New Delhi: The Employees’ Provident Fund Organisation’s (EPFO’s) apex decision-making body Central Board of Trustees on Saturday recommended an annual interest rate of 8.25% on EPF accumulations in members’ accounts for the financial year 2023-24.
“This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance. Subsequently, EPFO will credit the approved rate of interest into its subscribers’ accounts,” Ministry of Labour and Employment said in a media release.
The decision was taken in a meeting of the Central Board of Trustees here today under the chairmanship of Union Minister for Labour & Employment Bhupender Yadav.
As per the official release, the Board has recommended a distribution of Rs 1.07 lakh crore to EPF members’ accounts on a total principal amount of about Rs 13 lakh crores.
“The total income recommended for distribution is the highest on record,” the Ministry said.