Good news for millions of Employees’ Provident Fund (EPF) subscribers! The Central Government has officially approved an 8.25% interest rate for the Employees Provident Fund Organization (EPFO) for the financial year 2024-25. This decision, following a recommendation by the Central Board of Trustees (CBT) in February, ensures stable and attractive returns for your retirement savings.
The Ministry had previously communicated that the CBT recommended this rate, and with the government’s notification now in place, the EPFO will proceed to credit this interest directly into subscribers’ accounts. This consistent rate underscores EPF’s position as a reliable, long-term investment option for salaried individuals, especially given that interest earned on these deposits is largely tax-exempt up to a specified limit.
Enhanced Financial Security: Key Changes to EDLI Scheme
Beyond the interest rate announcement, the CBT has also brought about significant enhancements to the Employees’ Deposit Linked Insurance (EDLI) scheme. These crucial modifications are designed to offer greater financial protection and support to the families of EPF members during difficult times.
Here’s a closer look at the key improvements:
- Minimum Benefit for Short Service: A significant change introduces a minimum insurance benefit for employees who, unfortunately, pass away within one year of service. This addresses a critical gap, ensuring that even in cases of limited work tenure, families receive some financial aid.
- Coverage for Non-Contribution Periods: Previously, families of members who died after a period of non-contribution might have been denied benefits. The revised scheme now provides insurance coverage even if a member passes away after a non-contributory period, offering a wider safety net.
- Addressing Service Continuity Gaps: A major pain point for many was the strict interpretation of “continuous service.” Even a minor gap of a day or two between jobs, such as weekends or public holidays, could previously lead to the denial of minimum EDLI benefits (which range from ₹2.5 lakh to ₹7 lakh). This issue has now been resolved, ensuring that technical breaks in employment do not jeopardize an employee’s or their family’s financial security.
These forward-looking changes are expected to positively impact over 20,000 cases of in-service deaths annually, significantly strengthening India’s social security framework for its workforce. The Labour Ministry has reaffirmed the government’s unwavering commitment to enhancing financial stability for EPF members and their families, ensuring robust protection when it’s needed most.
How to Check Your EPFO Interest and Balance
Want to see your updated EPF balance and the credited interest? Here’s a simple, step-by-step guide to do so online:
- Visit the official EPFO website: Navigate to the Employees’ Provident Fund Organization’s official portal.
- Access Member Passbook: Look for and click on ‘Our Services’, then select ‘For Employees’, and finally, ‘Member Passbook’.
- Log in Securely: Enter your Universal Account Number (UAN), password, and the displayed captcha to log in to your account.
- Select Member ID: Once logged in, choose your current member ID.
- View Your Passbook: Click on ‘View Passbook’. Here, you’ll be able to see your entire transaction history, including your EPF interest credits and the total amount deposited.