EPFO Interest 2024–25: By the end of June, there could be an 8.25% PF interest credited. Find out who will benefit from this and how to check your balance using a simpler method.
PF Account Holders May Finally See Money Credited Soon-Here’s What to Expect
Millions of salaried employees in India might just have a double-whammy of good news in store. The Employees’ Provident Fund Organisation (EPFO) has confirmed their interest rate of 8.25% for the financial year 2024–25. While that is the same rate as last year, this is a welcome move especially with rising inflation and economic uncertainty.
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So When’s the Money Coming?
That’s the million-dollar question at the moment. Although the EPFO has yet to announce an official date, whispers in the media suggest we could see season for payouts from late June. If this is indeed the case then we could be within weeks of that interest going into accounts.
Across the country people are already checking their passbooks and balance messages looking for their credit. And this is also the time of the year where even one small notification can change many people’s moods.
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What’s the backstory?
The 8.25% interest wasn’t a random number as the EPFO’s Board of Trustees discussed and passed the proposal earlier in the year, which was then sent to the Ministry of Labour and Employment for approval which has now been given. The Centre’s agreement completes the final formality , its only left to be disbursed into your account.
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Who’s getting it?
In short, anyone clear PF account – that’s about 7 crore individuals and the interest will depend on the amount you have in your fund. Whether you are just starting out or have been contributing to the fund for years any little bit adds up.
How to check if it has been credited?
Here is an easy way to check:
1.Open your messaging app
2.Send a message to 7738299899
3.Compose and send: EPFOHO UAN ENG (you might want to use your own language or change ‘ENG’ to HIN for Hindi)
For example: EPFOHO 123456789012 HIN
3.You should receive your bank balance details generally within seconds.
Conclusion
While there’s been no confirmation as yet, we do have some indications that we will probably be hearing something by the end of June. For PF members, stay tuned because you will probably be seeing that extra money in your account very soon.