Thursday, July 25, 2024

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 2024 that it would raise the PF interest rate for the 2023–2024 fiscal year. The PF interest rate for 2023–24 was raised by EPFO from 8.15% to 8.25% last year. However, the government has yet to provide the EPF interest for the 2023–2024 fiscal year. Many folks are eager to find out when the EPF interest will be available in such a scenario.

PFInterest deposits are still being made.

On the social networking site X, a member of the EPF had recently posted a question about interest. The EPFO stated that the interest deposit process is ongoing in response to the query. Money may appear in your account very soon. Whenever the interest is deposited, its full payment will be made in one go. You will not suffer any loss regarding interest. Sources say that the interest received on EPF from the government can be transferred after the budget i.e. 23 July. Interest for the fiscal year 2022–2023 was deposited by the EPFO in the accounts of 28.17 crore members by the end of the 2023–2024 fiscal year. PF (Provident Fund) is another name for the Employees’ Provident Fund (EPF). For those who are employed, it is a crucial pension and savings plan. The money from this fund is given to the employee upon his retirement. On behalf of the EPF member, withdrawal or transfer requests may be made both online and offline.

PFA 12% contribution to the EPF account is required.

The Employee Provident Fund (EPF) is a crucial savings program for salaried-class workers in organizations employing twenty or more people. By the MP Act and EPF, the employee must deposit 12% of his monthly income in the EPF account, apart from this, the same amount is deposited by the company. The entire contribution made by the employee is deposited in the EPF account, but out of the money deposited by the company, 3.67% is deposited in the EPF account. The remaining 8.33% goes to the Employee Pension Scheme (EPS).

PFWhat is the rate of interest?

The Employees Provident Fund (EPF) has raised its interest rate from 8.15% to 8.25% effective for the 2023–2024 fiscal year. This implies that the money deposited into your EPF account will now earn you greater interest. The EPF Board had suggested last year that a record sum of Rs 1.07 lakh crore be deposited into the members’ accounts, according to PIB.

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