EPF member accounts of 98% contributory firms updated till March 6: Govt

Employees' provident fund (EPF) member accounts of 98 per cent of contributory firms or establishments have been updated with the latest interest credit till March 6, 2023, Parliament was informed on Monday.

Many members and employees' representatives have raised the issue of not crediting the rate of interest on EPF for 2021-22, which was fixed at 8.1 per cent.

"This (interest crediting) is an ongoing process, which has been taken up in a scheduled manner post development of software and by March 6, 2023, the process has been completed in respect of 98 per cent of contributory establishments," stated Minister of State for Labour and Employment Rameshwar Teli in a written reply to the Lok Sabha on Monday.

Teli explained that account updation with interest credit is a comprehensive exercise requiring scrutiny of each individual transaction made in respect of each and every individual member's accounts, thus making the entire process very exhaustive.

Till March 6, 2023, accounts of .