EPFO Interest Rate: The Employees’ Provident Fund Organization (EPFO) on Saturday fixed the interest rate on Employees’ Provident Fund (EPF) deposits at 8.25 percent for 2023-24, which is the highest in the last three years. In March 2023, EPFO had marginally increased the interest rate on EPF to 8.15 percent for 2022-23 from 8.10 percent in 2021-22.
EPFO Interest Rate: The Employees’ Provident Fund Organization (EPFO) on Saturday fixed the interest rate on Employees’ Provident Fund (EPF) deposits at 8.25 percent for 2023-24, which is the highest in the last three years. In March 2023, EPFO had marginally increased the interest rate on EPF to 8.15 percent for 2022-23 from 8.10 percent in 2021-22.
Interest rates were reduced in 2021-22
In March 2022, EPFO had reduced the interest rate on EPF for 2021-22 to 8.1 percent, which was the lowest in four decades. The interest rate on EPF was 8.5 percent in 2020-21. A source said, ‘The apex decision-making body of EPFO, ‘Central Board of Trustees’ (CBT), in its meeting on Saturday, has decided to provide 8.25 percent interest rate on EPF for 2023-24.’
Crores of account holders will get benefits
After the decision of CBT, the decision regarding interest rate on EPF deposits for 2023-24 will be sent to the Finance Ministry for approval. After the approval of the government, the interest rate on EPF for 2023-24 will be deposited in the accounts of more than six crore subscribers of EPFO.
Labor and Employment Minister Bhupendra Yadav posted on Twitter and informed, today in the 235th meeting of the Central Board of Trustees of EPFO, 8.25 percent interest rate has been recommended on Employees Provident Fund deposits for 2023-24. This move is a step towards fulfilling PM Modi’s guarantee of strengthening social security for India’s workforce.
The 235th meeting of Central Board of Trustees, EPFO, today has recommended 8.25 per cent as rate of interest on Employees’ Provident Fund deposits for 2023-24.
The move is a step towards fulfilling PM Shri @narendramodi ji’s guarantee of strengthening social security for… pic.twitter.com/z8OzHrdz1P
— Bhupender Yadav (@byadavbjp) February 10, 2024
what is pf
Provident fund provides security to employees. Employees and employers regularly deposit a small part of their salary in EPFO. The employee saves a small part of his monthly salary as provident fund so that after retirement or when he needs, he can use this saving amount. 12 percent of the employer and employee salary is deposited in the provident fund.
