EPFO Interest Rate: EPFO is an institution created for employees working in the private sector in India. About 7 crore employees working in the private sector are associated with it. Every year in March, interest is received in the PF account of these employees. Now EPFO has made a new announcement regarding this. Due to which 7 crore employees are going to benefit. According to PTI news, EPFO has increased the annual interest on the PF accounts of employees. Let us know the complete news.
increase in interest rate
Every year EPFO keeps increasing or reducing the interest for PF account holders. EPFO had given interest of 8.10% in the financial year 2022-23. Whereas on March 28 last year, EPFO had announced an interest rate of 8.15% for 2022-23. The Central Board of Trustees (CBT), which takes important decisions of the Employees’ Provident Fund Organization (EPFO), has announced an increase in the interest rate this year. Is done. Now the interest rate will be 8.25% instead of 8.15%. Now the consent of the Finance Ministry is still pending on this decision.
The interest rate was reduced
Even though this year EPFO has increased the interest rate on EPF deposits for PF account holders. But before this it was reduced to 8.1% in the year 2021-22. Which was 8.5% in the year 2020-21. If we talk about it, there has been a lot of reduction in it in the last few years. In the year 2014-15, the interest rate on provident fund deposit i.e. EPF deposit was 8.75%. Which was much higher than the current interest rates.
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