EPFO said, the govt notified 8.25% EPF rate...
EPFO said, the govt notified 8.25% EPF rate...The Employee Provident Fund Organization (EPFO) said that the central government had notified 8.25percent EPF rate for the financial year 2023-24. EPFO has given this information on the social media platform X. EPFO wrote in its post that the interest declared on the Employee Provident Fund is the highest in recent years and is higher than the interest rates of all other small savings schemes, GPF and PPF.Government's approval of EPF rateThe Employee Provident Fund Organization wrote on X, the government has notified 8.25 percent interest rate on EPF for the financial year 2023-24 to the members of the Employee Provident Fund in May 2024 itself. According to EPFO, the interest rate of EPF is generally declared in the first quarter of the next financial year after the end of the financial year.EPFO said, the interest declared on EPF for the financial year 2023-24 is the highest in recent years so that EPF members can get more benefit. According to EPFO, the interest rate declared on EPF is higher than the interest rates available on small savings schemes, GPF and PPF.On february 10, 2023, the Central Board of Trustees announced 8.25 percent EPF rate for the financial year 2023-24. A decision was taken on 8.25percent EPF rate for the financial year 2023-24 under the chairmanship of the then Labor minister Bhupendra Yadav. Now EPF members are waiting for the interest amount to be credited.