EPFO Members: The Employees’ Provident Fund Organization (EPFO) may maintain the interest rate on Provident Fund (PF) deposits above 8% for 2024-25.
EPFO Members: After the income tax exemption for the middle class in the budget and the repo rate cut by the Reserve Bank, another relief news may come for the salaried class. The Employees’ Provident Fund Organization (EPFO) may maintain the interest rate on Provident Fund (PF) deposits above 8% for 2024-25. According to sources, this rate may be around 8.25% of last year.
The Central Board of Trustees (CBT) of EPFO will meet on February 28, in which a final decision will be taken on this. However, its official notification will be issued only after the approval of the Finance Ministry.
Before this, the Investment Committee and Accounts Review Committee of EPFO will meet next week and assess the earnings and expenditure. After this review, an interest rate will be fixed so that sufficient funds are available to deal with any emergency in future.
Increase in claims and settlement also
In the current financial year, EPFO has got good returns on investment and the number of subscribers has also increased. However, this year there has also been a big increase in the settlement of PF claims. According to official data, EPFO has so far settled 50.8 million (5.08 crore) claims in 2024-25, whose total amount is Rs 2.05 lakh crore. This figure is higher than the 44.5 million (4.45 crore) claims and settlement of Rs 1.82 lakh crore in 2023-24.
Interest rate is increasing continuously
Last year, EPFO had announced to give 8.25% interest on Provident Fund. Which was more than 8.15% of 2022-23. Then the total income of EPFO was Rs 1,07,000 crore, while in 2022-23 it was Rs 91,151.66 crore.
When will the money be received?
EPFO sends its recommendation to the Finance Ministry every year, after whose approval it is formally notified. After this this interest is transferred to the accounts of PF account holders. Usually this process is completed in the second half of the financial year.
More than 6.5 crore subscribers come under EPFO, who are eagerly waiting for this decision. If the interest rate remains at 8.25% this year too, then it will be a relief news for lakhs of employed people.
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