A Provident Fund is the most common way for employees to save their money and invest to get good returns on their invested amount. As per the latest news shared by the PTI, EPFO has fixed the interest rate on the Employee’s provident fund at 8.25% for 2023-24 which is 3 years high. Let’s explore all the details here.
The interest rate update has been shared by the Employee Provident Fund Organisation (EPFO) unveiled by PTI on February 10, 2024. Compared to the previous year’s interest rate, EPFO raised the interest rate to 8.15% in 2022-23, and In the fiscal year 2021-22 this was 8.10%. As per the latest, EPFO had the lowest interest rate at 8 percent in the fiscal year 1977-78.
Employees’ Provident Fund Organisation (EPFO) 8.25% interest rate has been fixed. The decision on the raise on interest rate has been taken by the EPFO’s apex decision-making body, the Central Board of Trustees (CBT) during a meeting on February 10, 2024.
The hike in the interest rate can encourage more people to invest in the EPF scheme and get good returns on their investments. Currently, the decision will be submitted to the Ministry of Finance and once CBT gets approval for this, employees will get 8.25 percent of their provident fund.
Discover more from industrialfront
Subscribe to get the latest posts sent to your email.