EPFO Meeting: The Government of India can now announce an increase in the interest rate on the amount deposited in PF as well. This is possible in the meeting of the Central Board of Trustees of EPFO to be held on 28 February.
EPFO Meeting: To give strength to the sluggish Indian economy, the Government of India has kept a slew of facilities for the middle class both with the budget and after the budget. Announcements and promises are being made one after the other. The purpose of all this is to create demand in the market by increasing the cash flow in the hands of the people and expanding consumption, so that the market can gain momentum.
Therefore, along with the announcement of tax free on income up to 12 lakh 75 thousand in the budget, the Government of India can now announce an increase in the interest rate on the amount deposited in PF as well. This is possible in the meeting of the Central Board of Trustees of EPFO to be held on 28 February. The meeting will be chaired by the Union Labor Minister. Representatives of employer associations and trade unions will also be present in this meeting.
That’s why it seems that the rate of interest will increase
The Indian government is currently focusing the most on boosting market demand. It is taking various measures for this. Therefore, it is important that after making income up to Rs 12 lakh tax free, the government should show people that they are earning more income from some other places, so that people increase domestic consumption as much as possible. Therefore, it is possible that the interest rate on PF may be increased for 2024-25.
The Indian government has done this in the last two years. In 2022-23, the interest rate of PF was increased to 8.15 percent. In 2023-24, it was increased to 8.25 percent. Therefore, looking at the base rate of banks, it seems possible that the interest rates on PF can be increased, albeit slightly.
There are more than seven crore PF account holders
EPFO has more than seven crore account holders. According to the annual report of 2023-24, this number was 7 crore 37 lakh. Similarly, the number of people depositing money in the pension fund of EPFO has also reached about eight lakh.
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