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The government has ratified the rate of interest on employees' provident fund at 8.25 per cent for FY25, enabling retirement fund body EPFO to deposit the annual interest accumulation in the post-retirement funds of over 7 crore subscribers.
EPFO, on February 28, had decided to retain the interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for the financial year 2024-25, equal to the rate provided in the preceding fiscal. The approved rate of interest for 2024-25 was sent for concurrence of the Ministry of Finance.
"Ministry of Finance has given concurrence to 8.25 per cent rate of interest on the EPF for 2024-25 fiscal year and labour ministry sent a communication regarding this to the EPFO on Thursday," a labour ministry official told PTI.
Now the interest amount as per the rate ratified for FY25 will be credited into the accounts of over seven crore subscribers of EPFO.
The decision on interest rate was taken at the 237th meeting of the central board of trustees of the EPFO chaired by Union Minister for Labour & Employment Mansukh Mandaviya in New Delhi on February 28.
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