Great news for employees and PF account holders with the Employees’ Provident Fund Organization! Just in time for Holi, there’s a chance for a nice surprise. The Central Board of Trustees (CBT) is set to meet at the end of February, and they might decide on the interest rate for PF deposits for the financial year 2024-25. This could benefit around 6 crore employees.
According to reports, the 237th CBT meeting is happening on February 28, led by the Union Labor Minister, with representatives from employer groups and trade unions joining in.
While it’s expected that they’ll discuss the interest rate for the upcoming financial year, the official agenda hasn’t been shared yet. The last meeting took place on November 30, 2024, where the interest rate for 2023-24 was set at 8.25 percent.
Once the Finance Ministry gives the green light, an official announcement will follow.
The CBT, which includes the Union Minister of Labour and Employment, is the top decision-making body for the EPFO, featuring members from employer associations, trade unions, and government authorities. The EPFO’s Investment and Accounts Committee will assess the organization’s finances for the year and recommend interest rates that offer competitive returns for pensioners.
After the CBT’s recommendations, the Finance Ministry will approve the interest rate, which will then be officially announced, and the interest will be credited to subscribers’ accounts.
As for the current interest rate, for the financial year 2023-24, the EPFO set it at 8.25 percent, up from 8.15 percent in 2022-23. Before that, it was 8.10% in 2021-22 and 8.5% in 2020-21.
To check your PF balance via SMS, just text 7738299899 from the mobile number linked to your EPFO account. You’ll need to format your message like this: EPFO UAN LAN (where LAN is the language code).
If you prefer English, replace LAN with ENG. For Hindi, use HIN instead.
For Hindi account details, send EPFOHO UAN HIN to 7738299899, and you’ll receive the info on your phone.