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EPFO has started approving claims at the new interest rate. Pension Fund Buddy itself has given this information through social media. The pension fund body said on the X platform that so far EPFO ​​has settled more than 23.04 lakh claims and distributed an amount of Rs 9,260 crore to the members, including the latest declared interest rate of 8.25 percent per annum.

Let us tell you that on February 10, 2024, EPFO ​​had fixed the interest rate of 8.25 percent for 2023-24. The interest rate for the previous year (2022-23) was 8.15 percent, while for 2021-22 this rate was 8.10 percent, which is the lowest since 1977-78, when the interest rate was 8 percent.

The interest rate is determined by the Central Board of Trustees (CBT), the decision-making body of the EPFO. Interest at the revised rates, since notified, is being paid to the present and outgoing members in their final PF settlement, thus amounting to a total of Rs 9,260,40,35,488 for 23,04,516 claims.

How the Interest Rate Is Determined

In its meeting held on February 10, 2024, the CBT recommended interest rate of 8.25 per cent per annum for the financial year 2023-24. After this, the proposal was sent to the Ministry of Labor and Employment for forwarding it to the Ministry of Finance.

Finally, the Finance Ministry approved the rate of 8.25 per cent on May 6 this year. Subsequently, the latest rate was notified by the Ministry of Labour through letter number R/11018/01/2023-SS-II dated May 24, 2024. This was also communicated to the regional offices for settlement of claims and crediting interest in the PF account.

You can check like this

1. Visit the official Umang app, log in and access your EPF passbook on your mobile device.
2. Visit the EPF India website and go to the For Employees option. Click on Member Passbook under the Services tab. Use your UAN, password and captcha to log in. Your passbook will appear within 6 hours of registration.
3. To use SMS service send message EPFOHO UAN to 7738299899.
4. You can get passbook details by giving a missed call to 9966044425 from your registered mobile number.