Any change in the interest rates on Provident Fund i.e. PF deposits from the Employees' Provident Fund Organization (EPFO) is expected. EPF can maintain the interest rates on PF deposits. Although this has not been officially confirmed yet, but the Central Board of Trustees (CBT) is going to meet on February 28, in which official information will be revealed about this. Let us tell you that at present, subscribers are getting an annual return of 8.25 percent on PF deposits.
EPFO gave highest return in 2023-24
The Employees' Provident Fund Organization gave 8.25% interest on income of Rs 1,07,000 crore for the year 2023-24, which is its highest return based on the principal amount of about Rs 13 lakh crore, while there was an increase from 8.15% given on income of Rs 91,151.66 crore in the year 2022-23. At the same time, in the year 2002-03, the Employees' Provident Fund Organization gave interest at the rate of 9.50%.
Official announcement will be made after the approval of the Finance Ministry
According to a report by ET Bureau, for this financial year, the Investment and Accounts Committee of EPFO will review the income and expenditure of the organization and suggest the interest rate to give competitive returns to the pensioners. After this, the Finance Ministry will approve the rate suggested by the EPFO and the interest rate supported by the CBT. After this it will be officially announced and credited to the subscribers' account.
These people are included in CBT
Let us tell you that the Central Board of Trustees (CBT), the unit that takes major decisions on behalf of EPFO, is headed by the Minister of Labor and Employment. It includes employers, employees, representatives of state governments, and senior officials of the Ministry of Labor and EPFO.
Increase in claim settlement after increase in return on investment
This year, despite the increase in return on investment and subscriber growth, there has been a record increase in claim settlements. Looking at the figures, the Employees Provident Fund Organization has handled more than 50.8 million claims worth a total of Rs 2.05 lakh crore in 2024-25. An official said, "The concerned committees are working on the details and are expected to propose a rate that will be equal to previous years." The organization is currently serving more than 65 million subscribers.
