EPFO hikes interest rate to 8.25 percent
The Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) on Saturday (February 10, 2024) heightened interest rate for financial year 2023-24 to touch 8.25 percent.
The decision was taken during the 235th meeting of Central Board of Trustees, EPF.
"This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance. Subsequently, EPFO will credit the approved rate of interest into its subscribers' accounts," the Ministry of Labour & Employment said in a statement.
The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members' accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively.
The total income recommended for distribution is the highest on record.
Comparing to the previous financial year, there has been significant growth.
The income has grown by more than 17.39%, while the principal amount has increased by 17.97%.
This suggests a healthy financial performance and potentially strong returns for the members.
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