EPFO Interest Rate: The meeting of the Central Trustee Board is going to be held on 10th February. The Employees Provident Fund Organization announces the interest rates for every financial year. A decision can be taken this Saturday on the interest to be given to about 7 crore members of EPFO.
New Delhi: Employees Provident Fund Organization (EPFO) announces interest rates for every financial year. These are the interest rates at which PF account holders will be given interest on their deposits in the respective financial year. A decision can be taken on Saturday on the interest to be paid to more than 6 crore employees associated with EPFO. The Central Board of Trustees (CBT) is scheduled to meet on February 10. In this the board can decide on the interest to be paid to the subscribers in the financial year 2023-24. According to media reports, in this election year, the Central Board of Trustees may recommend an interest rate of around 8 percent for the financial year 2024. The retirement fund body is also likely to seek board approval to increase its investment in shares from around 10 per cent to 15 per cent to increase returns on investment. The interest rate of EPF is 8.15 percent for the financial year 2022-23. In the last year i.e. 2021-22 it was 8.10 percent.
Letter sent regarding the meeting
A letter has been sent by the Social Security Organization to all the members of the board regarding the 235th meeting of CBT. In this he has been requested to be present in the meeting. According to people associated with the matter, the interest on withdrawals made by EPF members is determined based on the contribution received from the EPF accounts and the income earned during the year. On March 28 last year, EPAO had announced 8.15 percent interest on Employees Provident Fund (EPF) accounts for the financial year 2022-23. Net income of Rs 90,497.57 crore was available for distribution in FY 2022-23 and a surplus of Rs 663.91 crore was estimated after crediting interest to members’ accounts.
These will also be discussed
According to the report, till now the interest rates have been announced as soon as possible after the meeting. This time it is not clear whether the interest rate will be announced publicly or as per the new guidelines, it will be announced after permission from the Finance Ministry. In July last year, the Labor Ministry had asked the CBT not to publicly announce the interest rates for the financial year 2023-24 without the prior permission of the Finance Ministry. Apart from this, there can also be discussion in CBT regarding implementation of Supreme Court order regarding higher pension, recruitment on vacant posts in EPFO and transfer of EPFO employees.