Tuesday, July, 16,2024

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Interest rates on provident funds for 2023-24 recommended at 8.25%

New Delhi: An interest rate of 8.25 per cent would be provided on Employees' Provident Fund (EPF) deposits for 2023-24, and a decision around it was taken at the 235th meeting of Central Board of Trustees held on Saturday.

In 2022-23, the interest rate was at 8.15 per cent, which was the lowest since 1977-78.

This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance. Subsequently, EPFO will credit the approved rate of interest to its subscribers' accounts.

The meeting of Central Board of Trustees was chaired by Union Minister for Labour and Employment Bhupender Yadav and vice-chaired by MoS Rameshwar Teli.

"The move is a step towards fulfilling PM Shri @narendramodi ji's guarantee of strengthening social security for India's workforce," Minister Yadav posted on X after the meeting.

During the meeting, the Board of the retirement fund body recommended a distribution of 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 Ministry of Labour and Employment said.

"Compared to the previous financial year, there has been significant growth. The income has grown by more than 17.39 percent, while the principal amount has increased by 17.97 percent. This suggests a healthy financial performance and potentially strong returns for the members," the ministry said.

EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. 

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