EPF subscribers unable to see interest credit in account, Centre clarifies

The Union finance ministry has issued a statement for subscribers of the Employees’ Provident Fund Organisation (EPFO) who are unable to see the interest credit in their retirement savings account.Taking to Twitter, the ministry said there was no loss of interest for any subscriber, adding the non-visibility of interest credit was due to a software upgrade.Also Read| How to file EPF/EPS nomination digitally? Follow these steps“The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for change in the tax incidence,” the ministry said on Wednesday.
There is no loss of interest for any subscriber.The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for change in the tax incidence. (1/2) https://t.co/HoY0JtPjII— Ministry of Finance (@FinMinIndia) October 5, 2022
In a subsequent tweet, the ministry said that for all outgoing subscribers seeking settlement and for subscribers seeking withdrawal, payments were being done inclusive of the interest.Wednesday’s clarification was in response to a tweet put out by former Infosys director Mohandas Pai tweet.Sharing a news report on Twitter on Wednesday, Pai wrote, “Dear EPFO, where is my interest? Why should citizens suffer because of bureaucratic inefficiency? Pl help⁦.”Stating that reforms are needed, he also tagged Prime Minister Narendra Modi, Union finance minister Nirmala Sitharaman and, member of the economic advisory council to the Prime Minister, Sanjeev Sanyal.According to the Union government, EPF subscribers would get an interest rate of 8.1% for 2021-22 in their retirement savings accounts, a report by Livemint said.In July this year, the EPFO added 18.23 lakh new subscribers, registering a 24.48 per cent rise as compared to the year-ago period.According to a statement issued by the Union labour ministry, of the total new members added in July, around 10.58 lakh members have come under the social security cover of EPFO for the first time.The data of new members joining EPFO showed a growing trend since April this year.