Business news: EPFO fixed the interest rate at 8.25 percent for 2023-24.

The country’s retirement fund body EPFO on Saturday fixed the interest rate for the year 2023-24. This interest rate will be 8.25 percent and it is the highest in the last three years. In March 2023, the government had fixed the interest rate for 2022-23 in the Employees Provident Fund Fund at 8.15 percent. Whereas for 2021-22 it was 8.10 percent.

The decision was taken in the CBT meeting on Saturday
In March 2022, the Employees Provident Fund Organization had reduced the interest rate for 2021-22 to 8.1 percent, lower than in the last four decades. This was the lowest since 1977-78. The Central Board of Trustees (CBT), the decision-making body in EPFO, in its meeting held on Saturday, has decided to increase the interest rate for Employees Provident Fund to 8.25 percent in 2023-24. CBT had fixed the interest rate on EPF at 8.5 percent in March 2021.

In January, EPFO had refused to accept Aadhaar card as an acceptable document for date of birth. Employees’ Provident Fund is a mandatory contribution for salaried employees in organizations with twenty or more employees. Under this, 12 percent of the employee’s salary is deposited into the EPF account on a monthly basis and the same contribution is made by the employer. Of the employer’s share, 3.67 per cent is deposited in the EPF account and the remaining 8.33 per cent is deposited in the Employees’ Pension Scheme (EPS).