Employees Provident Fund (EPF) Interest Rate 2022-2023 Latest News Update: The Employees Provident Fund Organisation (EPFO) will announce the Provident Fund Interest Rate for FY 2022-23 today. The EPFO Board has fixed 8.15% interest rate on Employees’ Provident Fund deposits for 2022-23, PTI reported sources as saying.
The decision on the EPF interest rate was expected to be taken during the ongoing meeting of EPFO’s Central Board of Trustees (CBT), which started on Monday (March 27).
Following are the recent updates about EPFO interest rate 2022-23 that you need to know:
- Retirement fund body EPFO has fixed 8.15 per cent rate of interest on EPF deposits for 2022-23 at its meeting on Tuesday, the report said.
- In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 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,” news agency PTI quoted a source as saying.
- EPF interest credit: After the government’s ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over EPF subscribers. The EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
- It was expected that the EPF Interest Rate for 2022-23 will remain around 8%.
- On the first day of the meeting chaired by Union Labour and Employment Minister Bhupendra Yadav, the CBT is reported to have discussed the issue of higher pension under the Employees’ Pension Scheme (EPS) 1995. The EPFO is providing higher pensions to eligible EPFO members following a Supreme Court ruling in November 2022. (More details here)
There are over 6.78 crore members contributing to EPF who will be impacted by the CBT decision today.