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New Delhi: The Employees’ Provident Fund Organisation (EPFO) has decided to retain the interest rate at 8.25% on Employees’ Provident Fund (EPF) deposits for the financial year 2024-25, according to reports.
A source quoted by PTI confirmed the decision, stating:
“The EPFO’s apex decision-making body, the Central Board of Trustees (CBT), has decided to provide an 8.25 per cent rate of interest on EPF for 2024-25 at its meeting on Friday.”
EPF Interest Rate Trends Over the Years
- 2024-25: 8.25% (Retained)
- 2023-24: 8.25%
- 2022-23: 8.15%
- 2021-22: 8.1% (Four-decade low)
- 2020-21: 8.5%
The 8.1% interest rate in 2021-22 was the lowest since 1977-78, when the EPF interest rate stood at 8%.
What Happens Next?
Following the CBT’s decision, the interest rate for 2024-25 will now be sent to the Finance Ministry for final approval. Once ratified by the government, the new interest rate will be credited into the accounts of over 7 crore EPFO subscribers.
EPFO’s Centralized Pension Payments System (CPPS) Now Fully Implemented
In a significant development, the Employees’ Provident Fund Organisation (EPFO) completed the full-scale rollout of the new Centralized Pension Payments System (CPPS) in December 2024. Under the Employees’ Pension Scheme (EPS) 1995, ₹1,570 crore was disbursed to over 68 lakh pensioners in December alone.
What is CPPS and How Does it Benefit Pensioners?
The Centralized Pension Payments System (CPPS) is a landmark digital transformation that aims to simplify pension disbursement. It enables pensioners to:
Receive their pension from any bank, branch, or location across India.
Eliminate the need for physical verification visits.
Enjoy a more transparent, efficient, and tech-enabled pension system.
Union Minister Dr. Mansukh Mandaviya hailed the initiative, stating:
“With CPPS, we are modernizing EPFO services to ensure convenience, transparency, and efficiency for pensioners. This rollout sets a new benchmark in pension service delivery.”
With the EPF interest rate remaining at 8.25% for 2024-25, over 7 crore employees can expect stable returns on their provident fund savings. Additionally, the full implementation of CPPS marks a major milestone in ensuring seamless pension access for millions of retirees.
This move aligns with the government’s vision of a digitally enabled and member-centric EPFO, ensuring financial security and ease of access for employees and pensioners across India.
