EPFO has fixed an 8.15% interest rate on employees’ provident fund for 2022-23.
| Photo Credit: The Hindu
The retirement fund body EPFO has fixed an 8.15% interest rate on employees’ provident fund (EPF) for 2022-23, news agency PTI reported quoting sources.
EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21 in March 2022.
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After the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent to the Ministry of Finance for concurrence.
EPFO provides the rate of interest only after it is ratified by the government through the Finance Ministry.
In March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% provided for 2018-19.
EPFO provided an 8.65% interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8% in 2015-16. The retirement fund body had given an 8.75% rate of interest in 2013-14 as well as 2014-15, higher than 8.5% for 2012-13. The rate of interest was 8.25% in 2011-12.
(With PTI inputs)
