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.Read Also : 48 Unemployed Gain Valuable Skills in NLCIL-NPTI CSR Initiative
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%.Read Also : NGEL Signs Land Lease Agreement with APIIC for Integrated Green Hydrogen Hub
News Must Read
- NGEL Signs Land Lease Agreement with APIIC for Integrated Green Hydrogen Hub
- SCOPE to organize Workshops on ‘Public Procurement’ & ‘RTI’ in Shillong
- Most awaited Gujarat's Signature Bridge: Read About its beauty
- NBCC to execute worth Rs 369 crore projects in UP, MP and Telangana
- CMD, IREDA Unveils Vision for Retail Division, Elevating Rooftop Solar
- PFC Forge Historic Partnership with Govt of Goa
- Government flows out Tender for Puri International Airport Construction
- Power Grid board approves Investment in two projects worth 655.75 crore
- SECL Makes History as First Coal Company to Procure Over Rs 10,000 Crore via GeM
- How RVNL's share takes boom today..