing crediting of interest in the EPF account for the previous financial year, 2021-22, the decision regarding the interest rate for the EPF deposits in the forthcoming financial year 2022-23 has been announced by the retirement fund authority.

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How to check EPFO balances

There are four available methods for an employee whose EPF account is under the management of the EPFO to check their account balance.

By utilizing the Umang application.

By accessing the e-sewa portal available to members of the EPF.

By initiating a missed call.

Through the transmission of SMS.

For an employee whose account is managed by the exempted trust, it is advisable to request their employer to furnish the EPF statement to ascertain their balance. Should the interest rate not reflect in one's EPF account, it is possible to complain to the EPFO. This can be accomplished by using the EPF i-gram portal or via Whatsapp. In cases wherein exempted trust under EPFO is applicable, it becomes necessary to direct complaints to the employer.

<figcaption class="pl-caption>Credit: Google

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