Delhi Govt announces hike in minimum wages
The new rates for graduate workers will be Rs 23,836, and the increased rates will be applicable from October 1.
The Employees’ Provident Fund Organisation (EPFO) on Saturday fixed a three-year high interest rate of 8.25% on employees’ provident fund (EPF) deposits for 2023-24.
In March 2021, the Central Board of Trustees (CBT) decided the 8.5% interest rate on EPF deposits for 2020-21.
After the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be sent to Ministry of Finance for concurrence.
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After the government’s ratification, the interest rate on EPF for 2023-24 will be credited into accounts of over six crore subscribers of EPFO.
Notably, in March 2023, the EPFO had increased the interest rate on EPF marginally to 8.15% for 2022-23 from 8.10% in 2021-22.
Later in March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its over six crore subscribers, from 8.5% in 2020-21.
This was the lowest since 1977-78, when the EPF interest rate stood at 8%.
Earlier in March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% provided for 2018-19.
EPFO had provided 8.65% interest rate to its subscribers in 2016-17 and 8.55% in 2017-18.
The rate of interest was slightly higher at 8.8% in 2015-16.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
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