Savings fund organization sets an interest rate of 8.15% for 2022-23

EPFO savings fund organization sets 8.15% interest rate for 2022-23

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.)


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