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PF Diwali Gift 2023: Govt begins crediting interest to employees, check details here

The EPFO said that although a several customers have had interest credited to their accounts, it might take some time for it to show up in their bank accounts.

Edited By: Anurag Roushan @Candid_Tilaiyan New Delhi Published on: November 10, 2023 14:45 IST
PF Diwali gift 2023
Image Source : PTI The image has been used for representative purpose only.

Provident Fund: Ahead of the Diwali festival, the Employees' Provident Fund Organisation (EPFO) has started crediting the interest to the respective Provident Fund (PF) accounts, said the government body in an official statement. 

The EPFO said that although a several customers have had interest credited to their accounts, it might take some time for it to show up in their bank accounts.  According to reports, the rate of interest on the PF account investment for the financial year 2022-23 is 8.15 per cent. 

"The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience," the EPFO had posted on 'X' earlier in August. Meanwhile, Union Labour Minister Bhupender Yadav also confirmed that the interest has been credited to more than 24 accounts so far. 

Communication Framework Document 

EPFO has approved a Communication Framework Document which will help in the timely dissemination of information within the retirement fund body and its stakeholders, an official statement said. The EPFO board also approved the Draft Audit Manual which will help standardize audit procedures, provide a training resource for employees, facilitate decision-making, and consolidate audit information in EPFO, the Ministry of Labour & Employment said in a statement. The decisions were taken at EPFO's 71st Foundation Day on October 31. 

About EPFO

EPFO is one of the World's largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains around 30 crore accounts pertaining to its members. The Employees' Provident Fund came into existence with the promulgation of the Employees' Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees' Provident Funds Act, 1952.

ALSO READ:Provident Fund alert: EPFO to transfer money to more than 7 crore subscribers, steps to check balance

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