The EPFO ​​Central Board of Trustees (CBT), the apex decision making body of the retirement fund body, met today to decide the interest rate for the financial year 2024-25, in which this decision was taken. Retirement fund body Employees’ Provident Fund Organization (EPFO) on Friday retained the interest rate of 8.25 percent on Employees’ Provident Fund (EPF) deposits for 2024-25. The Employees’ Provident Fund Organization (EPFO) in February 2024 had marginally increased the interest rate on EPF from 8.15 percent in 2022-23 to 8.25 percent for 2023-24.

In March 2022, EPFO ​​had reduced the interest rate on EPF for 2021-22 for its more than 7 crore subscribers to a 4-decade low of 8.1 percent, from 8.5 percent in 2020-21. The interest rate on EPF for 2020-21 was 8.10 percent. This is the lowest since 1977-78, when the EPF interest rate was eight percent. EPF interest rates have fluctuated in the last 8 years. In the year 2016-17, this rate was 8.65 percent. In 2023-24, the government fixed the interest rates at 8.25 percent. At what rate has interest been available on PF in the last 8 years.

• 8.65 percent in the financial year 2016-17
• 8.55 percent in the financial year 2017-18
• 8.65 percent in the financial year 2018-19
• 8.50 percent in the financial year 2019-20
• 8.50 percent in the financial year 2020-21
• 8.10 percent in the financial year 2021-22
• 8.15 percent in the financial year 2022-23
• 8.25 percent in the financial year 2023-24
• 8.25 percent in the financial year 2024-25

A source said that the Central Board of Trustees (CBT), the apex decision making body of the EPFO, in its meeting on Friday has decided to give 8.25 percent interest on EPF for 2024-25. The 8.5 percent interest rate on EPF deposits for the financial year 2020-21 was decided by the CBT in March 2021.

After the decision of the CBT, the interest rate on EPF deposits for 2024-25 will be sent to the Finance Ministry for approval. After the approval of the government, the interest rate on EPF for 2024-25 will be credited to the accounts of more than 7 crore subscribers of EPFO. The EPFO ​​​​provides interest rates only after approval by the government through the Finance Ministry.

What is EPF

EPF i.e. Employee Provident Fund is a government scheme that helps employees to save for the future. Under this, employees deposit a part of their salary in EPFO.

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The post EPFO Interest Rate Hike: EPFO board fixes interest rate at 8.25 per cent on EPF deposits for 2024-25 first appeared on Rightsofemployees.com.

After the tax exemption, now the government can take a big decision regarding the interest rate of Employees Provident Fund (PF). The meeting of the Central Board of Trustees of EPFO ​​​​is going to be held on 28 February, in which there can be a discussion on increasing the interest rate on PF for 2024-25.

The official agenda of this meeting has not been released yet. At the same time, this meeting will be chaired by the Union Labor Minister and representatives of employer associations and trade unions will also attend it.

PF interest rate may increase

The main focus of the Government of India at this time is to increase the demand in the market and many steps are being taken for this. After not taking tax on income up to 12 lakhs, the government wants people to increase domestic consumption as much as possible by increasing their additional income. In such a situation, it is being speculated that the interest rate on PF for 2024-25 can be increased.

EPFO has so many account holders

The government did the same in the last two years. The interest rate of PF was made 8.15% in 2022-23 and 8.25% in 2023-24. Now looking at the base rate of banks, it can be said that there may be a slight increase in the interest rates of PF. Let us tell you that EPFO ​​has accounts of more than seven crore people in the country. At the same time, according to the annual report of the year 2023-24, EPFO ​​has seven crore 37 lakh account holders. Apart from this, the number of people depositing money in the pension fund of EPFO ​​has also increased to about eight lakh.

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If you also invest under Volunteer Provident Fund (VPF), then this news will make you happy. Big planning is being done by the government regarding this. According to the news published in Economic Times, the limit of investment in Volunteer Provident Fund (VPF) under the Employees Provident Fund Organization (EPFO) can be increased from Rs 2.5 lakh with tax free interest. Currently, the interest received on investment more than this is taxable. People associated with this matter said that the Ministry of Labor and Employment is investigating this matter.

