EPFO Interest Rate: More than 7 crore people are taking advantage of PF under the Employees Provident Fund Organization (EPFO) in the country, and this number is increasing continuously.
EPFO latest update: The central government is taking many decisions to provide relief to the middle class. After the budget, now the government is preparing to take another big decision for the employed people. Under this, there is a lot of discussion about increasing the interest rate of Provident Fund (PF), which will directly benefit crores of employees. If this happens, then it can prove to be a big relief for the middle class.
PF i.e. Provident Fund is a big savings for employed people. The government gives interest on this savings. Now the government can increase the interest rate on PF, which will increase this savings of the middle class people.
Decision on increasing interest rates possible in EPFO board meeting
Since all the decisions related to Provident Fund are taken by the Employees Provident Fund Organization (EPFO), now all eyes are on the next board meeting of EPFO, in which a possible decision can be taken to increase the interest rates. This meeting is going to be held on 28 February. The entire focus of the government is on strengthening the economy, in view of this, in Budget 2025, the government has announced to make income up to 12 lakhs tax free.
How much interest is available on PF?
It is not that there is talk of increasing interest on PF this year, even before this the government has increased the interest continuously for two years. In the year 2022-23, the interest rate of PF was revised. The interest rate was made 8.15 percent. After this, in the very next year 2023-24, it was again revised to 8.25 percent. Currently, interest is given on PF at the rate of 8.25 percent only.
Will the interest rate on PF increase?
The government has not yet made an official announcement on this, but there is a lot of discussion about increasing the interest rate on PF. According to reports, the central government can increase the PF interest rates by 0.10 percent. If this happens, then the employed people will get direct financial benefit.
More than 7 crore members of EPFO will get benefit
More than 7 crore people are taking advantage of PF under the Employees Provident Fund Organization (EPFO) in the country, and this number is increasing continuously. The government has recently made some major changes (EPFO Reforms), due to which members will get many facilities.
New facility for 68 lakh pensioners
- The Centralized Pension Payment System (CPPS) has been implemented, which will directly benefit 68 lakh pensioners.
- Now pension can be withdrawn from any bank, that is, the hassle of changing banks is over.
- There is no need to go to the bank to start pension, which will be convenient for those who stay in their hometown after retirement.
PF account transfer is now easier
Now members will be able to transfer their EPF account from one company to another with just one OTP. This change will be a big relief for employees who change jobs.
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