EPFO New Update: After a big relief in tax, now the salaried class is expecting more interest in EPFO. The salaried class believes that after tax, now a big announcement can be made regarding PF.
EPFO New Update: Finance Minister Nirmala Sitharaman has given a big relief to the taxpayers in the budget by making annual income up to 12 lakh tax free. After a big relief in tax, now the salaried class is expecting more interest in EPFO. The salaried class believes that after tax, now a big announcement can be made regarding PF. The Central Board of Trustees of EPFO ​​is going to meet on February 28, so it is expected that big relief can be given in this meeting.
In this, the interest rate on PF deposits for 2024-25 is likely to be the top agenda item. However, the formal agenda of the meeting has not been circulated yet.
What is the matter?
In media reports, Business Today has quoted sources as saying that the interest rate for the current financial year is yet to be finalized as no decision has been taken on it yet. An official notification said, “The 237th meeting of the CBT of EPF is scheduled to be held on February 28.” The CBT, headed by the Union Minister of Labor and Employment, is the apex decision-making body of the EPFO ​​​​and includes representatives of employer associations, trade unions along with state and central government officials.
How much interest is being received
The EPFO ​​​​had fixed a rate of 8.25% on PF deposits for the financial year 2023-24, up from 8.15% in the previous 2022-23. The last meeting of the CBT was held on November 30, 2024, in which it decided that interest would be paid to the members till the date of settlement. According to the EPFO ​​​​Annual Report 2023-24, which was also approved by the CBT in its previous meeting, the retirement fund body saw the number of contributing establishments increase by 6.6% from 7.18 lakh to 7.66 lakh in 2022-23. The number of contributing members will increase by 7.6% from 6.85 crore in 2022-23 to 7.37 crore in 2023-24.
