'Process is in pipeline': EPFO's big update on crediting of PF interest for employees

Ahead of Diwali, the Employees' Provident Fund Organisation (EPFO) has on Friday given a big update on crediting of interest for employees. 

The retirement fund body had declared the interest rate as 8.15% for PF accounts for FY23.

While responding to a post on X platform about not paying "timely interest", EPFO said, "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."

IT glitches continue to plague officials of EPFO who are tasked with processing and validating applications for higher pension, reported Business Today recently.

Officials lament that while the EPFO has over 7 crore active members and more than 77.2 lakh pensioners, the spending on upgrade of IT systems is negligible compared to even public sector banks.

EPFO has given three more months until December 31, 2023, to employers for uploading wage details regarding pension on higher wages. The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release.