The matter is expected to be taken up with the Finance Ministry next year

It is expected that this matter will be raised with the Finance Ministry during the budget discussions of the financial year 2026. This decision can be taken by the government with the aim of encouraging people who come in the middle class and have a low salary to deposit. The government intends that they should deposit as much money as possible in EPF so that when they retire in the future, they have enough money. Earlier, the government had made investment up to Rs 2.5 lakh tax free on the amount deposited in EPF. Tax has to be paid on the interest received on more than this.

Tax benefits from investing in VPF

This decision was taken by the government so that tax can be imposed on the high interest income. This rule was for those people who have a high salary and they deposit more money in EPF so that they can save tax. Similarly, the amount deposited in VPF, the interest received on it and the money you get when you withdraw it. You do not have to pay any kind of tax on all these. That is, investing in VPF gives you a lot of benefits in terms of tax.

When 12% interest was given on PF money,

EPFO ​​has been giving more than 8% interest for the last several financial years. In the financial year 1990, it increased to a record high level of 12%. Till the financial year 2000, it remained at the same level for 11 consecutive years. For the financial year 2022, the interest rate of EPFO ​​was 8.10%. After this, for 2023 it was 8.15% and for the financial year 2024 it was 8.25%.

More than Rs 20 lakh crore deposited in EPF

As per the current rules of EPF, you can deposit as much money as you want in EPF. There is no limit in this. But the government has put a stop to the misuse of this rule. Now if you deposit more than Rs 2.5 lakh in a year, you will have to pay tax on the interest. This rule was made for such people who have high salary and they deposit more money in EPF to avoid tax. Crores of people deposit money in EPF and crores of people are taking pension. A total of more than Rs 20 lakh crore is deposited in EPF.

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4.45 crore claims settled

In the information given by EPFO, it was also told that the limit of this facility has been doubled from the earlier Rs 50,000 to Rs 1 lakh. According to a statement, EPFO has settled about 4.45 crore claims during the financial year 2023-24. Of these, more than 60 percent (2.84 crore) claims were advance (withdrawal of money on the basis of illness, marriage, education). If understood in simple language, it means that you can withdraw up to Rs 1 lakh for education, marriage or housing needs.

Approval is received in 3-4 days

Out of all the advance claims approved last year, about 90 lakh claims were auto settled. In the new system, all work is done through computers, due to which there is no need of manpower for any work. This is the reason why the time taken for approval of advance claims has also reduced. Earlier it used to take 10 days. But now this work is done in just 3-4 days.

Facility started from May 6

If the computer system does not approve a claim, it is not returned or canceled; rather, such cases are re-examined and then approved. The facility of passing claims in automatic mode has been implemented by EPFO from May 6, 2024. Till now 13,011 people have got benefit through this. According to the news published in Economic Times, Rs 45.95 crore has been approved so far.

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Interest Rate FY24: In the upcoming Central Board of Trustees (CBT) meeting of the Employees’ Provident Fund Organization (EPFO), a claim was being made to reduce the interest rate of PF. In the CBT meeting to be held on Saturday, a proposal was expected to reduce the interest rate to 8 percent for the financial year 2023-2024.

But the Central Board of Trustees (CBT) of EPFO headed by Labor and Employment Minister Bhupendra Yadav approved the increased interest rate of EPFO. In the last two financial years, interest of 8.15% in the financial year 2023 and 8.10% in 2022 was given by EPFO.

6.5 crore subscribers will be affected

EPFO is also planning to seek approval from the Board to increase investment in stocks from the current 10% to 15% to improve the returns on investment. At present, the increase in interest rates is sure to have a direct impact on 6.5 crore EPFO subscribers. After considering the proposal to change the interest rate on PF, a notification will be issued by the Finance Ministry.

