EPFO: Employee Provident Fund Organization has increased the interest on Employee Provident Fund, giving great relief to crores of account holders. Now how much more interest you will get than before – you can know here.
EPFO: Employees Provident Fund Organization (EPFO) has increased the interest on Employee Provident Fund (EPF), giving great news to crores of account holders. According to sources in the news agency PTI, the Employees Provident Fund Organization (EPFO) has decided to pay interest at the rate of 8.15 per cent. For the last financial year, interest was being paid by EPFO at the rate of 8.10 per cent.
EPFO increased interest
It has been decided by the Employee Provident Fund Organization to give an interest rate of 8.15 percent for the EPF account holders for the financial year 2022-23. In this way, more than 6 crore EPF account holders of the country will get increased interest and more money will come in their account.
Last year i.e. for the year 2021-22, this interest rate was at the rate of 8.1 percent. This interest rate was the lowest in the last 40 years and there was a lot of opposition to this decision of the government.
EPFO fixes 8.15 pc interest rate on employees' provident fund for 2022-23: Sources
— Press Trust of India (@PTI_News) March 28, 2023
As soon as the interest rates are decided by the Central Board of Trustees (CBT), the Ministry of Finance has to issue a notification for the effect of these interest rates. The two-day meeting of the Employees’ Provident Fund Organization (EPFO) board began yesterday i.e. March 27, 2023.
According to estimates, EPFO has around 6 crore members and EPFO manages Rs 27.73 lakh crore of crores of employees. Today, with the arrival of this news, 6 crore account holders of the country have got very good news. Today Labor Minister Bhupendra Yadav can announce the EPF rate for 2022-23.
Know earlier interest rates
In March 2020, EPFO had reduced the interest rate for the year 2019-20 to 8.5 per cent, which was its lowest level in the last 7 years. In the year 2018-19, the interest rate of EPF stood at 8.65 per cent.
