EPFO News Updates: Good news for EPFO investors! The interest on PF is going up.
Sources say the interest rate for 2023-24 will be 8.25 percent, up from 8.15 percent last year. This is the highest in three years.
Interest rates went up last year too. In March 2023, it was increased to 8.15 percent.
In March 2022, it was 8.10 percent, the lowest since 1977–78. Now, over 6 crore employees will benefit from the hike.
Approval for the interest rate hike was given at the 235th EPFO board meeting chaired by Labor and Employment Minister Bhupendra Yadav.
Official confirmation will come after approval from the Finance Ministry.
Once announced, the new rates will apply to VPF deposits. Exempt trusts will also have to pay 8.25 percent interest to their employees.
Here’s a look at past interest rates
1) 2019-20: 8.5 percent
2) 2018-19: 8.65 percent
3) 2015-16: 8.8 percent (higher than the current rate)
