The Centre has ratified the interest rate on employees’ provident fund (PF) deposits at 8.25 per cent for FY2024-25 — the same as the previous fiscal.
In February, the Employees’ Provident Fund Organisation (EPFO) announced to retain the interest rate on employees’ provident fund deposits at 8.25 per cent for FY25. The decision was taken by the EPFO’s Central Board of Trustees at a meeting in the national capital.
The Ministry of Finance has now cleared the rate of interest on employees’ PF at 8.25 per cent for FY25. A notification from the Labour Ministry has also been sent to the retirement fund body this week, according to reliable sources on Saturday.
The interest rate on EPF for 2024-25 is set to be credited into the accounts of the EPFO members.
The EPFO had earlier increased the interest rate on EPF for its 7 crore members to 8.25 per cent for 2023-24, from 8.15 per cent in 2022-23.
Meanwhile, EPFO added 14.58 lakh net members in March, and an increase of 1.15 per cent in net payroll additions compared to March 2024. The PF organisation enrolled around 7.54 lakh new subscribers in March 2025, representing a 2.03 per cent increase over February and 0.98 per cent (year-over-year) growth compared to the previous year in March 2024.
According to the Labour Ministry, the growth in new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programmes. A noticeable aspect of the data is the dominance of the 18-25 age group, as 4.45 lakh new subscribers were added in the 18-25 age group, constituting a significant 58.94 per cent of the total new subscribers added in March 2025.
Further, the net payroll addition for the age group 18-25 for March was approximately 6.68 lakh — reflecting a growth of 6.49 per cent from the previous year in March 2024.
(IANS)
