The Union Ministry for Labour and Employment has approved to credit interest at 8.15 percent to the Employees' Provident Fund (EPF) scheme for 2023-24.
According to an Employees' Provident Fund Organisation (EPFO) office order issued on July 24, the labour ministry has conveyed the approval of the central government to credit interest at 8.15 percent per annum for 2021-22 to every member of the EPF scheme.
Also Read | EPFO announces 8.15% interest rate for 2022-23; here's how the rate gets fixed
The circular further states to issue necessary instructions to authorities concerned for crediting the interest in the EPF members' accounts.
The Central Board of Trustees (CBT) of the EPFO on March 28 set an 8.15 percent interest rate on provident fund for this fiscal.
The CBT recommended the amount balancing both the growth and surplus fund to have safeguards. The recommended interest rate of 8.15 percent safeguards the surplus as well as guarantees increased income to members. Both the rate of interest at 8.15 percent and the surplus of Rs 663.91 crore are higher than the last year.
Also Read | Moneycontrol’s one-stop guide on employees’ provident fund (EPF) scheme
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