Lok Sabha Question No. 3840 (UNSTARRED), answered on 2025-03-24
Subject: EPFO
Ministry: LABOUR AND EMPLOYMENT
Asked by: Shri  Selvaganapathi T.M.

## GOVERNMENT OF INDIA MINISTRY OF LABOUR AND EMPLOYMENT LOK SABHA

## UNSTARRED QUESTION NO. 3840 TO BE ANSWERED ON 24.03.2025

## EPFO

3840. SHRI SELVAGANAPATHI T.M.:

Will the Minister of LABOUR AND EMPLOYMENT be pleased to state:

- (a)whether it is a fact that the Employees Provident Fund Organization (EPFO) is considering for enhancing the interest rate for provident fund deposits for the coming financial year and also considering to implement the order of the Hon'ble Supreme Court on higher provident fund pension;
- (b)if so, the details thereof;
- (c)whether  it  is  true  that  the  EPFO  is  also  considering  to  make changes to the Employees Deposit Linked Insurance Scheme, if so, the details thereof;
- (d)whether  it  is  also  true  that  a  meeting  of  the  Central  Board of Trustees of the EPFO was recently held to take a decision on the
- above; and
- (e)if so, the details thereof including outcome of the said meeting?

## ANSWER

## MINISTER OF STATE FOR LABOUR AND EMPLOYMENT (SUSHRI SHOBHA KARANDLAJE)

- (a) to (e): In accordance with sub-para (2) of Paragraph 60 of the EPF Scheme, interest is credited to the members' accounts on the basis of monthly running balances, with the interest being credited as of the  last  day  of  each  financial  year.  The  amount  of  interest  is calculated  based  on  the  interest/dividends  earned  by  EPFO  on investment of the EPF Corpus in various instruments like Government Securities, Debt instruments, Equities etc., as per the notified Pattern of Investment.

EPFO has taken several steps to implement the directions contained in Hon'ble Supreme Court Judgement dated 04.11.2022. An online facility was provided and a total 17.49 lakh Applications for Validation of Joint Option/ Joint Options were successfully submitted by the applicants.

For  early  disposal  of  the  cases,  VCs  were  regularly conducted  with  employers  to  submit  the  completed  applications along  with  required  clarifications/wage  details  etc.  Further,      VCs were also regularly conducted with Field offices of EPFO for timely settlement of the cases. Additional workforce has been deployed in the  field  offices  for  early  processing  of  these  cases.  To  assist Employees and employers Help desks have been set up in all the Field offices. Timeline for employers to submit wage details was extended from time to time and recently a final opportunity till 31.01.2025 was provided.

The Central Board of Trustees, EPFO in its 237 th  Meeting has approved the following changes in the Employees Deposit Linked Insurance Scheme

- i)  A  minimum  assurance  benefit  for  member  who  dies  in  service without rendering one year of service.
2. ii) To provide benefits of EDLI Scheme to the family member of the scheme,  even  if  no  contribution  is  deposited  for  a  while  before  a member dies.
3. iii)  To  treat  short  gap  period  between  two  phases  of  employment (when  an  employee  joins  or  transfers  from  one  establishment  to another) as "continuation of service" under the EDLI Scheme.

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