Speeding Up EPF Credit: Mandaviya Promises Interest by Week's End

Labour Minister Mansukh Mandaviya announced that EPF interest credits for FY25 will be finalized this week. The EPFO accelerated the process, updating 99.9% of establishments and 96.51% of member accounts. A stable EPF interest rate of 8.25% was set for FY25, following marginal adjustments in previous years.

The crediting of interest at a rate of 8.25% to EPF accounts for the fiscal year 2024-25 is set to be completed by the end of this week, according to Labour Minister Mansukh Mandaviya.

The expedited process saw updates reach 99.9% of establishments and 96.51% of Members' Accounts. This is a significant improvement compared to previous years, where the annual account updates extended into later months.

The EPF interest rate for 2024-25, matching the previous year's 8.25%, remains higher compared to most fixed-income investments, offering a reliable growth avenue for post-retirement savings.

(With inputs from agencies.)