Provident Fund Interest Rate Can Increase? EPFO Board Will Meet On This Date


Mohul Ghosh

Mohul Ghosh

Feb 05, 2025


The Employees’ Provident Fund Organisation (EPFO) will hold the 237th meeting of its Central Board of Trustees (CBT) on February 28 to finalize the provident fund (PF) interest rate for 2024-25. The CBT, chaired by the Union Minister for Labour and Employment, comprises representatives from employer associations, trade unions, and government officials.

Provident Fund Interest Rate Can Increase? EPFO Board Will Meet On This Date

Key Agenda: PF Interest Rate Decision

While the official agenda has not been released, reports suggest that determining the PF interest rate for 2024-25 will be a priority. For the financial year 2023-24, the EPFO had set the interest rate at 8.25%, an increase from 8.15% in 2022-23. Employees and stakeholders are keenly awaiting whether the rate will be revised further.

Recent Changes in EPFO Policy

In the previous CBT meeting held on November 30, 2024, the board made a crucial change regarding interest payments on PF settlements. Earlier, interest-bearing claims were not processed between the 25th and the end of each month, resulting in a loss of interest for members. Under the new rule, interest will be paid until the date of settlement, improving fund management and reducing delays.

EPFO Membership Growth

EPFO’s Annual Report for 2023-24 highlights a steady increase in contributions:

  • The number of contributing establishments rose by 6.6% to 7.66 lakh (from 7.18 lakh in 2022-23).
  • Active EPF members grew by 7.6%, from 6.85 crore in 2022-23 to 7.37 crore in 2023-24.

Why the Interest Rate Decision Matters

With more employees contributing to the EPF, the decision on interest rates will have a significant impact on long-term savings for millions of workers across India. The outcome of the February 28 meeting will determine whether contributors can expect higher returns on their provident fund deposits.

4o


Mohul Ghosh
Mohul Ghosh
  • 2096 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Oct. 14, 2023

Startup Innovations: Guru4Invest’s Role in Democratizing Investment Opportunities

Access to capital has always been a significant challenge for startups. Traditional investment methods often leave small investors and new businesses at a disadvantage, with high barriers to entry and exclusive networks favoring established companies. Guru4Invest is changing this dynamic by leveraging cutting-edge artificial intelligence (AI) to level the playing field. The platform democratizes investment […]

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online