News Karnataka
Tuesday, April 23 2024
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Economy

Central Board Recommends EPFO Interest Rate Jump to 8.25%

EPFO
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The suggestion to increase the EPF interest rate was made during the CBT meeting on Saturday, in advance of the general elections that are anticipated to take place in April or May of this year.
For its over 29 crore subscribers—of which about 6.8 crore are active contributors—the Central Board of Trustees of the Employees’ Provident Fund Organization (EPFO) has recommended a higher interest rate of 8.25 percent for the fiscal year 2023–2024, according to sources.

The suggestion to raise the EPF interest rate was discussed at the CBT meeting on Saturday, ahead of the general elections that are anticipated to take place in April or May of this year. For EPF subscribers, this will be the highest interest rate in the previous three years. The EPF interest rate reached its highest point in 2019–20 at 8.5%. In 2020–21, it remained at the same level.

In 2021-22, the CBT had cut the interest rate to 8.1 per cent, the lowest in four decades. It then hiked it marginally to 8.15 per cent in 2022-23.

As per the convention, the Ministry of Labour and Employment will now send the interest rate recommendation to the Ministry of Finance for ratification. After the ministry’s consent to the interest rate, the EPFO would then credit the rate of interest for the previous fiscal to the EPF subscribers.

EPFO interest rates from 2010

• 2010-11 9.50%

• 2011-12 8.25%

• 2012-13 8.50%

• 2013-14 8.75%

• 2014-15 8.75%

• 2015-16 8.80%

• 2016-17 8.65%

• 2017-18 8.55%

• 2018-19 8.65%

• 2019-20 8.5%

• 2020-21 8.5%

• 2021-22 8.1%

• 2022-23 8.15%

• 2023-24* 8.25%

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