Thursday, July 25, 2024

EPFO increased interest rates on the PF deposit! know the full details

It was anticipated that the interim budget, which was unveiled on February 1, would alter the income tax bracket of the salaried class. However, disappointment set in when nothing changed. However, the news that will cheer up 6.5 crore working people has just surfaced. The interest rate on PF deposits was raised by the EPFO on Saturday to 8.25% for 2023–2024. This is 10 basis points more than the 8.15% rate from the previous year. The interest rate for 2021–2022 was 8.10% earlier. This measure will immediately affect the 6.5 crore EPFO customers.

EPFO

The Ministry of Finance will notify

Under the direction of Labour and Employment Minister Bhupendra Yadav, the EPFO Central Board of Trustees (CBT) authorized the suggested interest rate in the 235th board meeting of EPFO ​​on Saturday. However, no official notification has been issued regarding this yet. The increased interest rate will be notified after getting approval from the Finance Ministry. After this, the interest-rate money will be deposited in the customer’s account by EPFO.

EPFO

Additionally, there will be an increase in interest rates for VPF.

Following the notification’s release, the 8.25% interest rate will also be applied to VPF. In addition, trusts that are granted exemption in accordance with the regulations are obligated to offer their employees an enhanced EPFO rate. Allow us to inform you that, in a company employing twenty or more people, salaried class employees are required to contribute to the Employees Provident Fund (EPF). The employee contributes to the EPF account with 12% of their monthly pay. Likewise, the employer contributes the same amount to the EPF.

EPFO

8.33% of the funds went to EPS.

The EPF account is credited with the whole amount withheld from the employee’s pay. 3.67% of the employer’s portion, alone is deposited in the EPF account. The remaining 8.33% of the money goes to the Employee Pension Scheme (EPS). Let us tell you that in the last 10 years, the highest interest rate on PF was in 2015-16. Which at that time was 8.8 percent annually. If 8 percent is agreed upon today, then this interest rate will be the lowest in the last 10 years.

EPFO

Advantages of PF The government oversees

the Employees’ Provident Fund, or PF, which is a social security program. For workers in the organized sector, it offers retirement financial security. The money invested in PF accrues interest, which the employee may choose to receive as a lump sum payment or as a pension at retirement. The funds deposited into PF can be used to finance home construction or to purchase a home. In addition, PF monies can be applied to children’s schooling. Money deposited into PF can also be used for specific events, like marriage or home remodeling.

Read More: Tata Harrier becomes expensive than MG Hector! Hector’s new price is Rs 14.95 lakh

🔥🔥 Join Our Group For All Information And Update, Also Follow me For the Latest Information🔥🔥
🔥 YouTube                 Click Here
🔥 Facebook Page                 Click Here
🔥 Instagram                 Click Here
🔥 Telegram Channel                 Click Here
spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Good news for holders of PF accounts, interest money to be credited soon

If you belong to the salaried class as well, you should find this news useful. The Employees Provident Fund Organization (EPFO) declared in February...

Rules for taking money out of your PF account have changed! this facility closed by EPFO

For those who work, a pension can be a major source of retirement income. When you retire, the monthly amount withheld from your pay...

Merge multiple EPF accounts into one UAN like this after switching job

If you are employed, you will also be assigned a Universal Account Number (UAN). Indeed, the Employees Provident Fund Organisation (EPFO) has provided this...

Now you can check your PF balance without UAN number by sending sms

Customers receive a unique service from EPFO. This service allows Employees to access their PF balance information without a Universal Account Number (UAN). Actually,...

Do this work to withdraw PF in an emergency! no agent is needed

Emergencies can occur at any moment. Should you unexpectedly require a large sum of money in such a scenario, the issue may get worse....

Most Popular

Subscribe

* indicates required