There is good news for 7 crore employees working in the private sector of India. Employees’ Provident Fund Organization has determined the new interest rate on the money deposited by the employees. This is the maximum in the last three years.
Its benefit will be available to all those private employees whose accounts are opened in the Employees Provident Fund Organization and funds are deposited in it.
Employees Provident Fund Organization – Meeting of the Central Board of Prestige
Employees Provident Fund Organization has declared the interest rate on EPF for the financial year 2023-24 at 8.25%. This is the highest amount of interest determined in the last three years. Earlier, interest was given at 8.15% in 2022-23 and 8.10% in 2021-22. However, before this the interest rate in the financial year 2020-21 was 8.50%.
When the interest rate was increased to 8.10%, a lot of concern was expressed by the employee organizations. The new interest rate was decided in the meeting of the Central Board of Prestige on Saturday.
When will the EPFO 2023-24 interest rate notification be issued?
After the CBT decision, the decision regarding interest rate on EPF deposits for 2023-24 will be sent to the Finance Ministry for approval. After the approval of the government, the interest rate on EPF for 2023-24 will be deposited in the accounts of more than six crore subscribers of EPFO.
EPFO announces the interest rate every year under the PF account of employees working in the private sector. About 7 crore employees are connected under the Employees Provident Fund Organisation. After EPFO sets the interest, the Finance Ministry takes the final decision.