EPF Interest Rate Increased: EPFO has increased the interest rate to 8.25% for 2023-24 from last year’s rate of 8.15%, this is being considered as great news for the employees.
EPFO Interest Rate: The central government has given great news to the employees. It is being told that the EPFO has increased the interest rate for 2023-24 from 8.15 percent last year to 8.25 percent. It is worth noting that in February this year, the Employees’ Provident Fund Organization (EPFO) had announced that the interest rate for the financial year 2023-24 has been increased to 8.25 percent from 8.15 percent last year.
The government announced on Thursday through EPFO’s social media platform X that it has approved an annual interest rate of 8.25% for EPF.
EPFO wrote on X that the Ministry of Finance has approved the annual interest rate at 8.25%, further EPFO has emphasized that the interest rates for EPF members will not be disclosed on a quarterly basis.
The Central Board of Trustees (CBT) of EPFO had announced in February to increase the interest on PF for the financial year 2023-24, after the decision of the CBT, the interest rate on EPF deposits for 2023-24 was sent to the Finance Ministry for approval, which has now been approved.
When is interest paid on this?
EPFO announces the interest rate every year under the PF account of employees working in the private sector. Let us tell you that about 7 crore employees are registered under the Employees’ Provident Fund Organization, interest on the Employees’ Provident Fund account is given once a year on 31 March.
