Increase in EPF rates aligns with self-reliant India vision: PHDCCI

Increase in the EPF interest rates has been welcomed as a crucial step towards ensuring a more prosperous future for the Indian workforce

   
EPF rates increase

In a significant move, the Employees’ Provident Fund Organisation (EPFO) has announced a three-year high interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for the fiscal year 2023-24. This decision, made by the EPFO’s apex decision-making body Central Board of Trustees (CBT) at its recent meeting, marks an increase from the previous year’s 8.15 per cent interest rate and 8.10 per cent in 2021-22.

“Decade in Review: The Rollercoaster Ride of EPF Interest Rates!”

YearEPF rate (%)
2011-128.25
2012-138.5
2013-148.75
2014-158.75
2015-168.8
2016-178.65
2017-188.55
2018-198.65
2019-208.5
2020-218.5
2021-228.1
2022-238.15
2023-248.25

The decision to increase the EPF interest rates has been welcomed as a crucial step towards ensuring a more prosperous future for the Indian workforce. Sanjeev Agrawal, President of PHDCCI, noted that the move is more than just a financial adjustment; it reflects the government’s dedication to empowering the working class and enhancing the financial stability and security of millions of salaried individuals.

“The decision to increase the EPF interest rates aligns perfectly with PM Modi’s broader vision of a self-reliant India, where every citizen has the opportunity to contribute to the nation’s growth while securing their own future.” he said.

It reflects the government’s holistic approach to governance, where economic reforms go hand in hand with social welfare initiatives. The increase is expected to offer higher returns on retirement savings. Furthermore, this decision resonates with PM Modi’s persistent advocacy for building a stronger and more inclusive social security system in India, recognising its critical role in the overall development of the country.

“The increase in EPF interest rates is a testament to the government’s strategy to encourage crucial savings for the country’s economic resilience, representing a holistic approach to governance where economic reforms go hand in hand with social welfare initiatives,” he added.

Following the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be forwarded to the Ministry of Finance for concurrence. Once ratified by the government, the revised interest rate will be credited into the accounts of over six crore EPFO subscribers. This move stands as a pivotal step in fostering economic empowerment and reinforcing India’s path towards self-reliance, under the leadership of Prime Minister Modi.

Leave a Reply

Your email address will not be published. Required fields are marked *