EPFO Interest Rate Latest Update: The decisions that would be taken by the CBT will affect around six crores of active EPFO subscribers. Of these, 72.73 lakh were pensioners in FY22. Take a look at what will likely be discussed in the two-day.
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New Delhi: The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) will hold a two-day crucial board meeting from Monday in the national capital during which they are expected to discuss a host of issues, including the interest rate for the financial year (FY) 2023-24. The board meeting will be held under the leadership of Bhupender Yadav, Union Minister For Labour And Employment.
The decisions that would be taken by the CBT will affect around six crores of active EPFO subscribers. Of these, 72.73 lakh were pensioners in FY22. Take a look at what will likely be discussed in the two-day
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PF Interest Rate
During the two-day board meeting, the Central Board of Trustees is likely to discuss PF interest rate. And as per reports, the EPF interest rate for FY23 is likely to be around 8 Per Cent. However, the CBT had recommended 8.1 percent for FY22 in March 2022, which was ratified by the finance ministry in the June of that year.
Several EPFO subscribers in 2022 experienced a delay in interest credit. More significantly, 2022 was the first year that the Union Budget proposed taxing of interest on higher contributions to EPF.
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Higher Pension
During the board meeting, the CBT is likely to discuss the higher pension option for subscribers. Earlier, the EPFO allowed subscribers to opt for higher pensions linked to salaries till May 3.
Ceiling Wage
A report by Business Standard said that the ceiling wage is likely to be raised from Rs 15,000 a month to Rs 21,000. Notably, this would be the latest revision after this ceiling was last raised from Rs 6,000 a month to Rs 15,000 in 2014 for companies with more than 20 employees.
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Minimum Pension
The CBT is also likely to look at increasing the minimum pension to Rs 3,000 a month from Rs 1,000, Zee News reported. This could be done in line with recommendations by the parliamentary standing committee on labour.
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Changes To Withdrawal Benefits
During the board meeting, the CBT could also discuss steps to bolster the EPFO’s coverage for workers and its corpus levels and also may discuss the extension of the pension scheme beyond 35 years of service and withdrawal benefits for those who have contributed for less than six months.
