Retirement fund body EPFO (Employees' Provident Fund Organisation) fixed 8.15 per cent rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its meeting today.
In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21.
This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
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, the Ministry of Labour and Employment said.
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to 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.
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