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The EPFO Sets The EPF Interest Rate for 2022-23 at 8.15%

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The EPFO Sets The EPF Interest Rate for 2022-23 at 8.15%

During the fiscal year 2022-2023, the Employees’ Provident Fund Organisation (EPFO) established the rate of interest on the Workers’ Provident Fund at 8.15%. The Employees’ Provident Fund Organization (EPFO), which oversees retirement savings, revealed the interest rate on EPF deposits for 2022-2023 during a session held.

At its session held, the Central Board of Trustees (CBT), the highest decision-making authority of the Employees’ Provident Fund Organization, decided to offer a rate of interest of 8.15 percent on EPF for 2022-2023, according to a source reported by news agency PTI. For its approximately five crore subscribers, EPFO had reduced the premium on EPF for 2021-2022, from 8.5% in 2020-2021, about an over four–decade lowest of 8.1% in March 2022.

The EPF rate of interest hadn’t been this low since 1977–1978 when it was 8%. CBT voted in March 2021 to set the rate of interest on EPF investments year 2020–21 at 8.5%. Also, the rate of interest on EPF funds for 2022–2023 will be transmitted to the Minister of Finance for approval following the CBT’s decision. The rate of interest on EPF for 2022–2023 will be attributed to the account names of more than five crore EPFO subscribers following government approval.

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After being approved by the administration through to the ministry of finance, EPFO simply offers the interest rate. In March 2020, EPFO reduced the rate of interest on pension scheme contributions from the 8.65 percent offered for the previous fiscal year to a seven-year lowest of 8.5 percent for 2019-20. EPFO offered its members a rate of interest of 8.65 percent in 2016–17 and 8.55 percent in 2017-18. In 2015–16, the interest rate was 8.8%, which was marginally greater.

In 2013–14 and 2014–15, the retirement benefits organization offered an interest rate of 8.75 percent, which was higher than the previous year’s rate of 8.5 percent. Interest rates in 2011–12 were 8.25 percent.

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Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.

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