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EPFO, the retirement fund body fixed a three-year high interest rate of 8.25% on employees’ provident fund (EPF) deposits for 2023-24. The decision was taken during the 235th meeting of Central Board of Trustees, EPFO, on Saturday.
The meeting was held under chairmanship of Bhupender Yadav, Minister of Labour & Employment, where the Central Board of EPF recommended the distribution of more than Rs 1,07,000 crore to EPF members as interest for FY 2023-24 as compared to Rs 91,151.66 crore in last FY.
The Central Board of EPF in its 235th meeting held under chairmanship of Sh. Bhupender Yadav, Hon'ble Minister of Labour & Employment recommended distribution of more than Rs 1,07,000 crore to EPF members as interest for F.Y. 2023-24 as compared to Rs 91,151.66 crore in last F.Y pic.twitter.com/DyyS53emsy
— EPFO (@socialepfo) February 10, 2024
During the announcement, Yadav asserted that the move is a step towards Prime Minister Narendra Modi's guarantee of strengthening social security for India’s workforce.
Before this, in March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15% for 2022-23 from 8.10% in 2021-22.
