There has been no change in the interest rate of EPF in thevkg meeting of the Central Board of Trustees (CBT). PF contributors will get 8.25 percent interest this year as well, like last year.
Apart from this, several amendments have been approved in the Employee Deposit Linked Insurance Scheme related to PF. The CBT meeting was concluded on Friday under the chairmanship of Labor and Employment Minister Mansukh Mandaviya.
On Friday, in a meeting of the Central Board of Trustees (CBT) chaired by Union Labor and Employment Minister Dr. Mansukh Mandaviya, it was recommended to deposit 8.25% annual interest rate on EPF deposits. Now after the notification of the Central Government, the interest rate will be credited to the accounts of EPFO contributors.
Now the highest interest on PF
Before the meeting, it was feared that perhaps this time the interest rates might be cut. But this did not happen. Last year also 8.25 percent interest was received on PF. At present, the highest interest is being received on PF as compared to other savings schemes. The government had reduced the interest rate on PF from 8.5 to 8.1 percent in 2022. But in 2024, the interest rate was made 8.25 percent.
More interest than Sukanya Samriddhi Yojana
Currently, 7.1 percent interest is being given on Public Provident Fund (PPF). If money is deposited in the post office for 5 years, then 7.5 percent interest will be received. The same interest is given on Kisan Vikas Patra. The interest rate on term deposits up to three years is 7.1 percent. 8.2 percent interest is given on Senior Citizen Saving Scheme and Sukanya Samriddhi Yojana. 7.7 percent interest is given on National Saving Certificate. On the other hand, only 4 percent annual interest is being given on post office savings. In this respect, the interest being received on PF is the highest.
Even if there is a gap of up to two months in changing jobs, you will still get the benefit of EDLI
Many important amendments have been made in the Employee Deposit Linked Insurance (EDLI) in the CBT meeting. If an EPF member dies before one year of regular service, the nominee will get the benefit of life insurance of Rs 50 thousand. About 5 thousand families will benefit from this change.
If an employee dies within six months of the last PF contribution, he will also get the benefit of EDLI. But the condition is that the name of the member should not have been removed from the roll. Earlier such deaths were considered as out of service and the family did not get the benefit. More than 14 thousand families will get its benefit every year.
If there is a gap of two months between leaving one job and joining another, then it will be considered a regular job. This decision will provide EDLI benefits to one thousand families. Earlier, if there was a gap of one or two days between two jobs, the benefit of minimum 2.5 lakh and maximum 7 lakh rupees of EDLI was not given because the condition of one year of continuous service was not fulfilled. It is believed that these decisions of CBT will benefit 20 thousand families every year.
What is EDLI scheme?
Employee Deposit Linked Insurance (EDLI) is an automatic scheme linked to EPF. In this, all employees holding EPF accounts are covered. Under the EDLI scheme, the nominee is given the benefit of life insurance in case of death of an insured employee of EPF.
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