One of the World’s largest Social Security Organisations, the Employees’ Provident Fund Organisation (EPFO) has fixed the interest rate as 8.25 % for FY 2023-24.
The Central Board recommended an annual rate of interest of 8.25% to be credited on EPF accumulations in members’ accounts for the financial year 2023-24.
This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance. Subsequently, EPFO will credit the approved rate of interest to its subscribers’ accounts.
Bhupender Yadav, Union Cabinet Minister for Labour & Employment, said, “The 235th meeting of Central Board of Trustees, EPFO, today has recommended 8.25 percent as the 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 India’s workforce”, he added.
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.
— Bhupender Yadav (@byadavbjp) February 10, 2024
The move is a step towards fulfilling PM Shri @narendramodi ji’s guarantee of strengthening social security for… pic.twitter.com/z8OzHrdz1P
Previously, The Employees Provident Fund Organisation (EPFO) fixed an 8.15% interest rate on employees’ provident funds for 2022-23. Earlier, in the year 2021-22, the EPFO had reduced the interest rate to 8.10% and this was the lowest interest rate ever since 1977-78.
The details of March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent provided for 2018-19.
The 235th meeting of Central Board of Trustees, Employees’ Provident Fund was held today on 10th February 2024 in Delhi.
Moreover, the Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.
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