EPFO: Great news for the workers. EPFO has taken a big decision regarding the interest rate on Employees’ Provident Fund (EPF). People have been waiting for this news for a long time. Finally got the update. As soon as the update is received, a sense of happiness is observed among the employees.
Has been decided to maintain the interest rate
EPFO has decided not to lower the interest on provident fund for the financial year 2024-25. After the new decision, it has been decided to maintain the interest rate on PF account at 8.25 percent. A section of employees are of the view that it is a positive decision. Earlier, in February 2024, the Employees’ Provident Fund Organization (EPFO) had increased the interest rate of EPF slightly to 8.25 percent for the financial year 2023-24. This rate remains unchanged. The Central Board of Trustees (CBT), the highest decision-making body of the EPFO, in its meeting held on Friday, decided to provide 8.25 per cent interest rate on EPF for the financial year 2024-25. which is considered to be final.
The interest rate was 8.15 per cent for FY 2022-23. In March 2022, the interest rate on EPF for the financial year 2021-22 was reduced to 8.1 per cent, which is considered to be the lowest in four decades. The interest rate was 8.5 per cent in 2020-21. In March 2022, EPFO had decided to reduce the interest rate on EPF from 8.5% to 8.1% for the financial year 2021-22 for its over 7 crore subscribers.
In fact, there was a question in the minds of the people whether the interest rate of provident fund would be increased or decreased. Needless to say, many employees are breathing a sigh of relief as the interest rate has not been reduced.