EPF Interest Rate 2021-22: The EPF rate for 2022-23 has been announced but the interest amount for 2021-22 has not yet been transferred to the account holders.
EPF Interest Amount Payment: There are only three days left for the financial year 2022-23 to end. But till now EPFO has not paid interest to many of its subscribers on the funds deposited in their EPF corpus for the financial year 2021-22. For which EPFO account holders are constantly venting their anger on social media.
In the 233rd meeting of the Central Board of Trustees, which was chaired by Labor and Employment Minister Bhupendra Yadav, this currency also prevailed. The Labor Minister said that the interest amount has been transferred to the accounts of 99 percent of the account holders and interest amount will be transferred soon to the remaining accounts.
For 2021-22, it was decided to give 8.1 percent interest rate on the hard earned money deposited by the account holders in the EPF account. Which also got approval from the Finance Ministry. Despite this, till now the interest amount has not been paid in the account of many account holders. Whose EPF account holders are constantly complaining on social media.
The Central Board Trustees (CBT) EPF recommends 8.15 % rate of interest to EPF subscribers for FY2022-23.
👉 https://t.co/lXupEKUbFb#AmritMahotsav #EPFOwithyou #epf #EPFO @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @PIB_India @MIB_India @AmritMahotsav
— EPFO (@socialepfo) March 28, 2023
Not one but many people are seen complaining on social media about non-receipt of interest amount on EPF for the financial year 2021-22. EPFO replied on its Twitter handle and wrote that, the process of payment of interest is going on continuously and soon it will start appearing in your account. The interest amount will be paid in full. There will be no loss of interest to anyone. You can contact your provident office.
The Central Board Trustees (CBT) EPF recommends 8.15 % rate of interest to EPF subscribers for FY2022-23.
👉 https://t.co/lXupEKUbFb#AmritMahotsav #EPFOwithyou #epf #EPFO @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @PIB_India @MIB_India @AmritMahotsav
— EPFO (@socialepfo) March 28, 2023
In recent years, there has been a delay in transfer of interest amount to the account of EPF account holders. Last year, the Finance Ministry had tweeted that after the change in the tax structure on the profit from investment in EPF, the software is being upgraded, so many EPF subscribers are not visible in the statement.
The Finance Ministry had said that the subscriber leaving EPF or withdrawing money from EPF is being given the full amount along with interest. In the financial year 2021-22 budget, tax was imposed on the interest received on depositing more than Rs 2.5 lakh annually in the PF account. For government employees, this limit is Rs 5 lakh per annum. Due to this change in tax rules, the software of EPFO is being upgraded. Due to which there is delay in getting interest.
