EPFO on Saturday fixed a three-year high-interest rate of 8.25 percent on employees’ provident fund (EPF) deposits for 2023-24.
Giving a big gift to PF account holders, Retirement fund body Employees Provident Fund Organization (EPFO) on Saturday decided to increase the interest rate on employees’ provident fund (EPF) deposits to 8.25% for the fiscal year 2023-24. Now, an increase in Dearness Allowance (DA Hike) is being expected soon. If reports are to be believed, the government may take a major decision in March 2024, then the DA given to central employees will be up to 50 percent.
The new interest rate for the Employees Provident Fund (EPF) account for the 2023–2024 fiscal year has been announced by the EPFO Central Board of Trustees (CBT). EPFO has given a gift to about 7 crore employees of the country and has increased it to 8.25 percent. According to PTI, interest payments to holders of PF accounts will increase by 0.10 percent going forward. The Employees Provident Fund (EPF) declared an interest rate of 8.15 percent for accounts for 2022–2023 on March 28 of last year. The expectation of a DA raise has grown among central employees in tandem with the increase in the PF interest rate.
The dearness allowance (DA) hike for the January–June half-year is expected to be announced in March 2024. The government raises employee DA twice a year. If rumors are to be trusted, the administration may present the central employees with a 4 percent DA hike this time around before the elections, and it may be declared the following month.
This expectation is being expressed based on various reports, however, no official announcement has been made yet by the government in this regard. But if there is an increase of 4 percent in DA, then there will be a bumper increase in the salary of the employees. At present, the DA of central employees is 46 percent, which can be increased to 50 percent.
On the one hand, a 4 percent increase in central employees' dearness allowance is anticipated; should this occur, the benefit will be paid to the employees on January 1, 2024. In addition, there may be an increase in the employees' house rent allowance after the dearness allowance hits 50%.
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