Finance Minister Nirmala Sitharaman has given a big relief to taxpayers in the budget and has made the annual income of up to 12 lakh tax free. After major relief in tax, now the salary class expects more interest in EPFO. The salary class believes that after the tax, there can be a big announcement about PF. EPFO's Central Board Trustee is going to meet on February 28, so it is expected that there can be great relief in this meeting.
It is expected to have a top agenda item on PF deposits for 2024-25. However, the formal agenda of the meeting is not yet circulated.
What is the matter?
In media reports, Business Today has quoted sources as saying that the interest rate for the current financial year is yet to be filed as no decision has been taken on it yet. An official notification said, "The 237th meeting of EPF is going to be held on February 28." The CBT, headed by the Union Minister of Labor and Employment, is the highest decision-making body of EPFO and includes representatives of state and central government officials as well as employer associations, trade unions.
How much interest is getting
The EPFO had fixed the rate of 8.25% on PF deposits for FY 2023-24, which was 8.15% in the last 2022-23. The last meeting of the CBT was held on November 30, 2024 in which he decided that the members would be paid interest till the date of settlement. According to EPFO's annual report 2023-24, which CBT also approved in its previous meeting, the retirement fund body increased the number of establishments contributing in 2022-23 to 6.18 lakhs to 6.6% to 7.66 lakhs. The number of members contributing increased from 6.85 crores to 7.6% to 7.37 crore in 2022-23.
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