EPFO Interest Rate: EPFO has approved the interest on PF for 2023-24. Now the interest rates on PF have become the highest in 3 years…
Employees’ Provident Fund Organization (EPFO) has approved increasing the interest on PF. After this, now more than 7 crore people are going to get the benefit of increased interest rates. EPFO has approved interest of 8.25 percent for PF account holders. Now crores of PF account holders are waiting for the interest money to be credited to their PF account.
Earlier I was getting this much interest
A day earlier, on Saturday, February 10, a meeting of the Central Board of Trustees of EPFO was held. After the meeting, an official statement said that CBT has approved the interest rate on PF at the rate of 8.25 percent for the financial year 2023-24. Earlier, PF account holders were getting interest at the rate of 8.15 percent in the financial year 2022-23 and 8.10 percent in 2021-22. In this way, now the interest on PF has increased to the highest in 3 years.
Record money is going to be received this time
It was told in the statement that EPFO has earned more this time, hence it has been decided to give the benefit of higher interest to PF account holders. This time EPFO is going to distribute a total of Rs 1.07 lakh crore as interest. This will be the first time that EPFO is going to distribute more than Rs 1 lakh crore to the subscribers.
This is how EPFO earns
EPFO manages the Social Security Fund PF. PF is the biggest social security for people working in the private sector. Currently it has more than 7 crore subscribers across the country. EPFO currently has funds deposited with about Rs 13 lakh crore. EPFO earns money by investing this fund in various places including the stock market and the money earned is returned to the subscribers in the form of interest. Interest money is credited to the subscribers’ accounts twice a year by EPFO.
Now we will have to wait a little
After getting approval from the Central Board of Trustees of EPFO, now PF account holders are waiting for the interest money to be credited. After the approval of CBT, the decision taken on the interest rate awaits the approval of the Finance Ministry. After getting the final approval from the Finance Ministry, the interest rates are notified in the gadget, after which the interest money is sent to the account. This means that people will have to wait a little longer for the interest money.
You can check balance in these ways
Subscribers are informed about this through message alerts. PF account holders can also check their balance and get information about PF interest amount. For this, PF account holders get many options. Account details can be checked by directly logging into the EPFO website. The facility to check balance is also available through Umang App. Apart from these, balance can also be checked through missed call and message.