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EPFO Raises Interest Rate On Employees' Provident Fund To 8.15 Per Cent For FY23
The EPFO head office in New Delhi.
Retirement fund body EPFO fixed 8.15 per cent rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its meeting on Tuesday.
In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about six crore subscribers, from 8.5 per cent in 2020-21.
The 8.1 per cent interest rate was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
'The Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,” a source said.
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence.
After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of around six crore subscribers of EPFO.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
The CBT decisions affect around six crore active EPFO subscribers. Of these, 72.73 lakh were pensioners in FY22.
(With inputs from PTI)
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