Employees Provident Fund Organization
Employees Provident Fund Organization (EPFO) has brought big relief for crores of its members. EPFO will deposit interest at the rate of 8.25 percent for the financial year 2025-26 (FY26) in the accounts of about 34 crore members by July 15. Under this, a total amount of more than Rs 1.44 lakh crore will be transferred to the accounts of the members. This time the process of depositing interest will be auto-processed through the new CITES 2.01 system, due to which the work will be faster and more transparent than before.
Union Labor and Employment Minister Mansukh Mandaviya said that before transferring the interest, the field offices of EPFO are verifying the records. After completion of investigation, the amount will be sent directly to the members’ accounts.
New portal will provide many facilities
According to Mandaviya, EPFO’s new CITES 2.01 member portal will bring many facilities for the members. Information about PF balance, claim status, pension records and other important services can be found at one place on this portal. With this, there will be no need to resort to different portals or processes. Now it will take less time for members to view their account information and get claim related information than before.
No more waiting months for interest
Till now EPFO members had to wait till October or November every year for the interest amount to appear in the account. But after the implementation of the new system, the entire interest process has become much faster. With this, lakhs of employees will be able to get timely updates of their PF account.
Advance claim rules also became easier
EPFO has also increased the auto-settlement limit of advance claim. Earlier, eligible and KYC completed members could make advance claims up to Rs 1 lakh through auto-settlement, but now this limit has been increased to Rs 5 lakh.
In the new system, the system will automatically check the documents and information before submitting the claim. If there is any kind of deficiency, its information will be available in advance. Members will also be able to see how much amount they are eligible to withdraw in different categories. This will reduce the chances of claim rejection and the entire process will become easier and faster than before.
