CBT recommneds 8.25% interest on EPF for FY24 – InfowayTechnologies

Central Board of Trustees (CBT) of Employees Provident Fund Organisation (EPFO) has recommended 8.25 per cent interest rate for fiscal year 2023-24. Once approved this will be highest in three years.

As on date, there are over six crore members of EPFO. Interest rate for Fiscal Year 2022-23 was 8.15 per cent.

Announcing this, Labour Minister Bhupendra Yadav, who is also Chairman of CBT said, “The move is a step towards fulfilling PM Shri @narendramodi ji’s guarantee of strengthening social security for India’s workforce.” After the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be sent to Ministry of Finance for concurrence. After the ratification, the interest rate on EPF for 2023-24 will be credited into accounts of subscribers of EPFO.

In March 2023, the EPFO had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent, from 8.5 per cent in 2020-21. In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.

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