Retirement fund frame EPFO mounted 8.15 in step with cent interest rate on staff’ provident fund (EPF) deposits for 2022-23 at its assembly on Tuesday.
In March 2022, EPFO had reduced the pastime on EPF for 2021-22 to an over four-decade low of 8.1 in step with cent for its about 5 crore subscribers, from 8.5 in step with cent in 2020-21.
This used to be the bottom since 1977-78, when the EPF rate of interest stood at 8 in step with cent.
“The Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,” a supply mentioned.
The 8.5 in step with cent rate of interest on EPF deposits for 2020-21 used to be made up our minds by way of CBT in March 2021.
After the CBT’s resolution, the rate of interest on EPF deposits for 2022-23 will likely be despatched to Ministry of Finance for concurrence.
After the federal government’s ratification, the rate of interest on EPF for 2022-23 will likely be credited into accounts of over 5 crore subscribers of EPFO.
EPFO supplies the interest rate best after it’s ratified by way of the federal government during the finance ministry.
In March 2020, EPFO had reduced the rate of interest on provident fund deposits to a seven-year low of 8.5 in step with cent for 2019-20, from 8.65 in step with cent equipped for 2018-19.
EPFO had equipped 8.65 in step with cent rate of interest to its subscribers in 2016-17 and eight.55 in step with cent in 2017-18. The interest rate used to be rather upper at 8.8 in step with cent in 2015-16.
The retirement fund frame had given 8.75 in step with cent interest rate in 2013-14 in addition to 2014-15, upper than 8.5 in step with cent for 2012-13.
The interest rate used to be 8.25 in step with cent in 2011-12.