EPF Interest Amount Payment: The month of March 2023 is going on. The financial year 2022-23 is about to end. For the current financial year, the Labor Ministry and the EPFO Board have not yet been able to fix the annual interest rate on EPF. For 2021-22, it was decided to give an 8.1 per cent interest rate on the hard-earned money deposited by the account holders in the EPF account. Which also got approval from the Finance Ministry. But the strange thing is that despite this, till now the interest amount has not been paid in the account of many account holders. Whose EPF account holders are complaining on social media?
Not one but many people are seen complaining on social media about the non-receipt of interest amount on EPF for the financial year 2021-22. Responding to the complaints of the account holders, EPFO wrote on its Twitter handle, Dear member, the process of payment of interest continues and will soon be reflected in your account. The interest amount will be paid in full. There will be no loss of interest to anyone.
Many EPF account holders on Twitter are complaining about not getting interested for the last financial year. A user named Komal Sharma wrote that what is the benefit of downloading the app. We are not getting interested in our provident fund. Last year also it was outstanding and this year also it is pending. Another user asked that interest will be less for 2021-22. Why have we had to wait so long? Why is this not being fixed?
Last year also questions were raised about not getting interested in the provident fund. In response to this, the Finance Ministry tweeted that no subscriber would suffer any loss of interest. The interest amount is being transferred to the account of all EPF account holders. But due to the change in the tax structure, the software is being upgraded, so it is not visible in the statement. The Finance Ministry had said that the subscriber leaving EPF or withdrawing the amount from EPF is being given the amount with interest.
In fact, in the 2021-22 budget, the tax was imposed on the interest received on depositing more than Rs 2.5 lakh annually in the PF account. For government employees, this limit is Rs 5 lakh per annum. Due to this change in tax rules, the software of EPFO is being upgraded. Due to this, there is a delay in getting interested.
