The Central Board of Trustees of the Employees’ Provident Fund Organisation has proposed retaining the 8.25% interest rate for the financial year 2024-25. According to the Labour Ministry, subscribers will be eligible for this recommended rate for the period April 2024 to March 2025.
In February 2024, the organisation made a slight upward revision, setting the interest rate at 8.25% for 2023-24, compared to 8.15% in 2022-23. However, in March 2022, the rate saw a sharp decline to 8.1% for 2021-22, marking the lowest in over four decades for more than seven crore subscribers. In contrast, the rate stood at 8.5% in 2020-21. The last time it was this low was in 1977-78, when it was 8%.
Who Will Benefit?
The decision ensures consistent returns for over 7 crore salaried employees and reflects the fund’s ability to generate stable earnings amid economic fluctuations.
Process Of Implementation
The newly decided rate for 2024-25 requires approval from the Ministry of Finance. After further ratification, if needed, the interest will be credited to the accounts of EPFO’s over seven crore subscribers. The organisation can only implement the interest rate after receiving the finance ministry’s approval.
Robust Growth In PF Disbursements
EPFO’s decision is backed by strong financial performance. In 2024-25, the retirement fund organization processed 50.8 million claims worth ₹2.05 lakh crore, a notable increase from 44.5 million claims totaling ₹1.82 lakh crore in the previous year.
For 2023-24, the 8.25% interest rate was supported by EPFO’s highest-ever income of ₹1.07 lakh crore, earned from a ₹13 lakh crore corpus. In comparison, the 8.15% rate for 2022-23 was based on an income of ₹91,151.66 crore from a ₹11.02 lakh crore principal.
How to Check Your EPF Balance
Subscribers can access their PF balance through multiple platforms:
- Umang App: Download and register with a mobile number to check the passbook, claims, and balance.
- EPFO Portal: Visit the official EPFO website, log in with your UAN and password under the “Member Passbook” section.
- Missed Call Service: Give a missed call to 011-22901406 from your UAN-registered mobile number (ensure Aadhaar, PAN, and bank details are linked).
