New Delhi: The Employees’ Provident Fund Organisation (EPFO) on Friday retained an interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for 2024-25, reports said.
PTI quoted a source saying, “The EPFO’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2024-25 at its meeting on Friday.”
The Employees’ Provident Fund Organisation in February 2024 had raised the interest rate on Provident Fund to 8.25 per cent for 2023-24, from 8.15 per cent in 2022-23. The retirement fund body in March 2022 had lowered the interest on EPF deposits for 2021-22 to an over four-decade low of 8.1 per cent. In 2020-21 it was 8.5 per cent.
It may be noted that the interest on EPF for 2020-21 was the lowest since 1977-78. The EPF interest rate at that time was 8 per cent.
After the CBT’s decision, the interest rate on EPF deposits for 2024-25 will be sent to the Financy Ministry for concurrence. After the government’s ratification, the interest rate on EPF for 2024-25 will be credited into accounts of over seven crore subscribers of EPFO.
Centralized Pension Payments System
In December 2024, the EPFO completed full scale rollout of the new Centralized Pension Payments System (CPPS) under Employees’ Pension Scheme 1995 in December 2024. About Rs 1570 crore pension was disbursed to more than 68 lakh EPS Pensioners for December 2024.
“The full-scale implementation of the Centralized Pension Payments System (CPPS) across all Regional Offices of EPFO is a historic milestone. This transformative initiative empowers pensioners to access their pension seamlessly from any bank, any branch, anywhere in the country. It eliminates the need for physical verification visits and simplifies the pension disbursement process. CPPS is a testament to our commitment to modernizing EPFO services and ensuring convenience, transparency, and efficiency for our pensioners. With this rollout, we are setting a new benchmark in pension service delivery, aligning with the vision of a tech-enabled and member-centric EPFO,” Union Minister Dr Mansukh Mandaviya had said after the the successful rollout.
The Employees’ Provident Fund Organisation (EPFO) on Friday retained an interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for 2024-25, reports said. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
