This week is going to be special for about 7 crore account holders of the Employees Provident Fund Organization. In fact, EPFO’s Central Board of Trustees (CBT) may meet on Friday 28 February 2025, in which the FY 2024-25 can be decided on the interest rates of Employees Provident Fund i.e. EPF for FY 2024-25. It is learned that EPFO in its upcoming CBT meeting on 28 February can fix the interest rate on the Employees Provident Fund (PF) capital for the current financial year (2024-25). In FY 2023-24, 8.25 percent interest was given on EPF.
What is expansion?
Let us tell you that the interest rate on PF deposits for any year is first suggested by the EPFO and then integrated by CBT. It is necessary to be approved by the Finance Ministry before finalizing it. The interest amount is later deposited in the accounts of EPFO shareholders at the prescribed rate. EPF account holders were paid interest at the rate of 8.25 per cent for FY 2023-24, 8.15 per cent in 2022-23 and 8.10 per cent in 2021-22. In the current financial year, EPFO is expected to get 8.25 percent interest this year due to the great return on its investment.
Time limit extended
Employees Provident Fund Organization (EPFO) has extended the time limit for adding the Universal Account Number (UAN) activation and Aadhaar-bank account to March 15, 2025. The last deadline was February 15, 2025. In this detail, employees get more time to meet the requirements under the Employment-confused incentive (ELI) scheme. This expansion has been confirmed in a circular of the Ministry of Labor and Employment.
Check PF balance like this
Employees can check their PF balance using the Umang app on their smartphone. The government has launched the Umang app to provide many government services facilities at the same place. If you are registered on the UAN site, you can get information by giving a missed call from your registered mobile number on 011-22901406. Ensure that your bank account details, Aadhaar and PAN are included in your UAN.
