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

Mangalore Today News Network

New Delhi, Mar 28, 2023: The Employees Provident Fund Organisation on Monday fixed the employees’ provident fund (EPF) for 2022-23 at 8.15 per cent, reported news agency PTI quoting sources.

This is almost similar to the 8.1 per cent interest rate the EPFO had declared for 2021-22, which also was the lowest in almost four decades.

 

“The Employees’ Provident Fund Organisation’s apex decision making body, Central Board of Trustees, has decided to provide 8.15 per cent interest rate on EPF for 2022-23 at its meeting on Tuesday,” one of the sources told PTI.

The EPFO approves the interest rate on EPF deposits after getting approval from the finance ministry. The fresh rate comes as a disappointment to employees as the EPFO’s decision making body was expected to announce a higher rate of interest on EPF.

In March 2020, the EPFO lowered the interest rate on EPF deposits to a seven-year low of 8.5 per cent for 2019-20 from 8.65 per cent in 2018-20.

Courtesy: India Today