EPFO Fixes 8.15% Interest Rate For 2022-23
NEW DELHI: 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.
“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,” a source said.
In March last year, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent- lowest since 1977-78, for its about five crore subscribers, from 8.5 per cent in 2020-21.
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 2016-17, EPFO had provided 8.65 per cent interest rate to its subscribers. The rate of interest was slightly higher at 8.8 per cent in 2015-16.