EPFO hikes interest rate on deposits to 8.25% from 8.15% for FY23-24:

Daily Current Affairs / EPFO hikes interest rate on deposits to 8.25% from 8.15% for FY23-24:

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Category : Business and economics Published on: February 14 2024

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Central Board of Trustees (CBT) of Employees Provident Fund Organisation (EPFO) has recommended 8.25 percent interest rate for fiscal year 2023-24. The interest rate for fiscal year 2022–23 was 8.15%. This is the highest amount ever the board has recommended for distribution to its subscriber accounts.
The total amount it recommended for the distribution is Rs 1,07,000 crore to EPF members for FY 2023–24, as compared to Rs 91,151.66 crore in the financial year 2022–23.

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EPFO hikes interest rate on deposits to 8.25% from 8.15% for FY23-24: