Central Board Trustees EPF recommended to hike interest rates by 0.10% to EPF subscribers
The Central Board recommended an annual rate of interest of 8.25% to be credited on EPF amount in member's accounts for the FY24. Subsequently, EPFO will credit the approved rate of interest to its subscriber's accounts with prior approval sanctioned by the Finance Ministry.
The apex regulatory board has recommended a distribution of a huge 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. Income distribution is recorded as the highest as per historical data. As against the previous financial year, there has been significant growth of more than 17.39%, while the principal amount has increased by 17.97%.
over the past years, EPFO interest rates have seen so much of variations, with rates altering from 8.65% in 2016-17 to 8.55% in 2017-18 and slightly higher at 8.8% in 2015-16.
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The highest rate of interest was provided by the Provident fund body from 2013 to 2015, with rates floating from 8.75% to 8.5% in 2012-13 while the rate of interest for 2011-12 was 8.25%.
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