News India Live, Digital Desk: Government Approval: The government has approved the interest rate of 8.25 percent on the Employees Provident Fund for FY 2025, which will help the Retired Fund Body EPFO to collect annual interest accumulation in the subsequent funds after the retirement of more than 7 crore customers. The EPFO had decided to upheld the interest rate of 8.25 percent on the Employees Provident Fund (EPF) deposit for FY 2024-25 on 28 February, which is equal to the rate given in the previous financial year. The approved interest rate for 2024-25 was sent for the consent of the Ministry of Finance.
A Labor Ministry official told PTI-language, “The Finance Ministry has approved 8.25 percent interest rate on EPF for the 2024-25 financial year and the Labor Ministry has sent a letter to EPFO on Thursday.” Now the interest amount will be deposited in the accounts of more than seven crore customers of EPFO as per the approved rate for FY 2025.
In the 237th meeting of EPFO’s Central Board of Trustees, the decision on interest rate was taken under the chairmanship of Union Labor and Employment Minister Mansukh Mandavia in New Delhi on 28 February. Compared to several certain income means, EPF provides relatively high and stable returns, which ensures a stable increase on post -retirement savings.
In February 2024, EPFO raised the interest rate for 2023-24 to 8.25 percent, which was 8.15 percent in 2022-23. In March 2022, EPFO reduced interest on EPF for 2021-22 from 8.5 percent to 8.1 percent of the four decades. The 8.10 percent interest rate on EPF for 2020-21 was the lowest after 1977-78, when it was 8 percent.
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