Pension, budgetary estimates and compliance issues were included in the 235th meeting of CBT. The Finance Ministry has given permission to increase the stock market by 5-15%. But EPFO will have to take approval from the board to increase risk in equity. Let us tell you that in the last 10 years, the highest interest rate on PF was in 2015-16. Which at that time was 8.8 percent annually. If 8 percent is agreed upon today, then this interest rate will be the lowest in the last 10 years.

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The post PF Interest: EPFO’s big update on crediting of PF interest for employees, check balance first appeared on Rightsofemployees.com.

EPFO invests the deposits of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest. According to the circular of EPFO, interest will be deposited at the rate of 8.15% for the year 2022-23 in the account of each member of the EPF scheme. Although, the last time 8.15 percent interest rate was announced in March, the same interest rate has been kept in force in July.

Employees’ Provident Fund is a mandatory contribution for salaried employees. The employer is also bound to make an equal contribution to the EPF account. An employee contributes 12% of his earnings to his EPF account on a monthly basis. The entire contribution of the employee is deposited in the EPF account. While, only 3.67 per cent is deposited in the EPF account in the case of the employer, the remaining 8.33 per cent goes to the Employees’ Pension Scheme (EPS).

4 ways to check balance in EPF account

1. Using UMANG App
2. By visiting the EPF member e-Sewa portal
3. By giving a missed call to the toll free number of EPFO
4. By sending SMS to EPFO ​​number

How to check EPF balance through EPFO ​​portal

1. Visit the official website https://www.epfindia.gov.in/ to check EPFO ​​member pf balance
2. Now from the member homepage select the option Click here to check your PF balance
3. After this EPFO ​​page will appear, after this the balance of the member will appear
4. EPFO member now select your state
5. After this enter the head office of EPF
6. Enter your business code
7. Enter PF account number, name and mobile phone number
8. Check the box ‘I agree’ in the Acknowledgment box.
9. Now the balance details of your PF account will appear.

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EPFO has to credit interest money for the financial year 2021-22. But, there was no update on this for a long time. EPFO had announced in October that EPF Subscribers will start getting money from November. But, till now the interest is stuck. However, the reason for this has not yet been disclosed openly by EPFO. Whereas, the Finance Ministry had approved interest payment at the rate of 8.1% in June 2022 itself.

EPFO trustees also expressed concern

The trustee of EPFO ​​has also expressed concern over the fact that money has not yet come into the account of the EPF account holder. This wait has been too long. But, now sources in the Ministry of Labor are telling that EPFO ​​can start putting it from 28 February. Means EPF Interest money will be credited before the festival of Holi. However, this is a long process. That’s why it may take time till March 15-20 to get the interest money in the account of all the account holders. However, EPFO ​​has not yet officially announced that it will start depositing money from February 28.

Interest money will be received before Holi

For the past few years, the account holders are not getting the EPF interest money on time. For 2020-21, 8.5% interest rate was fixed on PF in March 2021, while interest money was received in December 2021. At the same time, in March last year also, the interest rate for 2021-22 was fixed at 8.10 percent. But, the money has not been credited in the account yet.

Interest rate on EPF in last five years?

1- Year: 2021-2022
EPF Interest Rates: 8.10%

2- Year: 2020–2021
EPF Interest Rates: 8.50%

3- Year: 2019-2020
EPF Interest Rates: 8.50%

4- Year: 2018-2019
EPF Interest Rates: 8.65%

5- Year: 2017-2018
EPF Interest Rates: 8.55%

New rules for EPF withdrawal

The government has changed the rules of EPF withdrawal in the budget 2023. Big relief has been given to the account holders. According to the new rule, now TDS on withdrawal of EPF has been reduced from 30% to 20%. This will be applicable to those PF account holders whose PAN card is not updated in EPF account. According to the existing rules, if someone’s PAN card is not in the records of EPFO, then 30% TDS has to be paid on withdrawal of money, but from April 1, 2023, 20% TDS will have to be paid. If the EPF account holder withdraws within 5 years of service history, then he has to pay TDS.

How to check your EPF Balance?

• Follow the process given below to check balance online

Step 1- Visit the official website of EPFO ​​at epfindia.gov.in.

