Good news for EPFO subscribers! There is great news for EPFO subscribers. The government has started a new facility for the subscribers. Which they can take advantage of sitting at home.
Union Labor Minister Bhupendra Yadav launched the e-passbook facility for EPFO account holders. With the introduction of this service, now EPFO members will be able to see and understand their account details in detail. According to official data, EPFO has added 14.38 lakh subscribers in January 2023. Bhupendra Yadav is also the chairman of the Central Board of Trustees (CBT) of EPFO.
Bhupendra Yadav inaugurated crèches (child crèches) in 63 regional offices of EPFO. These centers have been opened in those regional offices where there are more than 100 employees. Apart from this, the minister laid the foundation stone for the regional office at Prayagraj in Uttar Pradesh.
In the 233rd meeting of the CBT, the EPFO’s revised budget for 2022-23 and budget estimates for 2023-24 were also approved. The board approved a 5 year plan to enhance the physical infra. This includes land purchase, building construction and special repairs at a cost of Rs 2,200 crore. According to the statement, the board was informed about the steps taken towards the compliance of the Supreme Court’s decision regarding pension on high salary.
Interest rates fixed at 8.15% for 2022-23
EPFO’s board CBT has increased the interest rate from 8.10% to 8.15%. Employees’ Provident Fund Organization (EPFO) has fixed the interest rates at 8.15% for the financial year 2022-23. However, the interest rate is still lower as compared to the financial year 2018-19. In that financial year, EPF subscribers used to get interest at the rate of 8.55% on PF account.
For the last financial year, the government had decided to give the lowest interest in 40 years. 8.1% interest was fixed for 2021-22. Earlier it was getting 8.5%. In the year 1977-78, the interest rate was 8%. Since then it has always remained above 8.25%. 8.65% interest was received in the financial year 2018-19, 8.55% in 2017-18, 8.65% in 2016-17 and 8.8% in the financial year 2015-16.