Staff provident fund organization
There is great news for crores of Employees Provident Fund Organization (EPFO) members across the country. The government has announced an interest rate on the Employees Provident Fund (EPF) for FY 2024-25. According to the information given by the government, 8.25 percent interest rate has been approved on the Employees Provident Fund for the current financial year. With this, the EPFO will be able to deposit annual interest on the provident fund of its more than 7 crore shareholders. The Employees Provident Fund Organization (EPFO) had decided to upheld the interest rate of 8.25 percent on the Employees Provident Fund (EPF) deposit for FY 2024-25 on 28 February.
Equal to previous interest rate
This is equal to the interest rate given in the last financial year. The sanctioned interest rate was sent for approval of the Ministry of Finance. A Labor Ministry official said, “The Finance Ministry has agreed to give 8.25 percent interest rate on EPF for FY 2024-25 and the Labor Ministry has informed EPFO in this regard on Thursday.” Now interest will be deposited in the accounts of more than seven crore shareholders of EPFO as per the approved rate for FY 2024-25. The decision was taken at the interest rate in the 237th meeting of the Central Crust Board of EPFO in New Delhi on February 28 under the chairmanship of Union Labor and Employment Minister Mansukh Mandavia.
Interest rate increased last year
The EPFO had raised the interest rate to 8.25 percent in February 2024 for 2023-24, which was 8.15 percent in 2022-23-. At the same time, the interest on EPF for 2021-22 in March 2022 was reduced to 8.1 percent of the bottom of more than four decades. It was 8.5 percent in 2020-21.
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