On the 71st EPFO Foundation Day, Union Labor Minister, Bhupendra Yadav, shared promising news for EPFO subscribers.
The Labor Ministry is committed to providing an 8.15% interest rate for the financial year 2023 to PF members.
What’s more, this interest credit has already been deposited into 24 crore accounts. Minister Yadav expressed satisfaction with the government’s efforts in this regard.
Record Provident Fund Contributions
Minister Yadav highlighted the government’s goal of timely and profitable transfers of Provident Fund amounts to subscribers.
In the financial year 2022-23, the total Provident Fund contributions reached a significant Rs 2.12 lakh crore, a substantial increase from the previous year’s Rs 1.69 lakh crore in 2021-22.
Approval of EPFO’s Annual Report
The Central Board of Trustees of EPFO convened for its 234th meeting on October 31, in New Delhi.
During this meeting, the board endorsed EPFO’s annual report for the fiscal year 2022-23 and recommended it for presentation in Parliament by the government.
Impressive Investment Figures
EPFO’s total investment fund for the fiscal year 2022-23 stands at Rs 21.36 lakh crore, encompassing both pension and provident fund contributions.
This marks a significant increase from the previous year’s Rs 18.3 lakh crore in 2021-22.
Looking at the overall investment amount, it stood at Rs 13.04 lakh crore on March 31, 2023, compared to Rs 11 lakh crore in the preceding year, reflecting an impressive addition of Rs 2.03 lakh crore in the financial year 2022-23.
