Sunday, September 24, 2023
HomeFinanceGood News for EPFO Subscribers: New Home-Based Service Launched for Added Convenience

Good News for EPFO Subscribers: New Home-Based Service Launched for Added Convenience

Attention, all EPFO subscribers! We have fantastic news for you. The government has introduced a new facility that you can avail from the comfort of your own home.

Union Labor Minister, Bhupendra Yadav, inaugurated the e-passbook service for EPFO account holders. With this new service, you can now access and understand the details of your EPFO account with ease. In January 2023 alone, the EPFO witnessed an increase of 14.38 lakh subscribers. It’s worth mentioning that Bhupendra Yadav is also the Chairman of the Central Board of Trustees (CBT) of EPFO.

In addition to the e-passbook launch, Bhupendra Yadav also inaugurated child crèches in 63 regional offices of EPFO. These crèches have been established in offices where there are more than 100 employees. Furthermore, the minister laid the foundation stone for a regional office in Prayagraj, Uttar Pradesh.

During the 233rd meeting of the CBT, the EPFO’s revised budget for 2022-23 and budget estimates for 2023-24 were approved. The board also gave the green light to a 5-year plan aimed at improving the physical infrastructure, which includes land acquisition, construction of buildings, and special repairs at a cost of Rs 2,200 crore. The board members were also updated on the steps taken to comply with the Supreme Court’s decision regarding pensions based on high salary.

EPFO Sets Interest Rate at 8.15% for 2022-23

The board of EPFO (Employees’ Provident Fund Organization), known as CBT, has announced an increase in the interest rate from 8.10% to 8.15% for the financial year 2022-23. While this is a positive development, it is important to note that the current interest rate remains lower compared to the rate of 8.55% offered in the financial year 2018-19.

During the previous financial year, the government had decided to provide the lowest interest rate in four decades, setting it at 8.1% for 2021-22. In the past, EPF subscribers enjoyed higher interest rates, with a rate of 8.5% offered. It is worth mentioning that the interest rate has consistently remained above 8.25% since 1977-78, when it was set at 8%.

To provide further context, the interest rates for previous financial years were as follows: 8.65% in 2018-19, 8.55% in 2017-18, 8.65% in 2016-17, and 8.8% in 2015-16.

While the current interest rate increase to 8.15% is positive news, it is important to stay updated on any future developments related to EPFO and the interest rates.


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