EPFO News: There is good news for EPFO investors. According to sources, it has been decided to increase the interest on PF. According to news agency PTI, the interest rate for 2023-24 will be 8.25 percent.
EPFO News Updates: There is good news for EPFO investors. According to sources, it has been decided to increase the interest on PF. According to news agency PTI, the interest rate for 2023-24 will be 8.25 percent. In the previous year it was 8.15 percent. Let us tell you, this will be the highest interest rate in the last 3 years.
Interest rates increased last year also
In March 2023, EPFO had increased the PF interest rate to 8.15 percent for the financial year 2022-23. At the same time, in March 2022, it became 8.10 percent for the financial year 2021-22. However, this rate was the lowest since 1977–78. But now once again more than 6 crore employees will benefit from the increase in interest rates.
Awaiting approval from Finance Ministry
According to PTI, the 235th board meeting of EPFO was held under the chairmanship of Labor and Employment Minister Bhupendra Yadav on Saturday. In which approval was given to increase the interest rates. Let us tell you, the official information about increase in interest rates will be made public after getting approval from the Finance Ministry.
Once the interest rates are announced, it will be applicable to VPF deposits also. Exempt trusts will also be bound to pay 8.25 percent interest to their employees.
What has been the history of interest rates?
The interest rate for 2019-20 was 8.5 percent. At the same time, during the financial year 2018-19, employees got 8.65 percent interest on PF. Let us tell you, EPFO had kept the interest rate at 8.8 percent for 2025-16. That means the current interest rate is much lower than this.
