The Central Board of Trustees (CBT) of EPFO has recommended an increased EPF interest rate of 8.25% for financial year 2023-24, marginally higher than 8.15% for 2022-23.
The decision was taken at the 235th CBT meeting on February 10, 2024 chaired by Labour Minister Bhupendra Yadav. The proposed rate is subject to Ministry approval before being credited to EPFO subscriber accounts. The recommendation reflects EPFO’s ability to deliver higher returns to members through prudent investments.
Key Points from CBDT EPFO Meetings
Here are the key points:
i) EPFO has recommended the PF interest rate of 8.25% for financial year 2023-24.
ii) This rate is slightly higher than the 8.15% announced for previous financial year 2022-23.
iii) The recommendation was made at the 235th CBT meeting held on 10th February 2024 chaired by Labour Minister Bhupendra Yadav.
iv) The proposed 8.25% PF interest rate for 2023-24 is subject to review and approval by the Ministry of Labour and Employment.
v) After approval, the PF interest @ 8.25% will be credited to EPFO subscribers’ accounts for FY 2023-24.
vi) EPFO has a history of providing higher returns to members compared to other investment options.
vii) The recommended interest rate reflects EPFO’s ability to generate attractive returns through prudent investment of its funds.
In summary, the CBT has proposed an increased PF interest rate of 8.25% for 2023-24, which will be officially notified post approval by the Ministry of Finance. The rate is higher than last year and indicates EPFO’s strong investment returns. (PIB 2004768)
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PF Interest Rate Increased from 8.1% to 8.15% for FY 2022-23