EPFO fixes 8.15% interest rate on employees’ provident fund for 2022-23
For the year 2022-2023, EPFO’s board of trustees had fixed the interest rate as 8.15 percent on the Employee’s Provident Fund. Interest rate on EPF deposits for 2022-23 will be sent for the finance ministry’s approval subsequent to the CBT decision. Once Finance ministry approves it, interest would be credited to employees PF accounts.
For the year 2021-22 , rate of interest was declared as 8.1 percent by EPFO which was the lowest in 40 years. The last time the interest rate had slipped to 8 per cent was in 1977-78 .EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.
The Board’s recommendation involves distribution of more than Rs. 90,000 crores in the members’account on the total principal amount of about Rs 11 lakh crores which was Rs 77,424.84 crores and Rs 9.56 lakh crores respectively in the FY 2021-22. The total income recommended for being distributed is highest till date. The growth in income and the principal amount is respectively more than 16% and 15% as compared to last financial year 2021-22.
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