The central government has approved to credit interest at 8.15 per cent to the Employees’ Provident Fund (EPF) scheme for 2023-24. The EPFO’s Central Board of Trustees (CBT) on March 28 set an 8.15 per cent interest rate on provident fund for this fiscal.
According to an Employees’ Provident Fund Organisation (EPFO) office order issued on Monday, July 24, the labour ministry has conveyed the approval of the central government to credit interest at 8.15 per cent per annum for 2021-22 to every member of the EPF scheme.
Retirement fund body EPFO added 16.30 lakh members on a net basis in May this year, according to payroll data released on Thursday. A total of 3,673 establishments have extended social security cover of EPFO (Employees’ Provident Fund Organisation) to their employees by remitting their first ECR during the month.
The provisional payroll data released on July 20, 2023, highlights that the EPFO has added 16.30 lakh net members in May 2023. The data indicate that around 8.83 lakh new members enrolled during May 2023 is the highest during the last six months.
Among the newly joined members, the age group of 18-25 years constitutes 56.42 per cent of the total new members added during the month.
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