The Employees' Provident Fund Organisation (EPFO) is currently in the process of allocating augmented interest for provident fund deposits made during the financial year 2023-24. Elevating the interest rate on deposits to 8.25 per cent for FY24, compared to 8.15 per cent in the previous year, EPFO anticipates a more substantial interest payout for its fund members in FY24.
Responding to queries on social media platform X, EPFO assured members that the process of crediting the increased interest is underway and will soon reflect in their accounts. Emphasizing that the interest will be credited in full, EPFO ensures no loss of interest for its members. The organisation stated, "The process is in progress and may soon reflect. Whenever the interest is credited, it will be accumulated and paid in full. There will be no loss of interest."
For FY22-23, EPFO credited interest to the accounts of 28.17 crore members. Members experiencing delays are urged to register their grievances on EPFO's grievance portal. EPFO advised, "Dear member, the interest for Financial Year 2022-23 has been provided to 28.17 crore members' accounts of EPFO as on date. If you are facing any undue delay, then you are requested to register your grievance on http://epfigms.gov.in."
In the latest report, EPFO announced a net addition of 15.48 lakh members in February 2024, with approximately 7.78 lakh members enrolling with the fund for the first time. The 18-25 age group comprised the majority, accounting for 56.36 per cent of new members.
Members can conveniently check their EPF balance through the EPFO website, by sending a message, or making a missed call, as detailed on the EPFO website.
