EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23

New Delhi: Retirement fund body EPFO fixed 8.15 percent 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 percent for its about five crore subscribers, from 8.5 percent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 percent.

CBT decided to provide 8.15% interest rate on EPF

"The Employees' Provident Fund Organisation's apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.15 percent rate of interest on EPF for 2022-23 at its meeting on Tuesday," a source said.
The 8.5 percent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.

Interest rate on EPF deposits will be sent to Finance Ministry

After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to the Ministry of Finance for concurrence. 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. It provides the rate of interest only after it is ratified by the government through the finance ministry.

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