What's New :
1st March 2025 (10 Topics)

EPF Interest Rate

Context

The Employees' Provident Fund Organization (EPFO) has decided to retain the interest rate on employees’ provident fund deposits at 8.25% for 2024-25, the same as the previous year. This decision was made by the EPFO Central Board of Trustees.

About Employees' Provident Fund (EPF)

  • The Employees' Provident Fund (EPF) is a statutory benefit payable to employees working in India.
  • The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 governs the EPF and is applicable across India, except Jammu and Kashmir.
  • EPF Objective: It encourages employees to save for retirement.

Fact Box:

EPFO (Employees’ Provident Fund Organization)

  • EPFO is a statutory body established by the Government of India in 1952.
  • It is the country’s largest social security organization that administers the Provident Fund (PF), Pension Scheme, and Deposit Linked Insurance Scheme.
  • EPFO operates under the purview of the Ministry of Labour and Employment.
  • EPFO administers three main schemes for employees:
    • Employees’ Provident Funds Scheme, 1952 (EPF)
    • Employees’ Pension Scheme, 1995 (EPS)
    • Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI)
  • Central Board of Trustees (CBT): The CBT) governs the administration of the schemes under the Act.
  • Structure: The Board is a tri-partite body, consisting of representatives from:
    • The Government (Central and State)
    • Employers
    • Employees
  • Apex Body: The Central Board of Trustees serves as EPFO’s apex decision-making body.
  • The Ministry of Labour and Employment chairs the Central Board of Trustees.
  • EPFO’s Role and Schemes: EPFO assists the Central Board of Trustees (CBT) in managing the provident fund, pension, and insurance schemes for the registered establishments in India.
  • Coverage: It includes employees of registered establishments and international workers who are covered by the Act.
  • Bilateral Social Security Agreements: EPFO is the nodal agency for implementing Bilateral Social Security Agreements with other countries.

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