EPFO Hikes Interest Rate on PF Accounts to 8.25% for 2023-24?
EPFO Hikes Interest Rate on PF Accounts to 8.25% for 2023-24? The Employees' Provident Fund Organisation (EPFO) has announced an interest rate hike on Provident Fund (PF) accounts for the financial year 2022-23. The interest rate has been increased from 8.15% to 8.25%, providing a much-needed boost to the retirement savings of millions of salaried employees in India. What is the Employees' Provident Fund (EPF)? The Employees' Provident Fund (EPF) is a retirement savings scheme that is mandatory for salaried employees in India. It is a contributory fund, where both the employee and the employer contribute a certain percentage of the employee's basic salary and dearness allowance towards the fund. The EPF is governed by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and is managed by the Employees' Provident Fund Organisation (EPFO), which is a statutory body under the Ministry of Labour and Employment, Government of India. How does t...