The big news is coming about the Employees Provident Fund (EPF). It was told that the retirement fund body EPFO on Friday decided to retain the interest rate of 8.25 percent on EPF deposits for 2024-25. In February 2024, the Employees Provident Fund Organization (EPFO) marginally increased the interest rate on EPF to 8.25 percent for 2023-24. This interest rate was 8.15 percent in 2022-23. Similarly, in March 2022, the EPFO reduced the interest on EPF for its more than seven crore subscribers for 2021-22 to a low of more than four decades at 8.1 percent. In 2020-21, this interest rate was 8.5 percent. Earlier, the 8.10 percent interest rate on EPF for 2020-21 was the lowest since 1977-78. At that time the EPF interest rate was eight percent.
The interest rate on EPF deposits will be sent to the Finance Ministry for approval.
An EPFO source said, "The Central Board of Trustees (CBT), the apex decision-making body of EPFO, has decided to give 8.25 percent interest on EPF for 2024-25 in its meeting on Friday." The CBT had fixed an 8.5 percent interest rate on EPF deposits for 2020-21 in March 2021. After the decision of the CBT, the interest rate on EPF deposits for 2024-25 will be sent to the Finance Ministry for approval.
The interest rate amount will be deposited in the accounts of more than seven crore subscribers.
After the approval of the government, the interest rate on EPF for 2024-25 will be deposited in the accounts of more than seven crore subscribers of EPFO. EPFO provides interest rates only after approval by the government through the Finance Ministry. In March 2020, the EPFO reduced the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 per cent for 2018-19.
The EPFO had offered an interest rate of 8.65 per cent to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The interest rate was slightly higher at 8.8 per cent in 2015-16. The retirement fund body had paid 8.75 per cent interest in 2013-14 and 2014-15, up from 8.5 per cent in 2012-13. The interest rate was 8.25 per cent in the year 2011-12.
Disclaimer: This content has been sourced and edited from Amar Ujala. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website.
We do not claim ownership of the content.