Now your money will increase, details here | Jagran Business- Watch Video

The government has increased the interest rate on deposits in PF account by 0.05% from 8.10% to 8.15% for the financial year 2022-23. Employees Provident Fund Organization (EPFO) issued its office order on Tuesday. For the financial year 2021-22, the government had reduced the interest rate on PF to 8.10%, which was the lowest level in 43 years. About 6 crore employees of the country come under the ambit of PF. 

More interest will be given on PF now

Under the EPFO Act, 12% of the employee's basic salary plus DA goes to the PF account. So at the same time, the company also contributes 12% of the employee's basic salary plus DA. Out of the 12% contribution of the company, 3.67% goes to the PF account and the remaining 8.33% goes to the pension scheme. All the money of the same employee's contribution goes to the PF account.

In such a situation, suppose that till March 31, 2023 (opening balance for the financial year 2023-24), a total of Rs 5 lakh is deposited in your PF account. In such a situation, if you get interest at the rate of 8.10%, then you get 40,500 rupees as interest on 5 lakhs. But now after increasing the interest rate to 8.15%, you will get an interest of Rs 40,750.