EPF Interest Rate Hike Announcement: Employees’ Provident Fund Organization (EPFO) will decide the interest rates on Provident Fund today. The 237th Central Board of Trustee meeting of EPFO is to be held on Friday 28 February 2025
EPF Interest Rate Hike Announcement: Employees’ Provident Fund Organization (EPFO) will decide the interest rates on Provident Fund today. The 237th Central Board of Trustee meeting of EPFO is to be held on Friday 28 February 2025. This meeting will be chaired by Union Labor and Employment Minister Dr. Mansukh Mandaviya. Employer organizations, trade unions, central and state government officials will attend the meeting. Here the interest on PF account will be decided. Employees are hoping that the interest on PF increases but such hopes are low.
Meeting will be held today on Friday 28 February
The 237th Central Board of Trustee meeting of EPFO is to be held today. In which it will be decided how much interest will be given on EPF. However, the information about the official agenda of the meeting has not been made public yet. But according to reports, it will mainly decide the interest rate of Employees Provident Fund (EPF) for the financial year 2024-25. Experts believe that this rate may remain at 8.25% like last year.
Effect of EPF interest rate on employees
Under the EPFO Act, 12% of the basic salary and dearness allowance (DA) of the employees goes to the PF account. The employer also contributes the same amount, out of which 3.67% goes to EPF and 8.33% to the Employees’ Pension Scheme (EPS).
Benefits of EPF
EPF is a safe and profitable savings scheme for employees, which provides financial security for retirement. It is a government-guaranteed scheme, which keeps the investment safe. Tax-free interest (up to a limit) is available on EPF, making it an attractive investment option. Apart from this, it gives better and stable returns than other fixed-income schemes. EPF not only provides savings but also allows partial withdrawal for emergency needs such as medical, education, or buying a house.
PF interest rates in previous years
CBT decides the interest rate of EPF every year in consultation with the Finance Ministry. After this meeting of EPFO, a formal announcement will be made regarding the interest rate. Employees hope that the returns on their savings will increase. Interest rates have been like this in the last 15 years.
Annual Interest Rate (%)
- 2010-11: 9.50
- 2011-12: 8.25
- 2012-13: 8.50
- 2013-14: 8.75
- 2014-15: 8.75
- 2015-16: 8.80
- 2016-17: 8.65
- 2017-18: 8.55
- 2018-19: 8.65
- 2019-20: 8.50
- 2020-21: 8.50
- 2021-22: 8.10
- 2022-23: 8.15
- 2023-24: 8.25
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