Important Decision in EPFO Trustees Meeting
7 Crore Employees to Get 8.25% Interest on PF
The Employees’ Provident Fund Organisation (EPFO) has decided to maintain the interest rate on Employees’ Provident Fund (EPF) deposits at 8.25% for the financial year 2024-25. This decision was made in a meeting chaired by Union Minister for Labour and Employment, Mansukh Mandaviya. The proposal will now be sent to the Ministry of Finance for approval, after which the interest amount will be credited to employees’ accounts.
In February 2024, the EPF interest rate was increased from 8.15% to 8.25%. Previously, in March 2022, it was reduced from 8.5% to 8.1%, the lowest in four decades. Since last year, the rate has remained at 8.25%.
PF Offers Higher Interest Compared to Other Schemes
The 8.25% interest rate provided by EPFO is higher than many other savings schemes, such as:
- Sukanya Samriddhi Yojana – 8.2%
- Senior Citizen Savings Scheme – 8.2%
- Public Provident Fund (PPF) – 7.1%
- Kisan Vikas Patra – 7.5%
EPF remains a safe and high-interest investment option for employees.
Key Changes in the Insurance Scheme
The Employee Deposit Linked Insurance (EDLI) Scheme has also been revised in this meeting. Over 20,000 families will benefit from these changes. Key modifications include:
- Minimum Insurance Amount – If an employee dies within one year of service, their family will now receive a minimum insurance amount of ₹50,000.
- Final Contribution Condition – If an employee dies within six months of their last PF contribution, their family will still be eligible for insurance benefits. This benefit was not available earlier.
- Continuity of Insurance Benefits – Previously, if an employee took a one or two-day gap before joining a new job, they lost the ₹2.5 lakh to ₹7 lakh insurance benefit. Now, if they join a new job within two months, the insurance coverage will continue.
New Definition of Continuous Service
EPFO has also redefined “continuous service”. Now, if an employee takes up to two months between jobs, it will still be considered continuous service. This will help employees search for new jobs without losing insurance benefits.
Crisis in Bihar Teachers’ Transfer Process
Delays Due to Non-Updated Vacancies in Schools
The teacher transfer and posting process in Bihar has been stalled due to 3,696 schools failing to update their vacancy details. The Education Department’s delay in verifying and approving vacancies is the primary reason behind this issue.
Slow Vacancy Update Process
- Only 15% of schools have updated their vacancies, but officials have not approved them yet.
- In Purnia district, only 37% vacancies have been updated, while in West Champaran (95%) and Vaishali (91.7%) the process is nearly complete.
- Director of Education, Pankaj Kumar, has instructed all districts to update 100% vacancies within 124 hours.
Impact and Solution
If the verification and approval of vacancies are not completed soon, teacher transfers will be delayed, affecting students’ education. The Primary Education Director has instructed all DEOs (District Education Officers) to approve vacancies without further delay.
Education Officers Appointed in Eight Blocks of Bihar
Supervisory Officials Given Additional Charge
New Education Officers (BEOs) have been appointed in eight blocks of Bihar. Earlier, DEOs and DPOs were given additional charges in these blocks, but now local-level officers have been assigned these responsibilities.
Blocks Where Appointments Have Been Made
New Block Education Officers (BEOs) have been appointed in:
- Nuaon
- Mohania
- Rampur
- Kudra
- Adhaura
- Durgawati
- Bhabhua
- Chainpur
This change will speed up administrative work and help resolve teachers’ issues more efficiently.
Bihar Board Competency Test 2024
Last Date for Teachers to Apply Online: 12 March
The Bihar Board has released a notification for the Competency Test for local body teachers.
Exam Format and Important Dates
- Last Date to Apply – 12 March 2024
- Exam Format – Computer-Based Test (CBT)
- Duration – 2 hours 30 minutes
- Question Type – Multiple Choice Questions (MCQs)
- Minimum Passing Marks –
- General Category – 34%
- SC/ST, Differently-Abled & Female Candidates – 32%
- Exam Fee – ₹1100
Key Points to Remember While Applying
- Candidates must accurately enter their father’s/husband’s name, date of birth, and date of joining.
- There will be no negative marking, which is beneficial for candidates.
Government Teacher in Madhubani Arrested for Rape of Minor Girl
Assaulted Her for 7 Months and Forced Abortion
In Madhubani district’s Dhankha police station area, a government teacher has been accused of sexually assaulting a minor girl for seven months.
Incident Details
- The accused teacher, Surendra Yadav, threatened the minor and repeatedly exploited her sexually.
- The victim became pregnant, after which the accused forced an abortion.
- Police have registered an FIR against the accused, and raids are underway for his arrest.
Administrative Action
There is pressure on the Education Department and police to arrest the accused soon and ensure strict punishment.
Conclusion
Several important decisions regarding education and employee benefits have been taken in Bihar and across the country. The EPFO has fixed the PF interest rate at 8.25%, which is higher than other schemes. In Bihar, teacher transfers are delayed due to vacancy issues. Meanwhile, the shocking incident in Madhubani involving a government teacher has raised serious concerns in the education sector.
