Following the CBT's decision, the interest rate on EPF deposits for 2022-23 will be forwarded to the Ministry of Finance for approval.
Digital Desk: At its meeting today, retirement fund body EPFO (Employees' Provident Fund Organisation) set an 8.15 percent interest rate on EPF deposits for 2022-23.
EPFO reduced the interest rate on EPF for 2021-22 to an over-four-decade low of 8.1 percent for its approximately five million subscribers in March 2022, down from 8.5 percent in 2020-21.
This was the lowest rate since 1977-78, when the EPF interest rate was 8%.
"At its meeting on Tuesday, the Employees' Provident Fund Organisation's apex decision-making body, the Central Board of Trustees (CBT), decided to provide an 8.15 percent rate of interest on EPF for 2022-23," a source said.
CBT set the 8.5 percent interest rate on EPF deposits for 2020-21 in March 2021.
Following the CBT's decision, the interest rate on EPF deposits for 2022-23 will be forwarded to the Ministry of Finance for approval.
Following government approval, the EPF interest rate for 2022-23 will be credited to the accounts of over five crore EPFO subscribers.
EPFO only provides interest rates after they have been approved by the government through the finance ministry.
EPFO cut the interest rate on provident fund deposits to a seven-year low of 8.5 percent in March 2020, down from 8.65 percent in 2018-19.
EPFO offered 8.65 percent interest rate to its subscribers in 2016-17 and 8.55 percent interest rate in 2017-18. In 2015-16, the interest rate was slightly higher at 8.8 percent.
The retirement fund body offered 8.75 percent interest in 2013-14 and 2014-15, up from 8.5 percent in 2012-13.
In 2011-12, the interest rate was 8.25 percent.
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