EPFO interest credit for 2021-22 news: The finance ministry has said there is no loss of interest rate for EPFO subscribers and the delay in crediting interest for the last fiscal is due to software upgrade being conducted.
EPFO interest credit for 2021-22 news: The Employees’ Provident Fund Organisation (EPFO) has begun the process of crediting interest for 2021-22 from Monday (October 31). The credited interest will soon reflect in the UAN/EPFO accounts of beneficiaries.
In an online query, the EPFO replied to one of its subscribers that “The process of crediting interest is ongoing and it will get reflected into your account soon.” “Whenever the interest is credited, it will be paid in full. There will be no loss of interest,” it added.
EPFO interest credit for 2021-22 – Reason for delay
The delay in crediting interest for the last fiscal is due to software upgrade being conducted by the retirement fund body, EPFO.
Read More: Some Easy and Quick Steps To Transfer an EPF Account Online
EPFO interest credit for 2021-22 – Interest Rate
The government has approved an 8.1 per cent interest on EPF deposits for the 2021-22 fiscal ended March 31 to over 5 crore subscribers.
EPFO interest credit for 2021-22 – How to check your balance
Umang app: The app allows its users access to a variety of government services on a single platform. It allows users to see their EPF passbook, submit claims, track their claims. Those who intend to avail services through Umang app should download the app first, then get started by entering your phone number, and completing a one-time registration.
EPFO website: On the EPFO website, under the area for employees click on the ‘Member Passbook’ option. You can view with PF passbook by logging in using your UAN and password.
EPFO calculator
Monthly salary (Basic + DA) – Rs 10,000
Your Age – 25 years
Your contribution to EPF – 12 per cent
Annual increase in salary – 10 per cent
Rate of interest – 8.1 per cent
You will have accumulated fund by the time you retire – Over Rs 1.65 crore
Read More: Jeevan Pramaan Patra: EPFO issues new guidelines for pensioners – what should you know?
EPFO interest credit for 2021-22 – Loss of balance due to delay?
The finance ministry has said there is no loss of interest rate for EPFO subscribers and the delay in crediting interest for the last fiscal is due to software upgrade being conducted.
It further said that for all outgoing subscribers seeking settlement and also those withdrawing their deposits, the payments are being done inclusive of the interest.
The 2021-22 (April-March) was the first year when a tax on interest on contributions beyond Rs 2.5 lakh per annum to provident fund was introduced. In her Budget for 2021-22, finance minister Nirmala Sitharaman had provided that interest on employee contributions to provident funds over Rs 2.5 lakh per annum would be taxed from April 1, 2021.
