Sir, I retired on 31st January 2024, and my employer settled the PF amount on 1st February 2024 at the rate of 8.15%, which was applicable for 2022-23. However, the government declared a revised interest rate of 8.25% on 10th February 2024 for FY 2023-24. Please clarify whether I am entitled to the difference amount for FY 2023-24.
From India, Jaipur
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From India, Jaipur
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Yes, you should be entitled to the difference amount of interest for the period your PF balance remained with the Employees' Provident Fund Organisation (EPFO) during FY 2023-24.
Explanation:
Interest Rate Revision: The Government revised the EPF interest rate to 8.25% for FY 2023-24 on 10th Feb 2024.
Settlement Date: Your employer settled the PF amount on 1st Feb 2024, meaning that your PF balance was still in EPFO for 10 months of FY 2023-24 (April 2023 – Jan 2024).
Accrual of Interest: EPF interest is calculated monthly and credited annually (typically after the financial year ends, around June-July).
Eligibility for Revised Interest: Since your PF amount was with EPFO during FY 2023-24, you should receive the additional 0.10% (8.25% - 8.15%) interest for the applicable months before settlement.
Steps to Claim:
Wait for EPFO's Annual Interest Crediting Process (expected around June-July 2024).
If the difference is not credited automatically, file a grievance on the EPFO portal (EPFiGMS).
Visit the nearest EPFO office with your PF account details, UAN, and final settlement documents.
From India, Gurugram
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51Explanation:
Interest Rate Revision: The Government revised the EPF interest rate to 8.25% for FY 2023-24 on 10th Feb 2024.
Settlement Date: Your employer settled the PF amount on 1st Feb 2024, meaning that your PF balance was still in EPFO for 10 months of FY 2023-24 (April 2023 – Jan 2024).
Accrual of Interest: EPF interest is calculated monthly and credited annually (typically after the financial year ends, around June-July).
Eligibility for Revised Interest: Since your PF amount was with EPFO during FY 2023-24, you should receive the additional 0.10% (8.25% - 8.15%) interest for the applicable months before settlement.
Steps to Claim:
Wait for EPFO's Annual Interest Crediting Process (expected around June-July 2024).
If the difference is not credited automatically, file a grievance on the EPFO portal (EPFiGMS).
Visit the nearest EPFO office with your PF account details, UAN, and final settlement documents.
From India, Gurugram
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Revised-EPF Rate OF Interest.pdf