With the announcement of an increase in the PF interest rate deposits to 8.15 percent for the financial year 2022-23 by the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO), a wave of curiosity has swept over EPF members. Eagerly awaiting the credit of interest on their PF accounts, individuals are wondering when they can expect the interest to reflect in their passbooks.
Process Underway
Responding to a query on Twitter about the timeline for crediting PF interest for 2022-23, the EPFO assured users that the process is indeed in progress. The organization affirmed that the full interest amount will be credited without any loss, providing a sense of relief to EPF members. They urged members to remain patient while the system finalizes the crediting procedure.
Government’s Approval for PF Interest Rate
The Central Government has given the nod to the recommended PF interest rate of 8.15 percent for the financial year 2022-23. This endorsement follows the proposal presented by the Central Board of Trustees of the EPFO. In an official circular issued recently, the EPFO declared that the Ministry of Labour and Employment has communicated the government’s approval to implement the proposed PF interest rate for the said fiscal year.
The Confirmation Process
The customary course of action was followed, with the Ministry of Labour and Employment forwarding the suggested interest rate to the Ministry of Finance for final confirmation. Subsequently, with the government’s consent to the proposed interest rate, the EPFO is gearing up to initiate the process of crediting the interest to EPF members’ accounts for the preceding financial year.
Government Communication
According to an EPFO circular, “The Ministry of Labour and Employment, Government of India, has communicated the Central Government’s approval under para 60(1) of Employees’ Provident Fund Scheme, 1952, to credit interest @ 8.15% for the year 2022-23 to the account of each member of the EPF Scheme, in accordance with the provisions under Para 60 of EPF Scheme, 1952.”
The eagerly awaited credit of PF interest for the financial year 2022-23 is a matter of anticipation and patience. As the EPFO finalizes the process of crediting interest to EPF accounts, members can rest assured that the full interest amount will be deposited, aligned with the approved rate. This development underscores the EPFO’s commitment to ensuring the financial well-being of its members while maintaining transparency and accountability in its operations.
