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EPFO Recommends 8.25% Interest Rate on Provident Fund Deposits for 2023-24

Bhupender Yadav, speaking on behalf of the Central Board of Trustees, EPFO, revealed the recommendation of an 8.25% interest rate on Employees’ Provident Fund (EPF) deposits for the fiscal year 2023-24. Yadav underscored that this decision is aligned with Prime Minister Narendra Modi’s pledge to bolster social security measures for the nation’s labor force.

This move signifies a significant step towards ensuring financial stability and security for millions of workers across the country. The recommended interest rate reflects the EPFO’s commitment to providing competitive returns on EPF investments, thereby safeguarding the interests of employees and retirees.

Yadav reiterated the government’s dedication to prioritizing the welfare of India’s workforce, as articulated by PM Modi’s vision of empowering workers and enhancing social security mechanisms. By guaranteeing a favorable interest rate on EPF deposits, the government aims to promote a savings culture and financial resilience among workers, contributing to their overall well-being and prosperity.

The recommendation of an 8.25% interest rate on EPF deposits for 2023-24 reaffirms the government’s commitment to supporting the socio-economic advancement of India’s workforce. It reflects a concerted effort to honor the contributions of workers and retirees while advancing the nation’s goals of inclusive growth and prosperity.

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