Amonth ago, the Employees’ Provident Fund Organisation (EPFO) claimed that it had started crediting interests 2021-2022 into the employees’ provident fund, after a period of a considerable delay. However, the interest has not yet been reflected in the accounts of many beneficiaries. Many PF account holders have not received the interest and it has led to disgruntlement among many PF account holders who have used social media as a tool to express their angst about it.
A Twitter user tagged EPFO, Ministry of Finance and PMO India and complained about not receiving interest. He called out to the EPFO to stop the loot and to stop collecting taxes from the working class if it cannot pay interest. The user also lamented about the opposition staying silent on the matter. The user also tagged the opposition Congress party as well as the Aam Aadmi Party.
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Yet another Twitter handle named Nikumbhvns also questioned the EPFO, asking when the interest for the year 2021-22 would be credited.
The EPFO then answered and assured me that the process was underway. “Dear member, the process of depositing interest is going on and it will be reflected in your account soon. Interest will be paid in full as and when it is credited. There will be no loss of interest,” the tweet read.
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In October, EPFO said that the transfer process of PF interest has started and that soon it would be available to the account holders. However, after disgruntled PF account holders started complaining, the Finance Ministry said that the interest had already been transferred but was not visible in the statement as EPFO was updating its software.
Investment advisor Balwant Jain has cited the delay in all regulatory approvals and the release of funds as the reason behind this. He said that the EPFO Trust fixes the rate of interest and sends its recommendation to the Finance Ministry. Funds are released only after getting approval from there.
