EPFO Interest Rate: The lowest interest was received last time in 40 years, how much will be received this time! The matter is related to six crore people – epfo board likely to decide interest rate for financial year 2023 this month
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Last time the interest rate was reduced from 8.5 per cent to 8.1 per cent. This is the lowest interest rate in the last 40 years. Earlier in 1977-78, EPFO gave eight per cent interest and after that it was 8.25 per cent or more. EPFO invests the money of the members in many places. He gets a return on this and from this interest is given to the members. It is believed that this time EPFO can maintain the interest rates at the same level as last year. The first reason for this is that equity and debt have given good returns. Also, Lok Sabha elections are to be held next year.
When will the last interest come
Meanwhile, the previous EPFO says that the process of payment of interest on PF is currently underway. Soon interest money will be sent to the account of PF members. The government had said in October last year that interest is being credited to the PF accounts of the members but it is not reflected in the statements. Tax rules were changed last financial year and EPFO is upgrading its software accordingly. Because of this, the subscribers of Employee EPFO are not seeing interest in the statements. Although it will not harm them. Those who are doing settlement or those who are withdrawing are being given money with interest.
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