Bhubaneswar: The central government has approved 8.25% interest rate on the Employees Provident Fund Organisation (EPFO) for 2024.
In what can be considered as a good news for the subscribers of Employees Provident Fund Organisation (EPFO), the central government has increased the interest rate of Employees Provident Fund (EPF) for the financial year 2024.
Union Cabinet Minister for Environment, Forest & Climate Change; and Labour & Employment || MP (RS) Bhupender Yadav informed about this development on his official X handle.
He wrote, ” The 235th meeting of Central Board of Trustees, EPFO, today has recommended 8.25 per cent as rate of interest on Employees’ Provident Fund deposits for 2023-24.”
He further added,”The move is a step towards fulfilling PM Shri @narendramodi
ji’s guarantee of strengthening social security for India’s workforce.”
READ THE TWEET HERE:
The 235th meeting of Central Board of Trustees, EPFO, today has recommended 8.25 per cent as rate of interest on Employees’ Provident Fund deposits for 2023-24.
The move is a step towards fulfilling PM Shri @narendramodi ji’s guarantee of strengthening social security for… pic.twitter.com/z8OzHrdz1P
— Bhupender Yadav (@byadavbjp) February 10, 2024
According to reports Govt hikes EPFO interest rates Ministry of Labour has conveyed the approval of Central govt to credit interest at the rate of 8.25% per annum for the year 2024 to the account of each member of EPF scheme. Last year, the interest rate for EPF accounts was 8.15%.
According to reports, over six crore EPFO subscribers would get benefit of the decision taken by the Central government to ratify the 8.25% interest rate for EPF subscribers.
Ms Kalinga