Employees’ Provident Fund Organisation (EPFO) has announced on 10 February 2024, to give a significant boost to provident fund (PF) account holders by increasing the interest rate on Employees’ Provident Fund (EPF) deposits to 8.25 per cent for the fiscal year 2023–24.
This means that employees who have funds in their provident fund accounts will now earn a higher return on their savings. This decision will benefit approximately seven crore employees across the nation.
Comparatively, the EPF interest rate stood at 8.15 per cent for the accounts in the previous fiscal year, as declared on 28 March 2023, of the preceding year. This upward adjustment in interest rates not only reflects positively on the EPFO’s commitment to supporting employees’ financial goals but also underscores the organisation’s responsiveness to economic conditions and the evolving needs of its members.
According to media reports, this increase translates to an additional 0.10 per cent in interest payments for PF account holders. This boost in returns signifies a tangible improvement in the financial well-being of workers who diligently contribute to their EPF accounts.
The EPFO has been constantly trying to improve the experience of its members, recently in January 2024, it introduced an online solution for employees who have lost or forgotten their universal account number (UAN). With people changing jobs often, it’s common for them to misplace or forget this 12-digit identifier. Without the UAN, employees can’t access provident fund-related activities. Now, EPFO’s online service makes it easy for them to retrieve their UAN with just a few simple steps.