The EPFO Central Board of Trustees meeting was held on 28 February 2025 and recommended the hike in the annual interest rate on provident fund deposits for 2024-25. The meeting also discussed the increase in the Pension that members have been demanding for a long time.
The authority also discussed the implementation of the Supreme Court 2022 decision on higher PF pension in the meeting. With this meeting, the increase in the pension for the EPFO member is finally discussed, let’s see if the pensioners can expect the pension increase and other relevant details.
EPFO Pension Increase 2025
The CBT is the tripartite body, which has employees & employer representatives, and Union & state government officials to make the important changes in the Employees Deposit Linked Insurance Scheme. The EPFO members have been demanding a hike in pension for the private sector employees for a long time due to the rising cost of living.
The central government has taken action for the pensioners’ demand and has assured to resolve their issue. The National Agitation Committee of EPS-95 has been demanding and fighting for the pensioner’s benefits for many years, and now the revision under the EPS-95 has finally happened after 10 years.
As per the EPS-95 NAC demands, they have been demanding the increase of minimum pension to ₹7,500 from the existing pension of ₹1000 along with the increase in DA benefit. The Committee has met the central government and put their demand for pension increase along with other healthcare benefits. The recent CBT meeting has finally discussed this long-standing demand.
The meeting has not finalized the increase to pension from ₹1,000 to ₹7,500, however, if the organization follows the pensioner’s demand, they can expect the increase based on the demand. The pensioners need to understand the government has not made an official announcement yet for the pension increase.
Who will get the benefit from the EPFO Pension increase?
If the government increases the EPFO pension amount under EPS-95 from ₹1000 to ₹7,500, following EPFO members would get the benefit:
- The employees who meet the EPS 95 eligibility requirements and qualify to receive the pension would be able to receive the increased pension if the government considers the increase.
- As the Committee demands the pension increase and more benefits for private sector employees, the retirees from both the private and public sectors can expect the hike in their pension amount.
- The dependents, family, or survivors of the EPFO members can also expect an increase in pension amount they will receive after the members die if the hike is applicable.
Interest Rates on Provident Fund Deposits
The CBT meeting has also recommended the increase in annual rate of provident fund deposits from 8% to 8.25% for the financial year 2024-25, considering the Trade Union representatives’ demands.
With the higher interest rate on the provident fund deposit, the members can expect their savings in the PF account to grow substantially, resulting in a higher amount for their retirement. As the PF account saving is tax-free, it will be beneficial for the members to have a large sum of money for their retirement. With this step, the salaried employees can save more for their retirement income.
The Union Labour Ministry has said that the Government of India will notify the interest rate, after which the EPFO will credit the interest rate to the subscriber’s account. The recommendation of the interest rate hike on the provident fund deposit will be sent to the Finance Ministry for approval before the implementation.
How to check your EPFO pension amount?
The EPFO members who are wondering about how to check their pension amount can easily check their pension status on the EPFO website in the following steps:
- You should go to the EPFO official website at https://www.epfindia.gov.in/site_en/index.php
- Next, you should go to the Online Services section and click the Pensioner’s Portal.
- Next, you should click the Know Your Pension Status option.
- Next, you should select the issue Office and PPO Number and enter the Office ID.
- Once you select and enter all the details, click the Get Status button.
- Your EPFO pension amount and status will appear on your screen with all other details.
The EPFO members can also enquire about their pension payment and other information related to their pension at the pensioner’s portal.
The EPFO members who have been waiting for the minimum pension increase can expect the increase soon as the government has assured they will look into the demands of the pensioners. The CBT meeting has not finalized the increase, but they have discussed the increase, so we can expect the official announcement soon, if the ministry approves the recommendation.