EPFO may soon transfer the interest of the last financial year to the account holders’ accounts. This time the interest is expected to be received at the rate of 8.25 percent.
The general elections have been completed and the results are to be announced today. After this, EPFO can transfer the interest of PF to its account holders. This interest will be released for the financial year 2023-24. This time the interest rate can be 8.25 percent. The Central Board of Trustees (CBT), the apex body taking decisions regarding PF, had recommended this interest rate.
This recommendation was made in February but no notification has been issued in this regard yet. Let us tell you that the interest rate of EPFO for the financial year 2022-23 was 8.15 percent. If sources are to be believed, its notification has not been issued due to the Model Code of Conduct. It is being said that interest can be sent anytime from a few days after the results to the first week of July.
Finance Ministry will issue notification
The Finance Ministry approves the rates recommended by the CBT. After this, the Finance Ministry also issues a notification in this regard. When the Finance Ministry issues the notification, then EPFO starts depositing interest in the accounts of the people. Usually this work is done in the first quarter of any financial year.
Answer given on social media
In April this year, in response to a user’s question on the X platform (formerly known as Twitter), EPFO had said that the process is going on. EPFO had said, “Whenever the interest is deposited, it will be paid in full. There will be no loss of interest.” While people on social media have expressed disappointment over the delay in paying interest, they have appreciated the news of increase in interest rates. Let us tell you that in FY 23, EPFO had sent interest to the accounts of 28.17 crore account holders.
