The Employees' Provident Fund Organisation (EPFO) will credit over Rs 1.44 lakh crore in annual interest at a rate of 8.25% to 34 crore member accounts by July 15, following the implementation of the Centralised IT Enabled Services (CITES) project.
Auto-Processing and Verification
The Ministry of Labour and Employment announced that the interest for fiscal year 2025-26 will be auto-processed and then verified by field authorities before being credited to member account balances. Members can view the interest credit in their passbooks by July 15. Previously, interest crediting took until October or November.
Migration to Centralised Database
EPFO recently completed migrating its entire member record database to a new centralised system. Earlier, services were tied to specific regional offices; now, service requests can be processed from any authorised location across the country. Members have access to a unified digital interface to view membership details, PF balances, claim status, pensionable service records, and benefits availed, ensuring transparency.
Enhanced Auto-Settlement and Interest Calculation
According to a ministry official, claims up to Rs 5 lakh that are fully KYC-linked and validated will now be processed through an auto-settlement mechanism, up from the previous limit of Rs 1 lakh for advance claims. Additionally, interest on final PF settlements will now be calculated up to the date of payment authorisation, rather than only up to the last day of the previous month, ensuring members receive additional interest for the intervening period.
Centralised Assistance
The ministry noted that members previously could only approach the regional PF office linked to their account for queries. With the centralised IT system, members can now seek assistance from any PF office across the country.
