Employees Provident Fund is a great support for those working in the private sector. Therefore, any update in this directly impacts crores of employees of the country. For the past several days, it was being claimed on social media and other media platforms that the government can increase the interest on PF to 10 percent. The interest currently paid to employees at 8.25 percent can be increased, but the government itself has responded to all these reports.
Through a written statement in Parliament, the government has said that there is no such proposal as of now. That is, the government does not intend to increase the interest on PF at present. On increasing the interest, the government said that the interest on PF is decided by the Central Board of Trustees of Employees Provident Fund Organization i.e. EPFO. Apart from this, the government says that the current rates still remain attractive and safe compared to other savings schemes.
How much interest do you get now?
The interest rates set by the government on Employees’ Provident Fund (EPF) have been relatively stable over the years with minor fluctuations. For the financial year 2023-24, the interest rate on EPF has been fixed at 8.25%, which is considered to be one of the highest levels in the last three years. Earlier, this rate was 8.15% in the financial year 2022-23 and 8.10% in 2021-22, whereas in 2020-21 it was at the level of 8.50%. Overall, after a slight decline in interest rates in recent years, there has been an improvement again, which is a matter of relief for investors.
How to check EPF balance through EPF ‘Passbook Lite’?
EPFO’s member portal now offers a new feature called Passbook Lite. EPFO members can view their passbook and the linked summary of deposits, withdrawals and balances therein. Here is a step-by-step guide to check EPF balance through EPF Passbook Lite.
step 1- Visit EPFO website and login using UAN
Step 2– Click on ‘View’ on the top left of the page
Step 3- Select ‘Passbook Lite’ from the drop-down menu
Step 4- You can view the last five contributions
Step 5- To view complete details, select Member ID and click on ‘View Passbook’
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