EPFO Has Started to Credit Interest to PF Accounts

The Employees’ Provident Fund (EPFO) has started crediting the Employees’ Provident Fund (EPF) interest to the PF subscribers. There was an expectation that the EPFO would credit the interest as a Diwali gift to the PF subscribers. However, it credited the interest a week later.

PF subscribers started seeing their EPF passbook updated with interest credit for the financial year 2021-22 this week. Earlier in June, the government approved an 8.1% interest for 2021-22 for over five crores EPF subscribers. Usually, the EPFO starts crediting the interest into the PF accounts after the government ratifies the interest rate.

However, the EPFO did not start interest credit for the financial year 2021-22 after the EPF interest rate ratification by the government, causing concerns of loss of interest amongst over five crore subscribers. Although there is a delay in the interest credit to the PF accounts, the government clarified on 5 October that there would be no loss of interest for any subscriber. It stated that the interest credited is paid in full. 

Ways to Check your PF Interest Credit

By accessing your PF passbook, you can check if the EPFO has credited interest for 2021-22. You can check your PF passbook online through the EPFO website. You need to activate your UAN to check the PF passbook balance. Your UAN will be mentioned in your salary slips. Below is the process to check the PF passbook balance online:

• Visit the EPF website, click on the ‘Services’ option on the dashboard, and click on the option ‘For Employees’.
• Click on the ‘Member Passbook’ option under the heading ‘Services’.
• Enter your UAN number, password, and the sum of the mathematical problem. Click on the ‘Login’ button.
• Select the ‘Member ID’. Click on the ‘View Password [Old: Full]’ button.
• Your PF interest credit and account balance will be displayed on the screen.

You can also check your PF passbook by downloading the UMANG App on Google Play Store by following the below steps:

• Download the UMANG App on your mobile phone.
• Select the ‘EPFO’ option under the ‘All Services’ tab.
• Click on ‘View Passbook’ under the ‘Employee Centric Service’ option.
• Enter the UAN number. Click on the ‘Get OTP’ button.
• Enter the OTP. Click on the ‘Submit’ button.
• Select the EPF Member ID for which you want to view the PF passbook.
• The PF passbook will be displayed on the screen.

The government stated there was a delay in the interest credit due to a pending software upgrade. However, the EPFO has started crediting interest for 2021-22, and you can check your PF passbook to see if you have received the PF account interest.

For any clarifications/feedback on the topic, please contact the writer at mayashree.acharya@clear.in