PF interest rate set at 8.25% for FY24, the highest in three years; payout to top ₹1 lakh cr

The increase in interest rate by the EPFO comes on the back of strong financial returns earned by the retirement fund body this year, including on its investments in equity, and almost negligible Covid-19 withdrawals, officials said. EPFO’s earnings in 2023-24 stand at ₹13 lakh crore, up 17.97% from ₹11.02 lakh crore in 2022-23, the labour and employment ministry said in a statement.