Big news for 7 crore of PF account holder’s. This week is set to be significant for around 7 crore account holders of the Employees’ Provident Fund Organization. The Central Board of Trustees (CBT) of EPFO is expected to convene on Friday, February 28, 2025, where they might decide on the interest rates for the Employees’ Provident Fund (EPF) for the financial year 2024-25.
Reports suggest that the EPFO could set the interest rate for EPF deposits at approximately 8.25% for the upcoming financial year during this CBT meeting. Last year, for 2023-24, the interest rate was also 8.25%.
Here’s the scoop:
The interest rate for PF deposits is initially proposed by the EPFO and then approved by the CBT. It also needs the green light from the Ministry of Finance before it gets officially announced. Once the rate is set, the interest is credited to the accounts of EPFO subscribers. For the financial year 2023-24, EPF account holders enjoyed an interest rate of 8.25%, while it was 8.15% in 2022-23 and 8.10% in 2021-22.
Thanks to solid returns from EPFO’s investments this year, there’s a good chance that account holders will see the same 8.25% interest rate again.
Deadline Update:
The Employees’ Provident Fund Organisation (EPFO) has pushed back the deadline for activating Universal Account Numbers (UAN) and linking Aadhaar with bank accounts to March 15, 2025, extending it from the previous date of February 15, 2025. This gives employees extra time to meet the requirements of the Employment-Linked Incentive (ELI) scheme, as confirmed by a circular from the Ministry of Labour and Employment.
Check Your PF Balance:
Employees can easily check their PF balance using the Umang app on their smartphones. The government launched the Umang app to give citizens access to various government services all in one place. If you’re registered on the UAN site, you can get your balance there.