EPFO hikes interest rate on employees’ provident fund deposits to 8.25 percent for 2023-24

  1. The Employees’ Provident Fund Organisation (EPFO) has set an interest rate of 8.25 percent on Employees’ Provident Fund deposits for the fiscal year 2023-24.
  2. The decision was made during the 235th meeting of the Central Board of Trustees, EPFO, held in New Delhi on February 10, 2024.
  3. Labour and Employment Minister Bhupender Yadav, who chaired the meeting, announced the decision in a social media post.
  4. This interest rate is the highest in the past three years, reflecting a positive change in returns for EPF contributors.
  5. The move is described as a step towards fulfilling Prime Minister Narendra Modi’s commitment to enhancing social security for India’s workforce.

Q: What is the full form of EPFO?

a) Employees’ Provident Fund Organisation
b) Economic Protection and Financial Oversight
c) Employment Promotion and Financial Operations
d) Essential Provident Fund Obligation

Ans : a) Employees’ Provident Fund Organisation

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