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EPFO recommends 8.25% interest rate on EPF Deposits for 2023-24

02:02 AM Feb 11, 2024 IST | GK NEWS SERVICE
epfo recommends 8 25  interest rate on epf deposits for 2023 24
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New Delhi, Feb 10: In a decision that will benefit millions of formal sector employees, the Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) has recommended an interest rate of 8.25% for 2023-24.

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This interest rate, once approved by the Finance Ministry, will be credited to the EPFO accounts of over 65 million subscribers.

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The proposed rate is higher than the 8.15% provided in 2022-23 and will distribute a historic income amount of Rs 1.07 lakh crore to members.

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Announcing the decision, Labour Minister Bhupendra Yadav said this fulfils PM Modi's commitment to strengthening social security for India's workforce.

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The income to be distributed in 2023-24 has grown 17.39% over last year while the total EPF corpus saw a 17.97% increase to Rs 13 lakh crore.

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Experts say the higher income distribution indicates EPFO's healthy finances and ability to provide attractive returns to subscribers. The interest rate is also higher than other comparable investment options.

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EPFO has consistently delivered superior returns over the years, benefitting millions of salaried employees. Its prudent investments across instruments ensure the stability of income.

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With this decision, the EPFO continues to be a reliable instrument of social security. Employees can look forward to a higher interest accrual in their retirement savings.

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