Govt ratifies interest rate on PF deposits at 8.25 pc for FY 2024-25
New Delhi: The Centre has ratified the interest rate on employees' provident fund (PF) deposits at 8.25 per cent for FY2024-25 -- the same as the previous fiscal.
In February, the Employees' Provident Fund Organisation (EPFO) announced to retain the interest rate on employees' provident fund deposits at 8.25 per cent for FY25. The decision was taken by the EPFO's Central Board of Trustees at a meeting in the national capital.
The Ministry of Finance has now cleared the rate of interest on employees' PF at 8.25 per cent for FY25. A notification from the Labour Ministry has also been sent to the retirement fund body this week, according to reliable sources on Saturday.
The interest rate on EPF for 2024-25 is set to be credited into the accounts of the EPFO members.
The EPFO had earlier increased the interest rate on EPF for its 7 crore members to 8.25 per cent for 2023-24, from 8.15 per cent in 2022-23.
Meanwhile, EPFO added 14.58 lakh net members in March, and an increase of 1.15 per cent in net payroll additions compared to March 2024. The PF organisation enrolled around 7.54 lakh new subscribers in March 2025, representing a 2.03 per cent increase over February and 0.98 per cent (year-over-year) growth compared to the previous year in March 2024.
According to the Labour Ministry, the growth in new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO's successful outreach programmes. A noticeable aspect of the data is the dominance of the 18-25 age group, as 4.45 lakh new subscribers were added in the 18-25 age group, constituting a significant 58.94 per cent of the total new subscribers added in March 2025.
Further, the net payroll addition for the age group 18-25 for March was approximately 6.68 lakh -- reflecting a growth of 6.49 per cent from the previous year in March 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
6 hours ago
- Business Standard
Allow gig workers the option to choose between EPF and NPS schemes
If millions of gig workers are forced into EPF without the option of NPS, complaints about the system's inefficiencies will intensify as its shortcomings inevitably emerge Harsh Roongta Listen to This Article It is 2028. Ambar, a Mumbai-based gig worker, juggles jobs across three service apps. Since 2026, when the government mandated Employees' Provident Fund (EPF) contributions for gig workers, a monthly 'EPF' deduction has appeared in his earning statements across all three platforms. Now diagnosed with cancer, Ambar tries to withdraw from his EPF corpus — a purpose for which withdrawal is allowed under EPF rules — only to be denied. The reason? Multiple employers have contributed to his account. The Employees' Provident Fund Organisation's (EPFO's) rigid systems flag this as a discrepancy, freezing access. Marketed initially as a benefit, the
NDTV
14 hours ago
- NDTV
All About EPFO 3.0: From ATM Withdrawals To Faster Claim Settlements
In a major digital push aimed at improving accessibility and efficiency for salaried employees, the Employees' Provident Fund Organisation (EPFO) is set to roll out EPFO 3.0 in June 2025, according to a report by DD News. The platform is expected to bring several key changes to how provident fund subscribers access and manage their savings, including ATM withdrawals, auto-claim settlements, and OTP-based account updates. What to Expect from EPFO 3.0: ATM Withdrawals: In a first-of-its-kind move, subscribers may soon be able to withdraw EPF funds via ATMs, similar to a standard bank transaction. This feature is expected to go live after the approval and settlement of claims, giving users more direct access to their funds. Faster, Automated Claim Settlements: The upcoming version will include auto-claim settlement, significantly cutting down processing times and manual intervention. This is expected to speed up the transfer of funds into users' bank accounts. Digital Account Corrections: EPF account holders will soon be able to digitally update personal details such as name, date of birth, and other key information, eliminating the need for physical form submissions. OTP-Based Verification: Account updates will be made simpler through OTP-based authentication, streamlining the verification process and replacing older, form-based systems. Improved Grievance Redressal: The EPFO is also working on upgrading its grievance redressal system, aiming to address user concerns more efficiently through the new platform. Social Security Integration and Healthcare Expansion: EPFO 3.0 is part of a broader plan to create a unified social security framework. Efforts are underway to integrate central government welfare schemes such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana into the EPFO ecosystem. In parallel, the Employees' State Insurance Corporation (ESIC) is also strengthening its healthcare offerings. Beneficiaries may soon be eligible for free treatment at hospitals under the Ayushman Bharat scheme, including both public and empanelled private facilities. Currently, ESIC provides healthcare coverage to nearly 18 crore individuals through its network of 165 hospitals. With EPFO 3.0, the government is aiming to modernise India's social security landscape by making it more accessible, integrated, and user-friendly for workers across sectors.
News18
2 days ago
- News18
EPFO 3.0: When Will PF Withdrawal Via UPI, ATM Begin? All You Need To Know
Last Updated: One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed. In a significant step towards enhancing funds accessibility for salaried employees, the Employees' Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access. What is EPFO 3.0? EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface. How Will ATM and UPI Withdrawals Work? Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance. Benefits of Digital Withdrawals Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians. Implementation Timeline and Future Outlook As per the DD News report, the launch of EPFO 3.0 is anticipated in June 2025, though an official confirmation of the date is pending. A phased rollout or pilot testing in select regions may precede nationwide implementation. This development is likely to impact over six crore EPF account holders across India. First Published:
