The Employees’ Provident Fund Organization (EPFO) announced on Friday that the interest rate on Employees’ Provident Fund (EPF) deposits will remain at 8.25% for the financial year 2024-25.
In February 2024, the EPFO slightly raised the EPF interest rate from 8.15% in the 2022-23 financial year to 8.25% for 2023-24.
In March 2022, the EPFO lowered the EPF interest rate to 8.1% for the financial year 2021-22, down from 8.5% in 2020-21, marking a four-decade low for its over seven crore members.
The EPF interest rate for 2020-21 was 8.10%
For the financial year 2020-21, the interest rate on EPF was set at 8.10%, the lowest since 1977-78, when it was 8%.
A source revealed, “The Central Board of Trustees (CBT), EPFO’s highest decision-making body, decided in its meeting on Friday to provide 8.25% interest on EPF for the financial year 2024-25.”
After getting the approval of the government, the interest money will come in the account
The Central Board of Trustees (CBT) set the EPF interest rate at 8.5% for the financial year 2020-21 in March 2021.
Similarly, after the CBT’s decision on the 8.25% interest rate for 2024-25, the proposal will be sent to the Finance Ministry for approval.
Once approved by the government, the interest will be credited to the accounts of over seven crore EPFO members.
EPFO disburses interest only after receiving approval from the Finance Ministry.
EPFO enrolled 16.05 lakh new members in December 2024
EPFO added a net 16.05 lakh new members in December 2024, reflecting a 9.69 percent increase compared to November 2024.
This data was obtained from EPFO records on employees receiving a regular salary.
The rise in the number of people joining EPFO netly indicates an increase in jobs within the organized sector.
The Ministry of Labor stated that the number of employees receiving regular salaries (payroll) in December 2024 was 2.74 percent higher than in December 2023.
