EPFO Interest Rate: In the election year, the central government is preparing to give a big gift to the working people. EPFO has recommended 8.25 percent interest on PF in the financial year 2023-24. Last time it was 8.15 percent. This increased interest is at a three-year high. However, this increased interest is still pending approval from the Finance Ministry.
EPFO Interest Rate: Retirement body Employees Provident Fund Organization (EPFO) is preparing to give a big gift to crores of employees of the country. In the meeting of the Central Board of Trustees (CBT), it has been recommended to give 8.25 percent interest rate on Employees Provident Fund (EPF) deposits for the financial year 2023-24. This is the highest interest rate in the last 3 years. Last year, 8.15% interest was given on PF and in 2021-22, 8.1% interest was given. The decision to increase the interest rate on PF has been taken before the Lok Sabha elections to be held in the country in April-May.
This recommendation is yet to be approved by the Finance Ministry. Therefore, it will be notified after getting approval from the Finance Ministry. After this, interest will start coming in the subscribers’ accounts.
Increase in EPFO’s earnings
Let us tell you that in March 2022, EPFO had reduced the interest rate for 2021-22 to 8.1%. This was the lowest since 1977-78. Union Labor and Employment Minister Bhupendra Yadav said after the meeting of EPFO’s Central Board of Trustees that the decision to increase interest on PF is a step taken towards fulfilling PM Narendra Modi’s guarantee of strengthening the social security of the country’s workforce. Is. EPFO’s income has increased by 17.4%. EPFO has recommended distribution of a total of Rs 1.7 lakh crore to EPF members in the financial year 2023-24. This amount last year was Rs 91,151.7 crore.
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
Check balance like this
Subscribers are informed about this through message alerts. PF account holders can also get information about PF interest amount by checking their balance themselves. For this, PF account holders get many options. You can check account details by directly logging into the EPFO website. The facility to check balance is also available through Umang app. Apart from this, balance can also be checked through missed call and message.