The Union Ministry for Labour and Employment has granted its approval for an interest rate of 8.15% for the Employees' Provident Fund (EPF) scheme, benefitting over six crore subscribers. The EPFO (Employees' Provident Fund Organisation) will now credit the interest at 8.15% into the accounts of its members for the financial year 2022-23. This comes as good news for EPF subscribers, especially after the interest rate for the previous year had been reduced to a four-decade low of 8.10%.

 

The Ministry of Labour and Employment's statement reveals that the EPFO added a net of 16.30 lakh new members in May 2023. Among the newly enrolled members, a significant 56.42% were in the age group of 18-25 years, reflecting the rising interest in social security protection among young professionals.

 

Anyone can check their EPF balance through various methods, including the official website, text messages, missed calls, or the Umang App.

 

To check your EPFO balance, follow these simple steps:

1. Visit the official EPFO website - epfindia.gov.in.

2. Click on the "Services" section at the top of the dashboard.

3. Under the "Services" section, select "For Employees."

4. Click on the "Member Passbook" option.

5. Enter your UAN details and password, along with the captcha code, and click "Login."

6. Your EPF account's main page will display contributions from both employees and employers, along with the interest earned.

 

Alternatively, you can check your balance through SMS or missed calls:

1. Send an SMS to 7738299899 from your registered mobile number in the format: ‘EPFOHO UAN ENG’ to avail your EPF balance.

2. Give a missed call to either 011-22901406 or 9966044425 from your registered mobile number.

 

EPF contributions are calculated monthly but credited annually. The transferred interest is added to the next month's balance and compounded to determine the interest for that month. At the end of the financial year, the total interest for the year is credited.

 

The EPF interest is computed by summing the monthly balances, multiplying them by the interest rate, and dividing by 1,200. This simple formula helps in determining the interest rate on your EPF contributions.

 

Keep track of your EPF balance and enjoy the benefits of this secure and reliable savings scheme with easy access to your financial details through multiple channels provided by the EPFO.