Big news for EPFO members. Big news is on the horizon for the Provident Fund after the tax exemption! The Central Board of Trustees for the Employees’ Provident Fund Organization is set to meet on February 28, and the interest rate for PF deposits for the 2024-25 financial year is expected to be a major topic of discussion. However, the official agenda for the meeting hasn’t been shared yet.
According to Business Today, the interest rate for this financial year is still up in the air since no decisions have been made. An official announcement confirmed, “The 237th meeting of the CBT of EPF is scheduled for February 28.” The CBT, led by the Union Minister of Labor and Employment, is the top decision-making group for the EPFO, including representatives from employer associations, trade unions, and government officials.
Currently, the EPFO has set the interest rate at 8.25% for PF deposits for the 2023-24 financial year, which is an increase from 8.15% in the previous year. The last CBT meeting took place on November 30, 2024, where it was decided that members would receive interest up until their settlement date.
Additionally, the EPFO Annual Report for 2023-24, which was approved in the last meeting, revealed that the number of contributing establishments rose by 6.6%, from 7.18 lakh to 7.66 lakh in 2022-23. The number of contributing members also saw a 7.6% increase, going from 6.85 crores in 2022-23 to 7.37 crores in 2023-24.