A meeting between the Central Board of Trustees of the Employee Provident Fund Organisation (EPFO) is soon expected to decide on the interest rate for FY 2023-24. Ahead of the Lok Sabha elections in a couple months, what can be expected regarding the EPF interest rate? Will it be increased, decreased or kept unchanged??
The EPFO, which currently has more than 6 crore subscribers, is likely to cut the EPF interest rate from 8.15% p.a. to 8% p.a., according to people familiar with the matter, a TOI report mentioned.?To improve return on investments, the retirement fund body is also expected to ask the board for permission to significantly raise its stock holdings from their current level of about 10% to 15%.?
"This being an election year, the government will ensure a sustainable rate of return on provident fund?deposits which is also at par with the existing rates to avoid any backlash," stated a member of the EPFO board.?The Finance Ministry notifies the final rate of interest after taking the recommended rate into consideration.
Also Read;?How PPF,?EPF, VPF Are Taxed In India
2022-23: 8.15% p.a
2021-21: 8.10% p.a.
2020-21: 8.50% p.a.
2019-20: 8.50% p.a.
2018-19: 8.65%% p.a.
2017-18:8.55% p.a.
2016-17:8.65% p.a.
2015-16:8.80% p.a.
2014-15:8.75% p.a.
2013-14:8.75% p.a.
2012-13:8.5% p.a.
2011-12:8.25% p.a.
2010-11: 9.50% p.a.
More problems are arriving for Paytm Payments Bank, as the Employees' Provident Fund Organisation (EPFO)has requested that its officers refrain from accepting claims related to the Paytm subsidiary.
The Ministry of Labor and Employment's EPFO issued a circular on Thursday that said, "As of February 23, 2024, all field officers are advised to refrain from accepting claims associated with bank accounts in Paytm Payment Bank." A public relations campaign ought to be launched to spread the word about this modification."
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