EPFO Update: PF interest rates can be decided in the meeting of the Central Board of Trustees (CBT) to be held on 28 February. Since the interest rate on PF deposits for any year is first proposed by the EPFO, after which it is passed by the CBT and approved by the Finance Ministry.
EPFO PF Interest Rate: Well, here is some good news for the employees and the people who hold accounts in the Employees’ Provident Fund Organization. Employees might get a big gift before Holi. An important meeting is expected to be held by the CBT at the end of February, in which it might fix the rates of interest on their PF deposits for the financial year 2024-25. 6 crore employees would be the beneficiaries of such interest rate changes.
As per media reports, it is expected that the 237th meeting of the Central Board of Trustees, Employees’ Provident Fund Organization will be held on February 28th, and it will be presided over by the Union Labor Minister, who will also participate in this meeting along with representatives from employer associations and trade unions. It has been reported that the interest rates for the provident fund deposits for the financial year 2024-25 will be decided in this meeting. However, the official agenda has not been disclosed yet. The last CBT meeting was held on 30 November 2024. For the financial year 2023-24, the interest rate on provident fund deposits has been fixed at 8.25 percent by EPFO.
Official Announcement Will Be Made After The Approval Of The Finance Ministry
- The CBT headed by the Union Labor and Employment Minister is the apex decision-making body of the EPFO, it includes representatives of employer associations, trade unions, central and state government officials.
- For this financial year, the Investment and Accounts Committee of the EPFO will review the income and expenditure of the organization and suggest the interest rate to give competitive returns to the pensioners.
- After this, the Finance Ministry can approve the rate fixed by the EPFO and the interest rate supported by the CBT. After this it will be officially announced and the interest money will be sent to the subscribers’ account.
EPFO: What Is The Interest Rate Till Now
In the financial year of 2023-24, the EPFO has declared an interest rate for provident fund deposits to be at 8.25 percent, which is higher than the 8.15 percent for the financial year 2022-23.
It previously used to be 8.10 in 2021-22, from 2020-21 it was 8.5 percent (PF Interest Rate), from 2018-19 it was 8.65 percent and from 2017-18 it was 8.55 percent: EPFO paid an interest of 8.25 percent on an income of Rs 1,07,000 crore for the year 2023-24, which is its highest return on the principal amount of nearly Rs 13 lakh crore. Moreover, this was an increase from 8.15 percent payment on income of Rs 91,151.66 crore during the year 2022-23.
EPFO: Check Balance Like This
Checks On The Umang APP May Be Done As Follows:
- The UMANG app must be installed on the phone.
- Now that the app has been opened and logged in, one needs to press ‘EPFO Option’ and select ‘Employee Centric Services’.
- Clicking ‘View Passbook’ will now require the user to enter the UAN number, which will generate an OTP to be sent to the mobile number provided during registration.
- Once the OTP is entered, you will log in to the PF account, and from here, the PF passbook will be obtained.
SMS Enquiry For PF Balance
- If you want to know the PF balance through SMS, an SMS can be sent to 7738299899 from the mobile number that is registered with EPFO. Type EPFO UAN LAN (language).
- To receive information in English, type ENG in place of LAN. To get information in Hindi, write HIN in place of LAN.
- For getting the account information in Hindi, write EPFOHO UAN HIN and send it to 7738299899, and the message will be delivered back to your mobile.
Checking By Missed Call
Other than these methods, there is also missed call service. Make a missed call from your UAN registered mobile number at 7738299899. The message containing the details of your contribution and balance shall be sent to you via SMS.
Checking Through EPFO
First, enter the website and log in to the e-passbook. On clicking e-passbook, the user is directed to a new page. There the user enters the username (UAN number), password, and captcha, and another new page opens up where the member ID has to be selected. Here one sees the EPF balance on the e-passbook.
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