Employee Provident Fund Organisation (EPFO) subscribers have a reason to cheer. The Union Finance Ministry has confirmed 8.25 per cent interest rate of FY 2024-25. Last year the rate was 8.15 per cent.
“The rate of interest for the Financial Year 2023-24 at 8.25 per cent for EPF members has been notified by the government in May of 2024,” read a post by EPFO on social media platform X.
The EPFO also stated that the revised rates will be announced on an annual basis, mostly in the first quarter of a financial year and not every quarter.
EPFO also mentioned that 23,04,516 claims have been settled disbursing an amount of Rs. 9260,40,35,488 to the members inclusive of the latest interest rate declared at 8.25 per cent per annum.
In EPFO an employee contributes 12 per cent of his salary on a monthly basis and the employer contributes an equal percentage. With disciplined investments over one’s working life, one can save up a decent amount for one’s retirement.
EPFO has already started settling claims @ 8.25% per annum.
Rate of interest is calculated on the basis of income from debt and equity investment of EPFO.— EPFO (@socialepfo) July 11, 2024
