The Center has approved interest at the rate of 8.15 percent on deposits under the Employees Provident Fund Scheme for the financial year 2022-23.
On March 28 this year, retirement fund body EPFO had marginally raised the interest rate on Employees’ Provident Fund (EPF) deposits for 2022-23 to 8.15 per cent for its over 6 crore subscribers.
According to an official order on Monday, the EPFO has asked the filing offices to credit the interest on EPF at the rate of 8.15 per cent for 2022-23 into members’ accounts.
The order came after the finance ministry’s concurrence on the EPF interest rate approved by the EPFO trustees in March this year.
Now the regional offices of EPFO will start the process of adding money to the customers’ account through internet.
In March 2022, the Employees’ Provident Fund Organization (EPFO) had reduced the interest rate on EPF deposits for 2021-22 from 8.5 per cent in 2020-21 to a four-decade low of 8.10 per cent.
This was the lowest since 1977-78, when the EPF interest rate was 8 per cent.
(with PTI inputs)
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