In some exceptionally delightful news for Employees’ Provident Fund Organisation members, the fund body has announced that it is paying money to them at the highest interest rate applicable now. Notably, the EPFO interest rate applicable this time is 8.25%. EPFO has revealed that it has paid as many as 23,04,516 claims of its members. EPF payments amount to a whopping sum of Rs 9260,40,35,488. Notably, the PF interest rate announced for the fiscal 2023-24 is 8.25%. This rate of EPF interest rate was recommended by the EPFO Central Board of Trustees in February 2024. It was also passed by the Finance Ministry in May, 2024.
EPFO: The big numbers
EPFO claims settled: 23,04,516
EPFO interest rate: 8.25%
EOFO amount disbursed: Rs. 9260,40,35,488
Here is what the EPFO revealed in its statement, “The interest at the revised rates, since notified, is being paid to the current and outgoing members in their final PF settlements. Accordingly, 23,04,516 claims have been settled disbursing an amount of Rs. 9260,40,35,488 to the members inclusive of the latest interest rate declared @ 8.25% per annum”.
How EPFO calculates interest rate?
1. EPFO rate of interest is calculated on the basis of income from debt and equity investment of EPFO.
2. The interest income on debt instruments is estimated at the beginning of the financial year
3. EPFO interest from equity investment is treated differently. Income from equity investment is known only after carrying out the equity redemption during the financial year.
When will EPF interest be credited?
According to EPFO, the EPF interest will be credited in members’ accounts soon and the the exercise is ongoing. EPFO was at pains to highlight that there would be no loss of EPF interest for anyone. Notably, many EFO members had highlighted their worries on the social media platforms indicating their fear about the loss of EPF interest due to the delay in the credit of interest into their account.
Great EPFO news! EPFO interest rate of 8.25% yielded Rs 9260,40,35,488 return for investors. The money is being transferred, did you get EPF interest credit in your account? Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
