Employees’ Provident Fund Organization (EPFO) has launched a new facility of e-passbook for its subscribers. It was launched by Union Labor and Employment Minister Bhupendra Yadav. EPFO informed that through the new facility its subscribers will be able to see more details about their account in graphical form.
EPFO launches new e-Passbook: A new e-passbook has been launched by the government for EPFO subscribers. This e-passbook is more convenient than before and will provide more detailed information about the members EPF account. It was launched by Union Labor and Employment Minister Bhupendra Yadav.
Employees’ Provident Fund Organization (EPFO) issued a statement saying that in the new passbook, members will now be able to see more details about their account with graphical representation. As per official data, EPFO has added 14.86 lakh members in January 2023.
Yadav, who is the chairman of EPFO’s Central Board of Trustees (CBT), also inaugurated crèche facility in 63 regional offices of EPFO which have 100 or more employees. The 233rd meeting of the CBT also approved a five year perspective plan for augmenting the physical infrastructure of EPFO. The Board was apprised of the steps taken to comply with the Supreme Court judgment regarding pension on higher pay.
If you have 10 lakhs in your account, you will get only Rs 500 more interest.
Shareholders will get marginal benefit from the increase in interest rates of EPFO. After this increase, if a shareholder has Rs 10 lakh deposited in his EPF account, he will get an interest of Rs 81,500 at the rate of 8.15 per cent. This is only Rs 500 more than in 2021-22. During that time, the EPFO used to pay an interest of Rs 81,000 on deposits of Rs 10 lakh.
Know where EPFO invests your money
EPFO invests the amount deposited in provident fund accounts in many places. He gives a part of the earnings from this investment to the shareholders in the form of interest. EPFO invests 85 per cent of its total investment in debt. Government securities and bonds come under this. About Rs 36,000 crore is invested in this item. EPFO invests the remaining 15 per cent in the stock market.
These proposals were also approved
According to the statement issued, the board also approved the proposal to expand the AMC of the portfolio managers and invest the proceeds of the ETF in any acceptable category of investments within the prescribed limits. Apart from this, the statement said that the board has also approved the MoU signed between EPFO and NTA (National Testing Agency).
Budget fixed
On Tuesday, in the 233rd meeting of CBT, the highest decision-making body in EPFO, Union Minister Bhupendra Yadav approved the revised estimates for the financial year 2022-23 and the estimated budget for the financial year 2023-24 for the schemes of EPFO. Along with this, the board also approved a budget of Rs 2200 crore to improve the physical infrastructure of EPFO.
Interest on EPF
The interest rate given on the EPF account by the government has been fixed. News agency PTI quoted sources as saying that the interest rate on EPF has been fixed at 8.15 percent for the financial year 2022-23. Last year the interest rate on EPF was 8.10 percent.
