EPFO fixes 8.15% interest rate on employees' provident fund deposits for 2022-23
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 informed. After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.
The retirement fund organisation EPFO has set an interest rate of 8.15 percent on deposits made to the workers' provident fund (EPF) for 2022–2023 in its meeting on Tuesday. For its approximately five crore members, EPFO reduced the interest on EPF for 2021–2022 to an almost four–decade low of 8.1% in March 2022, from 8.5% in 2020–2021.
The EPF interest rate hadn't been this low since 1977–1978, when it was 8%.
The Central Board of Trustees (CBT), the highest decision-making body of the Employees' Provident Fund Organization, determined at its meeting on Tuesday to offer an interest rate on EPF of 8.15 per cent for the years 2022–2023. The CBT voted in March 2021 to set the interest rate on EPF deposits year 2020–21 at 8.5%. The interest rate on EPF deposits for 2022–2023 will be forwarded to the Ministry of Finance for approval following the CBT's decision.
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The interest rate on EPF for 2022–2023 will be credited into the accounts of more than five crore EPFO subscribers following government approval. EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
The interest rate on provident fund deposits was reduced by EPFO in March 2020 from 8.65 percent for 2018–19 to a seven-year low of 8.5 percent for 2019–20.
In 2016–17 and 2017–18, EPFO offered its customers an interest rate of 8.55% and 8.65%, respectively. Interest rates were marginally higher in 2015–16, at 8.8%. The retirement fund organisation offered an interest rate of 8.75 per cent in 2013–14 and 2014–15, up from 8.5 percent in 2012–13. In 2011–12, the interest rate was 8.25 per cent.
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(With PTI Inputs)