EPF Interest Amount Payment: Only three days are 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 account holders and interest amount will be transferred to the remaining accounts soon.
For 2021-22 It was decided to pay 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.
May I know, When the interest for FY 2021- 22 will be credited? FY 2022-23 is almost over but till now the interest for FY 2021-22 not deposited in our PF accounts. What is the problem?
— Amit (@amitnpti07) March 29, 2023
On social media, not one but many people are seen complaining about not getting the 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.
Dear member, the process of crediting interest for FY 21-22 is ongoing and it will get reflected in your account soon. Whenever the interest is credited, it will be paid in full. There will be no loss of interest.
For more information, you may contact your PF office. Thanks— EPFO (@socialepfo) March 29, 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 budget for the financial year 2021-22, 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.
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