Good news for 6 crore employees of EPFO, interest rate increased, know how much interest will be given now?

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Good news for 6 crore employees of EPFO, interest rate increased, know how much interest will be given now?
Good news for 6 crore employees of EPFO, interest rate increased, know how much interest will be given now?

EPFO Interest Rate Latest Update: Employees Provident Fund (EPF) has given the gift of interest rate to employees across the country. Know how much the rates have been increased and how much will be the benefit?

EPFO Interest Rate Latest Update: A big update has come regarding Employees Provident Fund (EPF). About 6 crore employees of EPFO have got the gift of interest rate. Employees Provident Fund Organization (EPFO) has announced to increase the interest rate to 8.25 percent for the year 2023-24. With this, employees will get more interest than last year.

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This is the highest interest rate in 3 years. The interest rate for the year 2022-23 was 8.15 percent. The interest rate for 2021-22 was 8.10 percent. The interest rate for 2020-21 was 8.5 percent, but now the interest rate in 2023-24 will be 8.15 percent. The Central Board of Trustees (CBT), the decision making body of EPFO, took the decision to increase the interest rate in an important meeting held on Saturday.

Proposal-papers ready, will be sent to Finance Ministry

According to EPFO sources, an important meeting of CBT was called on Saturday, in which the committee, after much discussion, decided to increase the interest rate to 8.25 percent. The proposal and documents have been prepared, which will be sent to the Finance Ministry.

As soon as the approval is received from there, the decision will be implemented and the new rate will be deposited in the accounts of the customers. Although it is also being called a gift from BJP’s Modi government in the election year, but every year a meeting is called by EPFO regarding interest rates.

About 6 crore EPFO customers across the country

According to media reports, about 6 crore employees across the country are registered under the Employees Provident Fund Organization. They get interest on the total deposited amount once a year on 31st March. Every year a meeting is called to decide the interest rates. Employees’ Provident Fund is a government scheme for those working in organizations with 25 or more employees.

Under this, 12 percent of the employee’s salary is deposited in his PF account every month. The same amount is deposited by the company into the PF account of the employees. Out of the company’s share, 3.67 percent is deposited in the PF account and the remaining 8.33 percent is deposited in the Employee Pension Scheme (EPS) to give pension to the employees. Under this scheme, interest is paid on the amount deposited in a year.

EPF interest rate in last few years

According to media reports, the EPF interest rate was the lowest at 8 percent in the 1977-78 financial year. Earlier in 2018-19 the interest rate was 8.65 percent. In 2016-17 also it was 8.65 percent. Whereas the interest rate was 8.55 percent in 2017-18, 8.8 percent in 2015-16, 8.75 percent in 2013-14 and 2014-15, 8.5 percent in 2012-13, 8.25 percent in 2011-12.

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