The Employees’ Provident Fund Organisation (EPFO) has announced an increase in the interest rate for employees’ provident fund to 8.25 percent for the year 2023-24. This is the highest rate in three years. In March 2023, the EPFO had raised the interest rate to 8.15 percent for 2022-23, but it was later reduced to 8.1 percent in March 2022, which was the lowest rate since 1977-78.
During a meeting on February 10, the EPFO’s Central Board of Trustees decided to set the interest rate at 8.25 percent. This decision will now undergo approval from the Ministry of Finance. Once approved, the increased interest rate will be credited to the accounts of over six crore EPFO subscribers.
Over the years, the EPFO interest rates have varied, ranging from 8.65 percent in 2016-17 to 8.25 percent in 2011-12. The rates were higher at 8.75 percent in 2013-14 and 2014-15.
| EPF Timeline | EPF Interest |
|---|---|
| 2023-2024 | 8.25% |
| 2022-2023 | 8.10% |
| 2020 – 2021 | 8.50% |
| 2019 – 2020 | 8.50% |
| 2018 – 2019 | 8.65% |
| 2017 – 2018 | 8.55% |
| 2016 – 2017 | 8.65% |
