EPFO update: Govt approves 8.15% interest rate for fiscal 2023-24

The central government has approved to credit interest at 8.15 per cent to the Employees’ Provident Fund (EPF) scheme for 2023-24. The Central Board of Trustees (CBT) of the EPFO established the provident fund interest rate for current fiscal year at 8.15 percent on March 28.

The labour ministry has informed every member of the EPF scheme that the central government has given its consent to credit interest at a rate of 8.15 percent per year for 2021–2022, according to an Employees' Provident Fund Organisation (EPFO) office directive issued on Monday, July 24.

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Payroll data issued on Thursday showed that retirement fund organisation EPFO added 16.30 lakh members on a net basis in May of this year. By sending their first ECR throughout the month, a total of 3,673 enterprises have added their employees to the EPFO (Employees' Provident Fund Organisation) social security network.

The EPFO gained 16.30 lakh net members in May 2023, according to the provisional payroll statistics issued on July 20, 2023. According to the report, May 2023 had the largest number of new member enrollments over the previous six months at 8.83 lakh.

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The age group of 18 to 25 years old makes up 56.42 percent of the total number of new members acquired throughout the month.

The Employees Provident Fund is a must contribution for salaried employees. Besides, an employer is also required to make the matching contribution to the EPF account. An employee makes 12 per cent of his wages contribution to the EPF account on monthly basis. The employees full contribution is deposited to the EPF account.

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