Apart from this, several amendments have been approved in the Employee Deposit Linked Insurance Scheme related to PF. The CBT meeting was concluded on Friday under the chairmanship of Labor and Employment Minister Mansukh Mandaviya.

On Friday, in a meeting of the Central Board of Trustees (CBT) chaired by Union Labor and Employment Minister Dr. Mansukh Mandaviya, it was recommended to deposit 8.25% annual interest rate on EPF deposits. Now after the notification of the Central Government, the interest rate will be credited to the accounts of EPFO ​​​​contributors.

Now the highest interest on PF

Before the meeting, it was feared that perhaps this time the interest rates might be cut. But this did not happen. Last year also 8.25 percent interest was received on PF. At present, the highest interest is being received on PF as compared to other savings schemes. The government had reduced the interest rate on PF from 8.5 to 8.1 percent in 2022. But in 2024, the interest rate was made 8.25 percent.

More interest than Sukanya Samriddhi Yojana

Currently, 7.1 percent interest is being given on Public Provident Fund (PPF). If money is deposited in the post office for 5 years, then 7.5 percent interest will be received. The same interest is given on Kisan Vikas Patra. The interest rate on term deposits up to three years is 7.1 percent. 8.2 percent interest is given on Senior Citizen Saving Scheme and Sukanya Samriddhi Yojana. 7.7 percent interest is given on National Saving Certificate. On the other hand, only 4 percent annual interest is being given on post office savings. In this respect, the interest being received on PF is the highest.

Even if there is a gap of up to two months in changing jobs, you will still get the benefit of EDLI

Many important amendments have been made in the Employee Deposit Linked Insurance (EDLI) in the CBT meeting. If an EPF member dies before one year of regular service, the nominee will get the benefit of life insurance of Rs 50 thousand. About 5 thousand families will benefit from this change.

If an employee dies within six months of the last PF contribution, he will also get the benefit of EDLI. But the condition is that the name of the member should not have been removed from the roll. Earlier such deaths were considered as out of service and the family did not get the benefit. More than 14 thousand families will get its benefit every year.

If there is a gap of two months between leaving one job and joining another, then it will be considered a regular job. This decision will provide EDLI benefits to one thousand families. Earlier, if there was a gap of one or two days between two jobs, the benefit of minimum 2.5 lakh and maximum 7 lakh rupees of EDLI was not given because the condition of one year of continuous service was not fulfilled. It is believed that these decisions of CBT will benefit 20 thousand families every year.

What is EDLI scheme?

Employee Deposit Linked Insurance (EDLI) is an automatic scheme linked to EPF. In this, all employees holding EPF accounts are covered. Under the EDLI scheme, the nominee is given the benefit of life insurance in case of death of an insured employee of EPF.

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But do you know who and how will get the benefit of this decision of the government. Let us tell you. The decision taken by the Central Board of Trustees (CBT) will now be sent to the Finance Ministry. After this, a notification will be issued by the Ministry of Finance.

After the notification comes from the Ministry of Finance, it will be effective and then you will get the increased interest of your PF in your account. It is a matter of when the money will be received. Now let’s talk about which employees will be able to get the benefit of this.

They will get the benefit of increased interest

All 7 crore members of EPFO ​​will be able to get the increased interest. Voluntary Provident Fund i.e. VPF depositors will also be able to get the benefit of this decision.

Apart from this, the benefit of this decision of the government will also be given to such employees whose EPF accounts have been opened by the trust.

Last year, EPF kept the interest rates at 8.10 per cent, which has now been increased to 8.15 per cent. That means now you will get Rs 8150 instead of Rs 8100 interest.
This is how a retirement fund of 5 crores is prepared from EPF

If your monthly salary is Rs 50,000 and you are 30 years old. You get 12% contribution from EPF side. Apart from this, suppose that every year your salary is increasing at the rate of 10 percent. You get 8.10 percent interest from EPF on this amount (which is till now), so in this sense you will get a fund of Rs 5,04,07,319 at the time of retirement. According to this calculation, you can create a fund of 5 crores with a monthly salary of 50 thousand.

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In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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