The Employees’ Provident Fund Organization (EPFO) is a system designed to provide financial security, responsible for safeguarding the retirement savings of millions of Indians.But what if it isn’t working as it should? Every month, a portion of your salary is deducted and deposited into your PF account, where it accrues interest. What if you’re unknowingly losing months or even years of accrued interest on your PF balance?
Our recent customer case has raised serious concerns — missing interest on transferred provident fund amounts. An employee who has been contributing since 2001 noticed that his interest for 2023 was far lower than expected. Instead of receiving interest of 2,84,957 lakhs on the PF corpus of ₹34,54,030 lakh, he got only Rs 47,493 – a shocking shortfall of ₹2,37,464!. If this happened to one person, how many others might be unknowingly affected?
The Discrepancy in Interest Credit
Let’s break down the numbers to understand what’s the case:
- 2022-23 PF Closing Balance: ₹34,54,030 (Employee + Employer Share)
- Expected Interest (8.25%): ₹2,84,957
- Received Interest: ₹27,651 (Employee Share) + ₹19,842 (Employer Share) = ₹47,493
- Shortfall: Over ₹2,37,464 missing!
What You Can Do to Protect Your PF
If you have a PF account, don’t wait for a surprise—take action now!
1. Calculate Your Expected Interest
Manually calculate your expected interest based on the applicable interest rate for each year.
2. Check Your PF Passbook Regularly
EPFO provides an online passbook where you can track all transactions. Download and review it at least once a year.
3. Raise Complaints If You Notice Discrepancies
If you find something off, don’t stay silent. Raise a complaint on the EPFO grievance portal.
4. Use CheckMyPF to proactively identify issues in your account.
If you want to check and identify potential issues in advance? checkout the very first AI-generated PFCheckup tool and know the reason for rejection even before initiating the claim.
Don’t leave your PF to chance
EPFO is one of the world’s largest social security systems, managing a massive corpus and processing crores of claims annually. Systemic & process errors are common. It’s crucial to take charge of your own hard-earned savings.
✅ Check your PF balance NOW.
✅ Verify your interest.
✅ Take corrective action or let Finright handle it for you.Don’t leave your PF to chance
Facing issues with your online PF claim? Don’t let errors delay your hard-earned money!
At FinRight, our expert PF consultants help you identify and fix issues in your PF withdrawal so you get what’s rightfully yours, hassle-free!
Visit us on Finright.in
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