EPFO likely to decide rate of interest on employees' provident fund deposits for FY23 by March 28

New Delhi: The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning from Monday. 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 in March 2022. This was the lowest since 1977-78 when the EPF interest rate stood at 8 percent.

CBT to discuss annual accounts of EPFO for 2022-23

"The Employees' Provident Fund Organisation's (EPFO's) apex decision-making body Central Board of Trustees (CBT) is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source said. Besides the interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23.

The trustees will also deliberate on the action taken by the EPFO on the Supreme Court order for giving a four-month window to Employees' Pension Scheme 1995 subscribers to opt for higher pension. The EPFO has provided the facility to opt for higher pension to its subscribers till May 3.
The 8.5 percent interest rate on EPF deposits for 2020-21 was decided by the CBT in March 2021.

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