EPF Interest: Interest rate on deposit will be sent to the Ministry of Finance. (Document)
New Delhi:
The EPFO Pension Fund Organization (Employee Provident Fund Organization) fixed 8.15% interest on employee savings fund (EPF) deposits for 2022-23 at today’s meeting .
In March 2022, the EPFO lowered the interest rate on the EPF for 2021-22 to a more than four-decade low of 8.1% for about 500 subscribers, from 8.5% in period 2020-21.
This is the lowest level since 1977-1978, when the EPF rate was at 8%.
The Ministry of Labor and Employment said that the highest decision-making body of the Employees Provident Fund (CBT) had decided to offer 8.15% interest on the EPF for 2022-23 at its meeting. on Tuesday, the Department of Labor and Employment said.
The 8.5% interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
After CBT’s decision, the EPF deposit interest rate for 2022-23 will be sent to the Ministry of Finance for approval.
Following government approval, interest on the EPF for 2022-23 will be credited to the accounts of over 500,000 EPFO subscribers.
The EPFO offers interest only after it is approved by the government through the finance ministry.
In March 2020, EPFO lowered the savings deposit rate to a 7-year low of 8.5% for 2019-20, from the 8.65% offered for 2018-19 .
EPFO offered an interest rate of 8.65% to its subscribers in 2016-17 and 8.55% in 2017-18. Interest rates were slightly higher at 8.8 percent in 2015-16.
The pension fund agency offered an interest rate of 8.75% in 2013-14 as well as 2014-15, higher than the 8.5% rate for 2012-13.
Interest rates were 8.25 percent in 2011-12.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
