EPF Interest rate: The government has fixed the interest on EPF. The Central Government has announced the interest rate of 8.15 percent on the Employees Provident Fund (EPF) for the year 2023-24. According to EPFO, on July 24, he had sent it to the central government for approval at an interest rate of 8.15 per cent, which the government has approved. Now the shareholders of EPF scheme will get 8.15 percent interest.
Government approves 8.15% interest on EPF
There is good news for the employees working in the organized sector. The government has approved the increase in interest rates in PF. The Finance Ministry has approved the 8.15 percent interest rate fixed on EPF for the financial year 2022-23. According to media reports, this time the increased interest amount will start coming into the account of EPF account holders.
Interest will come soon in the account of employees
It has also been said in the circular that the interest money in the account of EPF members should be transferred to their account soon. EPFO’s Central Board of Trustees (CBT) had on March 28 approved interest of 8.15 per cent on this fiscal. In March itself, EPFO had announced to give 8.15 percent interest for the financial year 2022-23 to about 7 crore account holders. EPFO invests the amount deposited in the account of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest.
Both employee and employer contribute to EPF
Actually, 12% of the basic salary of the employee is deducted for the EPF account. At the same time, a deduction of 12 percent is also made on behalf of the employer ie the company. Of this, 8.33 per cent is contributed to the Employees’ Pension Scheme (EPS), while the remaining 3.67 per cent goes to the EPF.
How much money is deposited in PF – know the method
You can easily find out how much money is deposited in your PF account. For this, you can check PF balance by visiting the official website of EPF, epfindia.gov.in. Whereas, by giving a missed call on 011-22901406 from the number linked to your PF account, you will get PF balance information immediately.