Wednesday, February 21, 2024

CBT recommends 8.25% rate of interest to EPF subscribers for FY2023-24 – N.F Times

New Delhi: The 235th meeting of Central Board of Trustees, EPF was held today in Delhi under the Chairmanship of Bhupender Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change.

The Central Board recommended an annual rate of interest of 8.25% to be credited on EPF accumulations in members’ accounts for the financial year 2023-24. This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance. Subsequently, EPFO will credit the approved rate of interest into its subscribers’ accounts.

The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.

Comparing to the previous financial year, there has been significant growth. The income has grown by more than 17.39%, while the principal amount has increased by 17.97%. This suggests a healthy financial performance and potentially strong returns for the members.

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