Interest rate on EPF for 2022-23 hiked to 8.15%
New Delhi: Retirement fund body EPFO (Employees’ Provident Fund Organisation) fixed interest rate on employees’ provident fund (EPF) for 2022-23 at 8.15 per cent on Tuesday.
“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,” PTI reported quoting a source.
The recommended rate of interest of 8.15% safeguards the surplus as well as guarantees increase income to members. In fact, the rate of interest at 8.15 % and the surplus of 663.91 crore is higher than the last year.
If the expected interest rate is same, then the EPF account interest rate would see a hike of 0.05%. In March 2022, EPFO had lowered the interest for FY 2021-22 to an over four-decade low of 8.1 per cent from 8.5 per cent in 2020-21.
The interest rate on EPF deposits for 2022-23 will now be sent to Ministry of Finance for concurrence and credited into accounts of over five crore EPFO subscribers once ratified by the government.
EPFO is a social security organisation responsible for providing social security benefits in the form of provident, pension and insurance funds to the organised workforce of the country.