• Thu. Feb 29th, 2024

Govt announced 8.15% interest rate for employees PF for FY23

Govt announced 8.15% interest rate for employees PF for FY23

New Delhi: The Finance Ministry has accepted the recommendation of the Central Board of Trustees to set the annual interest rate of the Employees’ Provident Fund at 8.15% for FY23, a slight increase from the previous year.

New Delhi: The Finance Ministry has accepted the recommendation of the Central Board of Trustees to set the annual interest rate of the Employees’ Provident Fund at 8.15% for FY23, a slight increase from the previous year.

The Central Board of Trustees on March 28 had recommended fixing the interest rate on provident funds at 8.15% for FY23, an increase of 0.05% from FY22, when it was 8.10%. Interest rates stood at 8.50% in FY21.

The Central Board of Trustees on March 28 had recommended fixing the interest rate on provident funds at 8.15% for FY23, an increase of 0.05% from FY22, when it was 8.10%. Interest rates stood at 8.50% in FY21.

The Ministry of Labor and Employment, in a circular issued on Monday, directed the authorities concerned to issue necessary instructions for depositing interest in members’ accounts.

The Ministry of Labor and Employment, in a circular issued on Monday, directed the authorities concerned to issue necessary instructions for depositing interest in members’ accounts.

entail distribution over recommendations 90,000 crore in total principal amount in members’ accounts 11 trillion in FY23, from 77,424.84 crores and 9.56 trillion, respectively, in FY22. Statutory bodies will have surplus 663.91 crore after the payout for FY23.

entail distribution over recommendations 90,000 crore in total principal amount in members’ accounts 11 trillion in FY23, from 77,424.84 crore and 9.56 trillion, respectively, in FY22. Statutory bodies will have surplus 663.91 crore after the payout for FY23.

“The total income proposed to be distributed is the highest ever. The growth in revenue and principal amount is 16% and 15% respectively higher than last financial year 2021-22,” the labor ministry said in a statement in March after recommending the CBT.

“The total income proposed to be distributed is the highest ever. The growth in revenue and principal amount is 16% and 15% respectively higher than last financial year 2021-22,” the labor ministry said in a statement in March after recommending the CBT.

The ministry then sends the recommendations to the finance ministry for approval. After the government’s approval, EPFO ​​will now start paying interest to EPF subscribers.

The ministry then sends the recommendations to the finance ministry for approval. After the government’s approval, EPFO ​​will now start paying interest to EPF subscribers.

According to government data, EPFO ​​added 1.72 million net members in April, with around 847,000 new members coming under EPFO’s social security coverage for the first time during the period. EPFO has more than 60 million subscribers.

According to government data, EPFO ​​added 1.72 million net members in April, with around 847,000 new members coming under EPFO’s social security coverage for the first time during the period. EPFO has more than 60 million subscribers.

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