Step 2- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.

Step 3- When the new page opens, you have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.

Step 4- On login, there will be a drop down in front of you, it will have different PF account options. Select the current member ID.

Step 5- Now the passbook will open in front of you. In this, you can see the monthly contribution of both you and the employer. Along with this, the overall balance will also be visible. It will also show whether the interest amount has been credited or not. If interest has been credited by EPFO, then it will be reflected here.

Check balance through SMS and Umang App

You can check the passbook of your PF account to see whether your interest money has come or not. You can either visit the official website of EPFO ​​for this. Or you can also send the message ‘EPFOHO UAN ENG’ to 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through UMANG app.

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Government also wants people to make full use of this account and people also want that they should make full use of this account. In the eyes of the people, it is the most interest-paying account, while in the eyes of the government, it remains a medium to fulfill the social responsibility. Holi is on March 8 and 6.5 crore account holders linked to PF are expected to get a gift from the government, but the wait is getting longer and now clouds of uncertainty have engulfed.

What is the whole matter

PF account holders are getting scared. The interest of 21-22 has not yet been paid by the EPFO ​​department while the year of 22-23 is also going to be completed. It is being said that whatever multiplication should have been done till March 31, 22 would have been done, but no one is giving the exact answer as to why the interest was not added. The government has also been asked questions about this. It is being said by the government that this is the work of the department and the department does this work with complete independence. The government has no role in this.

What do the formulas say

At the same time, experts say that the government had announced in Budget 2021 that if more than Rs 2.5 lakh is deposited in the PF account annually, then tax will be payable on the interest earned. At the same time, the limit for government employees has been increased to Rs 5 lakh annually. Now it is being told that for some such changes, changes are being made in the software of EPFO ​​and its testing is going on, due to which interest transfer is not being done yet. Experts also say that the work of change in this software started late and due to the time taken in the work, it has been delayed.

What does EPFO ​​say on delay

At the same time, when the government officials of the EPFO ​​department are asked about this, then they too are unable to give a clear answer. They also do not have any concrete information that till when people will get money in their account. On the other hand, the patience of the account holders is breaking.

All kinds of questions have gone home in his mind and the answer is not being found anywhere. Explain that on March 12, 2022, a recommendation was made by the EPFO ​​department to pay interest at the rate of 8.10 percent, which was approved by the Finance Ministry in June 2022. Please tell that this interest rate was fixed at 8.5 percent for 20-21.

Till when interest can be received

It is now believed that PF account holders can get interest from the government till the end of February before Holi. Still this hope is tied. On behalf of EPFO, interest can be transferred to the account of PF account holders on their deposits. Earlier it was believed that this amount would come into the account in the month of December but it did not happen.

After this, it was said that this work would be completed with the budget, but due to some reasons it could not be done. But now the date of Holi is awaited. People believe that along with the announcement of dearness allowance given to government employees, EPFO ​​can also announce to add interest to the account.

PF interest rate

Explain that in 2020-21, the interest rates on PF were announced at 8.5 percent. But this money was deposited in the account in December. That is, despite the announcement in March, money was added to the account in December. At the same time, in 2021-22, the rate of interest was declared by the government at 8.10 percent, but the money has not yet been deposited in the account.

New announcement in the new budget

It is notable that the government has recently changed some rules related to PF account in the announcement in budget 2023. In the Union Budget 2023, the Finance Minister has announced changes in the rules for withdrawal of Employees’ Provident Fund. Now, if for some reason you have to withdraw money from your PF account before a period of 5 years and PAN card is not linked, then in such a situation, TDS will have to be paid at 20 per cent instead of 30 per cent. These new rules will be applicable from 1 April 2023.

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Now the government has also approved keeping the interest rate on EPF at 8.1 percent for 2021-22. In 1977-78, the EPFO ​​had given an interest of 8 per cent. Since then it has been 8.25 per cent or more. The two-day meeting of EPFO ​​started on Friday, March 11, which ended on March 12, in which it was decided to reduce the interest rate of EPF.

The EPFO ​​had fixed 8.5 percent interest in the financial year 2020-21 and in the previous financial year. Earlier in 2018-19, 8.65 percent interest was given on EPFO. EPFO had paid 8.65 per cent interest in 2016-17 and 2017-18 also. At the same time, the interest rate was 8.8 percent in 2015-16, 8.75 percent in 2013-14 and 2014-15 also.

After getting approval from the government, EPFO ​​will now start adding interest amount to the EPF accounts of the employees. According to the EPFO ​​office order issued on Friday, the Ministry of Labor and Employment has informed about the approval of 8.1 percent interest to EPFO ​​subscribers for 2021-22. The Labor Ministry had sent this proposal to the Finance Ministry for approval.

Trustee KE Raghunathan, who represents the employees in the CBT, said the speed with which the labor and finance ministries have approved the rate of interest, given the need for funds to the employees, is indeed commendable. This will help them to meet the education and other needs of their children.

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information provided by the government

Actually, this question was asked to Rameshwar Teli in the House whether the government is considering increasing the interest rate on Employees’ Provident Fund deposits? Giving a written reply to this, he clarified that there is no proposal to reconsider the interest rate. That is, there is not going to be any increase in the interest rate on the PF account.

Higher interest than small savings schemes

Minister of State for Labor and Employment Rameshwar Teli also said that the interest rate of EPF is higher as compared to other comparable schemes like General Provident Fund (7.10 per cent), Senior Citizen Savings Scheme (7.40 per cent) and Sukanya Samriddhi Account Scheme (7.60 per cent). . That is, according to Rameshwar Teli, the interest on PF from small savings schemes is still high, so the eligible government will not consider the increase in interest rates. Let us tell you that the interest rate on EPF has been approved to give 8.10 percent.

Minister said this

Rameshwar Teli has stated that the rate of interest on PF is dependent on the income received by the EPF from its investments and such income is distributed only as per the EPF Scheme, 1952. Rameshwar Teli also said that CBT and EPF have for 2021-22. , 8.10 percent interest rate was recommended, which has been approved by the government, that is, this time PF will get interest at the rate of 8.10.

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When will the money be transferred? PF Interest

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account till the end of July. This year’s interest is at a 40-year low

Check balance

via SMS If you want to check balance through SMS, then for this you have to send it by writing to EPFOHO UAN ENG on 7738299899. Let us tell you that the last 3 letters will be written according to the language. At the same time, if you want information in Hindi, then you can send it by writing EPFOHO UAN HIN. You have to SMS this from the number registered on UAN. Only after this you will get the message of balance. You will get this facility in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali languages. 

Check Balance Through

Missed Call If you want to check balance through missed call, then for this you have to give just one missed call on 011-22901406 from registered mobile number on EPFO. After this balance message will come on your registered mobile number. This message will come to you from AM-EPFOHO. 

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The Central Government has approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. This information has been given by the EPFO ​​office. Interest is deposited in the accounts of customers only after the approval of the Union Finance Ministry. The EFPO in the month of March had reduced it from 8.5 per cent to 8.1 per cent for the fiscal year 2021-22.

Interest may be credited soon

It is being told that the interest rate on PF is still low, that is why it can be credited before December. At present, the lowest interest is getting on PF in 43 years. Now after approval from the Ministry of Finance, interest can be credited in the PF account of EPFO ​​members anytime.

lowest interest rate

Right now the interest rate on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the rate of interest of PF in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.

PF money is invested here

EPFO invests the money deposited in the account of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. PF interest is decided on the basis of earning from debt and equity.

You can check PF balance like this

Go to EPFO ​​website. Select ‘For Employees’ from the dropdown of ‘Our Services’. After this click on Member Passbook. Now login with the help of UAN number and password. Select the PF account and you will see the balance as soon as you open it. To check balance through SMS, send a message by typing ‘EPFOHO UAN ENG’ to 7738299899. You will get the balance information in the reply. Apart from these, PF balance can also be checked from Umang App.

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