In a good news for working professionals, the Employees Provident Fund Organization (EPFO) has announced a hike in the Interest Rate on the Employees Provident Fund (EPF). As per the decision, the Employees Provident Fund Organization has fixed an 8.25 Percent Interest Rate on Employees Provident Fund for the Financial Year 2023-24. This is a three-year high from the Retirement fund scheme. The hike in the EPF Interest Rate was issued in the 235th meeting of the Central Board of Trustees.
Sharing on his Twitter account, Union Cabinet Minister Bhupender Yadav wrote that, The 235th meeting of Central Board of Trustees and EPFO, today has recommended 8.25 percent as the Rate of Interest on Employees Provident Fund deposits for the Financial Year 2023-24. According to the Minister, the move is a step towards fulfilling Prime Minister Narendra Modi’s guarantee of strengthening Social Security for India’s workforce.
In March month of 2023, the Employees Provident Fund Organization (EPFO) had increased the interest rate on EPF marginally to 8.15 percent for 2022-23 from 8.10 percent in 2021-22. In March 2022, EPFO had lowered the interest rate on EPF for 2021-22 to an over four-decade low of 8.1 percent for its over Six Crore subscribers, from 8.5 percent in 2020-21. This was the lowest since 1977-78, when the EPF Interest Rate stood at 8.0 percent.
