EPF Interest Rate 2022-23 declaration: The Employees Provident Fund Organisation (EPFO) has fixed 8.15 per cent rate of interest on EPF contributions by subscribers for 2022-23. The revised rate for Employees Provident Fund (EPF) deposits was expected to be declared today (Tuesday, March 28).
The official notification on the revised EPF interest rate will be issued after the conclusion of the two-day meeting of EPFO’s Central Board of Trustees (CBT), which started on Monday (March 27). The EPFO meeting is chaired by Union Minister for Labour and Employment Bhupendra Yadav. (Read Latest Updates)
There are about 5 crore EPF subscribers in the country who will benefit if the CBT decides to increase the EPFO interest rate for 2022-23.
What is the EPFO interest rate now?
The EPFO had decreased the EPF interest rate for deposits made in 2021-22 to 8.1%, which is the lowest-ever PF interest rate. For 2021-22, the EPFO interest rate was 8.5%. EPFO rates have fallen consistently in the last few years. The EPFO interest rate declared in March 2020 for FY 2019-2- was 8.5%. For FY 2018-19, the EPF rate was 8.65%. In 2013-14, EPFO had given an interest rate of 8.75%.
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What EPF subscribers can expect now?
It is expected that the EPF Interest Rate for 2022-23 may be around 8%. The Financial Express earlier reported that EPF subscribers may have to wait another year for an increased Provident Fund interest rate.
When will the new interest rate be credited to EPF accounts?
As per procedures, the interest rate finalised by the CBT is sent to the Ministry of Finance. The interest rate will be credited to accountholders once the CBT’s proposal is ratified by the government through the Finance Ministry.
Discussion on Higher Pension
Along with the EPF interest rate for FY 2022-23, the CBT will also discuss the status of implementation of the higher pension rollout as directed by the Supreme Court and the annual accounts of the EPFO for 2022-23.
During the meeting, the EPFO is expected to provide a status report on the implementation of the higher pension option.
The EPFO has received nearly 94,000 applications from members who retired before September 1, 2014, and another about 30,000 applications under the joint option.