EPFO: The Central Government on Monday approved the recommendation of the Employees’ Provident Fund Organization (EPFO) to increase the interest rate on Provident Fund (PF) by 0.5 per cent for the financial year 2022-23.
With this decision, the contributors of the social security scheme will get 8.15 percent return instead of 8.10 percent they will get in the financial year 2021-22.
On March 28, the EPFO had recommended the government to increase the interest rate on PF by 0.5 percent to 8.15 percent for the financial year 2022-23. Over 6 crore EPF subscribers will now get 8.15 per cent for their contribution during FY23.
In an official order, the EPFO directed officials to pay 8.15 per cent interest for contributions made in the financial year 2022-23.
Earlier in March 2022, EPFO had reduced the interest rate on EPF contribution from 8.5 per cent to 8.10 per cent. This was the lowest rate since the financial year 1977-78, when the rate was 8 per cent.