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    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

    Shehnaz AliBy Updated:No Comments3 Mins Read
    New Delhi: There is important news for six crore active members of Employees Provident Fund Organization (EPFO). The interest rate for the financial year 2022-23 may be announced soon. EPFO’s Central Board of Trustees (CBT) is to meet on March 25 and 26. The interest rates for the current financial year are to be decided in this meeting. The interest rates are decided in the CBT meeting held in March every year. Although the information about the venue and agenda of this meeting has not been made public yet, but sources say that the interest rate is unlikely to go below eight percent. EPFO had earned well last year. Last year, the board had recommended 8.1 per cent interest on PF, which was the lowest in 40 years. However, this interest has not yet been credited to the member’s EPF account while the financial year is about to end.

    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.

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    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 account 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.

    Source: navbharattimes.indiatimes.com

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    Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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