Govt Approves 8.15% Interest Rate On Employees Provident Fund

Govt Approves 8.15% Interest Rate on Employees Provident Fund

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The Provident Fund (PF) is a powerful savings plan that offers long-term financial security for employees. With contributions from both employees and employers

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The PF account accumulates funds that earn an interest rate of 8.10%

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On 24 July 2023, the government approved the recommendation of CBT of the EPFO to increase the interest rate of the PF

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The government has ratified the rate of interest on deposits under the EPF scheme for the financial year

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On March 28, 2023, the EPFO decided to increase the interest rates for the financial year 2022-23 to 8.15%

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EPFO’s field offices have been instructed to credit the increased interest rate to the subscribers’ EPF accounts

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The EPF currently has over six crore subscribers, who will benefit from the higher interest rate of 8.15% for the financial year 2022-23

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The CBT noted that the interest rate of 8.15% and a surplus of Rs 663.91 crore are higher compared to the previous year

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