The central board of trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) is expected to deliberate and announce the interest rate on provident fund deposits for 2024-25 when it meets on Friday.
The EPFO is expected to either keep the interest rate unchanged at 8.25%, as announced for 2023-24, or reduce it marginally but around 8%, depending on the rate proposed by the executive committee.
The proposed rate is mostly approved by the CBT as it is arrived at after computing the income and expenditure of the EPFO and setting aside a certain amount of surplus for the retirement body for the current year. The labour and employment minister is the chairman of the CBT, which comprises representatives of employees, employers and state governments.
The EPFO is expected to either keep the interest rate unchanged at 8.25%, as announced for 2023-24, or reduce it marginally but around 8%, depending on the rate proposed by the executive committee.
The proposed rate is mostly approved by the CBT as it is arrived at after computing the income and expenditure of the EPFO and setting aside a certain amount of surplus for the retirement body for the current year. The labour and employment minister is the chairman of the CBT, which comprises representatives of employees, employers and state governments.
