In June, the government had approved an interest rate of 8.1 per cent on EPF deposits for 2021-22, up from 8.5 per cent in the previous year.
If you are also not able to see the interest rate of PF account, then there is no need to worry about it. An update has been issued by the Ministry of Finance and information has been given about this problem. The Finance Ministry said in its statement that there is no loss to the subscribers of Employees’ Provident Fund Organization.
The delay in depositing the interest rate for FY 2022 is due to a software upgrade due to tax changes implemented last year. In June, the government had approved an interest rate of 8.1 per cent on EPF deposits for 2021-22, up from 8.5 per cent in the previous year. It has been said from the Ministry of Finance that soon after resolving this problem, the amount will be sent to the account.
According to the latest tweet of the Ministry of Finance, no PF account holders will suffer any loss of interest. Money is being transferred to his account soon. The interest money is not showing in your account due to software upgrade. However, outgoing subscribers who want settlement and who are claiming PF amount, their entire money is being transferred to the account along with interest.
What happens if the employer does not make EPF contribution?
If the contribution is not made by the employer during the financial year, then the amount deposited during that time will not earn interest, but the balance amount will be paid interest. On the other hand, if an employer makes late deposit of EPF contribution for April 2020, then the employee will still get interest from June 1, 2020.
You can check balance on EPFO website
If you want to check the PF balance of your account, then you can check the balance through the EPF portal. The employee has to select the option “Member Passbook” to check the balance. Now UAN and Password will have to be provided, after which the passbook will be opened. It will give you detailed information on opening and closing balances, as well as employee and employer contributions. Passbook can also be used to check EPF balance.