New Delhi: The Employees’ Provident Fund Organisation (EPFO) has announced its interest rate on employees’ provident fund (EPF) deposits for 2023-24. EPFO has increased the interest rate for 2023-24. The decision was taken at 235th meeting of Central Board of Trustees (CBT) of EPFO, 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,’ a statement issued by Labour Ministry stated.
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For FY24, the board recommended distribution of Rs 1,07,000 crore to EPF members’ accounts on a total principal amount of Rs 13 lakh crore, which was Rs 91,151.66 crore and Rs 11.02 lakh crore, respectively in 2022-23. Comparing with the previous financial year, the income grew by more than 17.39 per cent, while the principal amount increased by 17.97 per cent.
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