The 235th session of the Central Board of Trustees, EPF, that convened today on February 10, 2024, in Delhi, proposed a 8.25% annual interest rate for EPF accounts in the fiscal year 2023-24, according to the PIB release on February 10. The interest rate earlier was 8.15%,
Labour Minister Bhupendra Yadav, who also serves as Chairman of CBT, on his social media, X, account shared "This initiative aligns with Prime Minister Shri @narendramodi ji’s commitment to bolstering social security for India’s workforce."
Once approved by the Ministry of Finance, this rate will be officially announced in the government gazette. Subsequently, EPFO will transfer the approved interest rate into the accounts of its EPF subscribers.
The session was chaired by Shri Bhupender Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas, along with Co-Vice-Chairpersons Ms. Arti Ahuja, Secretary Labour & Employment, and Smt. Neelam Shami Rao, Central P F Commissioner, also attended the session.
The Board has proposed to distribute a historic income amount of Rs. 1,07,000 crores to EPF members' accounts, based on a total principal amount of about Rs. 13 lakh crores. In FY 2022-2023, it was Rs. 91,151.66 crores and Rs. 11.02 lakh crores, respectively. The total income recommended for distribution marks the highest on record.
As compared to the previous fiscal year, Income has increased by over 17.39%, and the principal amount has increased by 17.97%, indicating a Strong financial performance and the possibility of strong returns for the members.
EPFO has consistently provided its members with increased income over the years while maintaining prudence. The interest rate offered by EPFO typically exceeds that of similar investment options accessible to subscribers, showcasing confidence in EPFO's investment credit profile and its capability to deliver appealing returns to its members.
Photo: X @Bhupender Yadav
©️ Copyright 2024. All Rights Reserved Powered by Vygr Media
