NewDelhi: In a move that promises to bring cheer to millions of private sector employees, the Employees’ Provident Fund Organisation (EPFO) is gearing up to revise the interest rates for the financial year 2024-25. Sources suggest that the new rate could be set between 8% and 8.25%, a decision likely to be finalised during the Central Board of Trustees (CBT) meeting scheduled for 28 February.
The EPFO, which manages retirement savings for over 65 million members, proposes the interest rate for each financial year. The proposal is then approved by the CBT and subsequently ratified by the Ministry of Finance. This year’s potential hike comes as a welcome relief for employees, especially amid rising inflation and economic uncertainties.
How EPF Works and Why It Matters
The EPF scheme is a crucial savings tool for private sector employees, ensuring financial security post-retirement. Each employee is assigned a Universal Account Number (UAN), which allows them to link multiple PF accounts from different employers. The UAN also enables members to access their EPF balance and avail of various services seamlessly.
The proposed interest rate hike reflects EPFO’s commitment to providing better returns to its subscribers. If approved, the new rate will mark a slight increase from the current 8.15%, offering employees a higher yield on their hard-earned savings.
How to Check Your EPF Balance
For EPF subscribers, keeping track of their balance is now easier than ever. Here are some simple ways to check your EPF balance:
- EPFO Portal:
Visit the EPFO website and click on the “Member Passbook” option. Log in using your UAN and password to view your PF passbook details. - Missed Call Service:
If your UAN is registered with the EPFO, you can check your balance by giving a missed call to 011-22901406 from your registered mobile number. - SMS Service:
Subscribers can also send an SMS to 7738299899 with the text “UAN EPFOHO ENG” to receive details about their contributions and PF balance. - Umang App:
Download the Umang app, complete the registration process using your mobile number, and log in to access your EPF passbook, file claims, and track their status. Launched by the government, the Umang app consolidates various government services under one platform, making it a convenient tool for users.
What the Rate Hike Means for Employees
The proposed interest rate hike is a significant step towards enhancing the financial well-being of EPF subscribers. For employees, this means higher returns on their savings, which can be particularly beneficial in the long run. The move also underscores EPFO’s efforts to align its offerings with the evolving economic landscape, ensuring that employees’ retirement funds grow steadily.
As the CBT meeting approaches, millions of employees await the final decision with bated breath. If approved, the new interest rates will not only boost savings but also reinforce the trust of subscribers in the EPF scheme.
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