Finance ministry approves increase in EPF rate to 8.25 percent for FY23-24
The Finance Ministry has approved the interest rate of 8.25 percent for EPF holders in the country. Earlier in February, the Central Board of Trustees, the committee taking decisions regarding EPF, had announced an interest rate of 8.25 percent. Now the ministry has put its seal on it.
EPFO reviews interest rates based on the earnings from investments in debt and equity. In the last quarter of every financial year, the CBT recommends interest rates. This interest rate is almost fixed, which is sent to the Center for approval. It is not necessary that every time the recommendation is made to increase the interest rate. This recommendation can also be for not making any change or reducing the interest rate.
Attention EPF Members
— EPFO (@socialepfo) July 11, 2024
The rate of interest for the Financial Year 2023-24 @ 8.25% for EPF members has been notified by the government in May of 2024. @LabourMinistry @mygovindia @MIB_India @PIB_India #EPFO #IntrestRate #EPFO #HumHainNaa #EPFOwithYou #ईपीएफओ
Information given through tweet
EPFO has given this information through a tweet on the social media platform X. The tweet reads, “EPF members please note. The interest rate of 8.25 percent for the financial year 2023-24 has been notified by the Central Government from May 2024.”
