No Official Request for EPF Interest Rate Hike, Clarifies Government
Government's Stance on EPF Interest Rate
The government has confirmed in Parliament that there has been no formal request from labor unions for an increase in the Employees’ Provident Fund (EPF) interest rate to 10 percent. This statement comes amidst ongoing conversations and hopes among employees regarding improved returns on their retirement savings. In a written response to an unstarred question in the Lok Sabha dated March 30, 2026, Labour and Employment Minister Shobha Karandlaje stated that no official representation has been made by trade unions specifically asking for such an increase.
In response to a question from MP Vijayakumar alias Vijay Vasanth, the minister emphasized that labor organizations have not submitted any formal requests to elevate the EPF interest rate into double digits.
Understanding the EPF Interest Rate Determination
Karandlaje elaborated on how the EPF interest rate is determined, noting that it is based on the actual income generated by the Provident Fund corpus, making it incomparable to other variables. According to a report from a financial news outlet, she added that the interest rate on EPF is recommended by the Central Board of Trustees (CBT), which includes representatives from the government, employers, and employees.
Currently, the EPF interest rate is set at 8.25 percent, a figure that has not changed since the last adjustment for the financial year 2022-23.
Introduction of ‘Passbook Lite’ for EPF Members
In other news, the Employees’ Provident Fund Organisation (EPFO) has launched a new feature called ‘Passbook Lite’ to help members easily monitor their account activities. This feature allows users to quickly view a summary of their contributions, withdrawals, and account balances.
Steps to Access the Passbook Lite Feature:
- Log in to the EPFO portal using your Universal Account Number (UAN).
- Navigate to the ‘View’ section at the top.
- Select ‘Passbook Lite’ from the dropdown menu.
- Review the last five contributions.
- For a detailed statement, choose your Member ID and click ‘View Passbook’.
The EPFO has assured members that any delays in crediting interest will not result in financial losses. Following a rule change in November 2024, subscribers will now earn interest on their EPF balance until the claim settlement date, rather than just up to the previous month. This update aims to protect returns and improve transparency for account holders.