EPF Interest Rate 2023-24

EPF interest rate for FY 2023-24 is 8.25%. 2023-24 compared to 8.15% in the former year and 8.10% in 20221-22. Its interest rate discuss per annum.

Here are a few major facts to know about EPF interest rate 2023-24:

1. 8.25% is the rate of interest and it is valid and will be relevant only EPF deposits made between the months of April2023 and March 2024.

2. Workers who have not attained the retirement age interest is offered on not in working order accounts of them.

3. Not functioning accounts of the retired workers the interest is not provided on the quantity deposited in inoperative accounts.

4. As per member’s stab’s rate the interest earned on inoperative accounts.

5. A pension is paid out of this amount after the age of 58.But, For donation made towards the workers pension project by the employer. The employer shall not be given any interest.

6.Interest rate deliberate on a monthly basis. It’s transferred to the Employees’ provident Fund account only a yearly basis on 31st march of the apposite annual accounting period.

7.In a set of conditions the account becomes inoperative if the donation is not made into an EPF account for thirty-six-months constantly.

8.The year in which the new interest rates are reveal stays valid for the next annual accounting period i.e. from the year origination on 1st April of one year to the years ending on 31st March of the following years.

EPF Interest Rate Compunction

• Donation start Month: April2023
• Interest Rate: 8.25%
• Monthly Interest Rate: 8.25/12=0.687%
• Worker’s contribution: 12% of Rs. 15000 = Rs. 1,800
• Worker’s contribution: Rs. 1,800 (8.33% in pension, 3.67% in EPF)
• Worker’s actual contribution to EPF account: 3.67% of Rs.15000 = Rs.550
• Total Monthly contribution in EPF account: Rs. 1800=Rs.550= Rs.2,350

For the following Month (May) the Balance Computation will be done in the given manner:

1. Balance carried ahead from April 2023= Rs.2350
2. Interest be paid for the month of April 2023= Rs. 16. 14
3. At the end of the May 2023 the Balance= Rs. 2,350 + Rs.2,350= Rs. 4, 700

Note: In spite of the fact that interest has been earned in April 2023, it will be attribute at the end of the financial year on 31st March 2024.

Important points about EPF Donation:

1. 12% worker’s donation includes 3.67% EPF and 8.33% EPS (known as EPF pension)

2. 10% EPF share is valid for the company where they are 20 or less than 20 workers.

3. The total donation made by the employer is give out as 8.33% towards the workers pension plan and 3.67% towards the workers provident Fund.

4. All donation are updated in the EPF member passbook.

5.The donation made by the worker goes totally towards the provident fund of the worker.

Employee’s contribution towards EPF

In general the donation rate for the worker is fixed at 12%. However , the rate is fixed at 10% for the below mentioned company:

1. Company or firms employing a maximum of 19 workers.
2. Production announced as sick production by the BIFR
3. Institution suffering an yearly loss much more as set side by side to their net value
4. Institution working under the wage limit of Rs. 6,500

Employers Donation towards EPF

The minimum quantity of donation to be made by the employer is set a rate of 12% of Rs.15,000. The quantity equals rs. 1,800 per month. It means that both the employer , as well as the worker, have to donate Rs. 1,800 each per month towards this project . Initially , this amount was set at c12% of Rs. 6,500 which would equal Rs. 780 to be donated by both the employer and the worker.

1. The donation from both parties is put into the Employees’ Provident Fund Organization
2. This is a long term speculation fund for the donators which helps them continue an independent life after giving up work

EPF capability Criteria

1. Workers need to become active members of the project in order to avail of welfare under this project
2. Workers of an institution are directly capable for availing provident Fund. Insurance welfare as well as pension benefits since the day they join the institution.
3. Any institution recruit a minimum of 20 workers is liable to give EPF welfare to the workers
4. This project was not relevant to workers in Jammu and Kashmir and Ladakh earlier. But, it is being increased to them as well since 2019.

How can Employers Register for EPF

1. The first step is visit the workers Provident Fund Organization(EPFO) website
2. Then go to the division of ‘Establishment Registration’ that opens up a new page with ‘ order Manual’. It will describe the activity of Employer enrollment, followed by enrollment of DSC or Digital Signature Certificate of the Employer which is a prerequisite for fresh application submission.
3. Accept ‘I have read the instruction manual’ to begin and fill in the details to register.
4. Mobile pin and an email link which is to be activated is also sent. now only the certain documents need to upload to register.
5. In case those who are already registered can log in using their Universal Account Number (UAN).

Read : PM Kisan eKYC

Details about EPFO Portal

From the first you be in need of to visit the member website of EPF, i.e. EPF e-SEWA/EPF Members Portal and on the right side , you have the alternative for EPF employee log in via UAN. But , UAN must have been operated untimely.

Statistics about UAN

UAN is a 12 – digit number. This number is provided to each member of the Employees’ Provident Fund Organization. UAN full form is Universal Account Number. Through EPFO a person can manage his EPF accounts. A worker can easily draw out and convey funds through the EPF UAN login portal by the help of UAN. To Know more Details –www.epfindia.gov.in

Passbook

EPF Passbook enables to employees to view the account details , the amount contributed by employee and employer, and current EPF balance.

Workers can download the passbook online only after completing UAN registration on the EPFO portal. The passbook gets activated after six hours of registration in the EPFO portal.

Passbook facility not be available for the Exempted Establishments members.

An EPF passbook is a official paper that carry all donations made by the worker as well as the employer in EPF and EPS accounts. Details of all the monthly donations made as well as the interest gather in the inheritor account are listed in the passbook.

Also Read : Pm Kisan Status

EPF Passbook details

The EPF passbook of an worker carry the following ingredient:

1. Establishment ID and the name of the institution
2. Member ID and the member’s name
3. Name of the EPFO office and its type
4. Workers and employer’s share in the donation
5. Monthly repository and withdrawal donation of the worker and the employer
6. Monthly donation towards the pensions account of the worker
7. The date and time of the printing of the EPF member passbook are also refer to at the end of the declaration

Satisfaction of EPFO Passbook

1. The EPFO e- passbook can be obtained at all moment everywhere through the EPFO website or the UMANG app.
2. UAN is needed to obtain the EPF e-passbook. EPF official paper may be used to prepare for retirement and verify payment statistics and correct it.
3. In case of a mistake , the EPF e- passbook can be used to validate the statistics and correct it.
4. In case of a change in profession, EPF members can update their e-passbook from the portal. The e-passbook work for as a indefinite record of the EPF donations.

Log in

1. Primitively ,create a permanent log in id band password after first log in.
2. In case if a person unremembered the password/ log in id , use forgot password link to get the same through sms on registered mobile number.
3. In case if a person’s account is locked due to frequent use of wrong password, use unlock account link.

A complete withdrawal from EPF is acceptable under two plots:

PPF Withdrawal

Retirement: When a person stopping work.

Unemployment : If someone is unemployed for over a month, they’ve allowed to withdraw 75% of their total EPF gathering.

If the session of joblessness on the far side of two months, the abide 25% can also be withdrawn.

Conclusion

Directed toward come to an end: Equally the proprietor and worker’s make a donation of 12% of the worker’s earnings to EPF. Comparably, 12% regarding the worker’s earning is withdraw along side the proprietor as a monthly donation in the direction of EPF.

We have talk over practically each and every attainable detail in this article regarding Employee’s provident Fund estimate. I expect you have recognize the statistics i provided. Along with it will assist you to register regarding Employee’s provident Fund (EPF).