Government Initiates PF Diwali ‘Gift’ as Interest Credits Begin for Employees

The Employees’ Provident Fund Organisation (EPFO) has commenced the disbursement of interest to Provident Fund (PF) accounts, revealing a rate of 8.15% for the financial year 2022-23. While some users have already received their interest payouts, the EPFO acknowledges that it may take time for the amount to reflect in all accounts.

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According to a statement on X (formerly Twitter), the EPFO reassures users that the process is underway, and the interest will be credited in full without any loss. Union Labour Minister Bhupender Yadav has confirmed that interest has been credited in over 24 crore accounts.

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Once the interest is credited, individuals can check their PF account balance through various channels such as text messages, missed calls, the UMANG app, and the EPFO website.

The PF interest rate is annually determined by EPFO’s Central Board of Trustees (CBT) in consultation with the Ministry of Finance. This year, the interest rate was announced in July. Notably, last year saw a reduction in the interest rate to a four-decade low of 8.10%, down from 8.5% in 2020-21, marking the lowest rate since 1977-78.