EPFO to move Rs 1.4 lakh cr in interest to 340 million members by July 15

EPFO to move Rs 1.4 lakh cr in interest to 340 million members by July 15

Summary

The Employees’Provident Fund Organisation will auto-process 8.25 %interest for FY26 by July 15.

New Delhi: The Employees’ Provident Fund Organisation (EPFO) will auto-process the credit of 1.44 lakh crore as 8.25 % interest for FY26 to almost 340 million members by July 15, together with the rollout of its brand-new CITES 2.01 member website.

Labour and work minister Mansukh Mandaviya informed press reporters on Wednesday that nearly all states, consisting of West Bengal, have actually accepted execute the brand-new labour codes. Kerala is the only state yet to come on board.

“The annual interest credit for FY26, estimated at over ₹1.44 lakh crore will be auto-processed under the new system and is being verified by field offices before being credited to member accounts,” Mandaviya stated.

The brand-new website will use a unified view of provident fund balances, claim status, pension records and other services, he stated.

Previously, customers needed to wait till October or November for yearly interest to show in their accounts after the rate was alerted. The organisation has actually likewise raised the auto-settlement limitation for advance claims to 5 lakh from 1 lakh for qualified KYC-compliant cases.

Claims will go through automatic pre-validation to determine shortages before submission and show the quantity members are qualified to withdraw under various classifications.

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