- The interest rate on Employees Provident Fund (EPF) deposits has been increased to 8.25% for 2023-24 by the retirement fund body EPFO, which is the highest level in three years.
- On 10 February, the decision was taken during a meeting of the EPFO’s apex decision-making body, the Central Board of Trustees (CBT).
- EPFO in March 2023 marginally increased the interest rate on EPF to 8.15% for the financial year 2022-23 from 8.10% in 2021-22.
- Apart from this, in March 2022, EPFO reduced the interest rate on EPF for 2021-22 to a four-decade low of 8.1%, down from 8.5% in 2020-21.
- The 8.25% interest rate for 2023-24 is a positive development for over six crore subscribers of EPFO.
Employees Provident Fund Organisation
- EPFO is a statutory body that was established under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
- The organization works under the aegis of the Ministry of Labour and Employment.
- It is one of the world’s largest social security organizations.
- It helps the central board of trustees in the administration of the Provident Fund Scheme, Pension Scheme and Insurance scheme for the organized sector workers.