The Employees’ Provident Fund Organisation (EPFO) announced an increase in the interest rate for employees’ provident fund to 8.25 percent for the year 2023-24, the highest rate in three years. In March 2023, the EPFO had previously raised the interest rate to 8.15 percent for 2022-23, but it had been reduced to 8.1 percent in March 2022, marking the lowest rate since 1977-78.
During a meeting on February 10, the EPFO’s Central Board of Trustees made the decision to set the interest rate at 8.25 percent. This decision will now undergo approval from the Ministry of Finance. Once approved, the interest rate will be credited to the accounts of over six crore EPFO subscribers.
In recent years, the EPFO interest rates have varied, ranging from 8.65 percent in 2016-17 to 8.25 percent in 2011-12. The rates were higher at 8.75 percent in 2013-14 and 2014-15
