Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 percent on employees’ provident fund deposits for 2023-24.
In March 2023, the Employees’ Provident Fund Organisation had increased the interest rate on EPF marginally to 8.15 percent for 2022-23 from 8.10 percent in 2021-22.
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Tuesday 28 Jan. 2025
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 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 percent.
According to a statement by the labour ministry, the decision to hike interest rate for 2023-24 was taken at 235th meeting of Central Board of Trustees (CBT) of EPFO on Saturday, under the chairmanship of Union Labour & Employment Minister Bhupender Yadav.
“The CBT recommended an annual rate of interest of 8.25 per cent to be credited on EPF accumulations in members’ accounts for 2023-24. This interest rate will be officially notified in the government gazette after approval by ministry of finance. Subsequently, EPFO will credit the approved rate of interest into its subscribers’ accounts,” it stated.
