Argus News - EPFO Raises Interest Rate On PF Deposits To 8.25% For 2023-24

New Delhi, Feb 10: The Central Board of Trustees of the Employees' Provident Fund Organisation (EPFO) has recommended an interest rate of 8.25 per cent on Provident Fund deposits for 2023-24.

At present, the interest rate is 8.15 per cent.

“The move is a step towards fulfilling PM Modi’s guarantee of strengthening social security for India’s workforce,” Labour Minister Bhupendra Yadav said.

“The Board has recommended a distribution of historic income amount of Rs 1,07,000 crores to EPF members' accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs 91,151.66 crores and Rs 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record,” the official statement said.

It said that the income has grown by more than 17.39 per cent, while the principal amount has increased by 17.97 per cent compared to the previous financial year. This suggests a healthy financial performance and potentially strong returns for the members.

(IANS)