The choice was taken on the 239th assembly of the Central Board of Trustees (CBT), the apex decision-making physique of the EPFO. Labour and Employment Minister Mansukh Mandaviya chaired the assembly.
In February final yr, the EPFO had retained the 8.25% rate of interest for 2024-25. Earlier, in 2023-24, the retirement fund physique had raised the speed marginally to eight.25% from 8.15% in 2022-23.
In March 2022, EPFO had lowered the rate of interest to a greater than four-decade low of 8.10% for 2021-22, down from 8.5% in 2020-21. The 8.10% price was the bottom since 1977-78, when it stood at 8%. In March 2020, the speed had been minimize to eight.5% for 2019-20 from 8.65% in 2018-19.
Traditionally, EPFO had provided 8.65% in 2016-17, 8.55% in 2017-18, and eight.8% in 2015-16. The speed stood at 8.75% in each 2013-14 and 2014-15, increased than 8.5% in 2012-13. It was 8.25% in 2011-12.
The rate of interest accepted by the CBT will now be despatched to the Ministry of Finance for concurrence. After ratification by the federal government, the speed will probably be formally notified and credited into the accounts of over seven crore subscribers of the EPFO.
