Shillong, March 28: The retirement fund body EPFO has set an interest rate of 8.15 percent on deposits made to the employees’ provident fund (EPF) for 2022–2023.
For its approximately five crore subscribers, EPFO reduced the interest on EPF for 2021–2022 to an over four–decade low of 8.1% in March 2022, from 8.5% in 2020–2021.
The EPF interest rate hadn’t been this low since 1977–1978, when it was 8%.
The Central Board of Trustees (CBT), the highest decision-making body of the Workers’ Provident Fund Organization, decided to offer 8.15% interest on EPF for 2022–2023 during its meeting on Tuesday.
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
After the CBT’s decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence.
After the government’s ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.
