Govt ratifies rate of interest of 8.25% on workers provident fund for fiscal 2024-25 – OXBIG NEWS NETWORK-OxBig News Network

New Delhi [India], May 24 (ANI): The Union Government has ratified an rate of interest of 8.25 per cent on the staff’ provident fund for the monetary 12 months (FY) 2024-25.

In February, Union Minister for Labour & Employment Dr Mansukh Mandaviya chaired the 237th assembly of the Central Board of Trustees (CBT), EPF, in New Delhi, through which the advice was made.

During the assembly, the Central Board of Trustees (CBT) had beneficial an 8.25 per cent annual fee of curiosity to be credited on Employees’ Provident Fund (EPF) accumulations in members’ accounts for the fiscal 12 months 2024-25.

Following the official ratification, the EPFO will credit score the speed of curiosity into the subscribers’ accounts.

Compared to many different fixed-income devices, the Employees’ Provident Fund (EPF) presents comparatively excessive and steady returns, making certain regular development of financial savings.

The curiosity earned on EPF deposits is tax-free (as much as a specified restrict), making it a extremely enticing funding possibility for salaried people.

This displays robust confidence within the credit score profile of EPFO’s investments and its capability to ship aggressive returns to its members.

After the assembly, Union Minister Dr Mansukh Mandaviya took a sequence of pathbreaking selections.

Following the actuarial valuation of the Employees’ Deposit Linked Insurance (EDLI) scheme, the Board authorized key modifications within the scheme to offer better monetary safety and assist to the households of members.

A minimal life insurance coverage advantage of Rs 50,000 shall be offered in circumstances the place an EPF member dies with out finishing one 12 months of steady service. This modification is predicted to end in greater advantages for greater than 5,000 circumstances of deaths in service yearly.

As a part of the revised EDLI Scheme, if a member passes away inside six months of their final contribution obtained, the EDLI profit shall be admissible, offered the member’s identify just isn’t struck off from the rolls.

Under the brand new modifications, a spot of as much as two months between two spells of employment will now be thought-about as steady service, making certain eligibility for greater quantum EDLI advantages.

The Employees’ Provident Fund Organisation (EPFO) has added 14.58 lakh new members in March. The year-on-year evaluation reveals a rise of 1.15 per cent in internet payroll additions in comparison with March 2024. (ANI)

(The story has come from a syndicated feed and has not been edited by OXBIG NEWS NETWORK Staff.)