EPF subscribers might quickly see their pursuits being mirrored of their accounts. The tactic to verify whether or not your curiosity is credited to your PF account or not — is thru a passbook the place the main points of your provident fund stability are displayed. The passbook may be availed on-line from the EPFO web site.
How one can entry your EPFO passbook on-line?
You possibly can entry your EPFO passbook on-line by the EPFO web site or cell app. To do that, you will have your Common Account Quantity (UAN) and password.
Is there any monetary loss to EPF members because of the delay in updating curiosity within the member passbook?
Updating of member passbook with curiosity is an entry course of. The date on which the curiosity is entered within the passbook of the member has no precise monetary bearing because the curiosity earned for the 12 months on his month-to-month working balances is all the time added to the closing stability of that 12 months and it turns into the opening stability for the following 12 months.
Therefore, the member doesn’t undergo any monetary loss in case there may be any delay in updating curiosity of their passbook.
Additional, if a member withdraws his EPF dues earlier than the curiosity is up to date in his passbook, in that case additionally, on the time of his declare settlement, the due curiosity is calculated and paid from the date it turns into due routinely by the system.
Therefore, on this case, too, there isn’t a monetary loss to a member.
In the meantime, the EPFO offered an internet facility to submit the joint possibility type (with employers) to the subscribers for choosing the next pension until Might 3, 2023. Later the deadline was prolonged till June 26, 2023.
Earlier this month, the labour ministry additionally clarified that an extra contribution of 1.16 per cent of fundamental wages for subscribers choosing larger pensions shall be managed from employers’ contributions to social safety schemes run by EPFO.
India’s state-run retirement fund supervisor raised the rate of interest on staff’ provident fund to eight.15% for FY23. It will profit greater than 60 million subscribers of the Staff’ Provident Fund Group (EPFO).
Up to date: 02 Jun 2023, 01:45 PM IST