EPF Rate Hike: Before Holi , about 7 crore EPF account holders can get a big gift. The meeting of the Central Board of Trustees of the Employee Provident Fund Organization (EPFO) is expected to be held on 28 February 2025, in which a decision can be taken to give 8.25 percent interest on EPF in the financial year 2024-25. Earlier in the financial year 2023-24 also, 8.25 percent interest was given on Provident Fund to the employees.
The Investment Finance and Audit Committee of the Employee Provident Fund Organization is going to meet next week in which the income and expenditure of EPFO for the current financial year 2024-25 will be considered. In this meeting, it will be decided how much interest should be given on the Employee Provident Fund and then the final seal on the interest rate will be put in the meeting of the Central Board of Trustees to be chaired by Labor and Employment Minister Mansukh Mandaviya. After the interest rate is decided in the meeting of the Central Board of Trustees, it will be sent to the Finance Ministry for approval.
For the financial year 2023-24, EPF account holders got interest at the rate of 8.25 percent, 8.15 percent in 2022-23 and 8.10 percent in 2021-22. It is believed that in the current financial year, EPFO has got a great return on its investment. At the same time, EPFO has created history in the matter of Provident Fund claim settlement. In the financial year 2024-25, the Employee Provident Fund Organization has settled more than 5 crore claims, which is a record. In the financial year 2024-25, EPFO has settled 5.08 crore claims worth Rs 2,05,932.49 crore, which is much more than the 4.45 crore settlement of Rs 1,82,838.28 crore in the financial year 2023-24.
At present, EPFO has more than 7 crore subscribers. For those employed in the organized sector, especially the private sector, the money deposited with EPFO is considered the biggest social security scheme. Every month a fixed portion is deducted from the salary of private sector employees in the name of PF. The employer contributes to PF. Employees can withdraw PF money in case of job loss, building or buying a house, marriage, children’s education or retirement.
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