New Delhi: The Central Board of Trustees (CBT), apex decision-making body of the Employees’ Provident Fund Organisation has decided to fix 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday (March 28).
For concurrence, now the interest rate on EPF deposits for 2022-23 will be sent to the Ministry of Finance.
The rate of interest will be provided to the users only after it is ratified by the finance ministry.
In 2022, EPFO lowered the interest rate to 8.1% for 2021-22, the lowest in four decades.
In 1977-78, the interest rate had slipped to 8 percent.
From PTI
EPFO Interest rate Revised UpwardsEPFO Fixes Interest Rate Of 8.15% For FY23 Vs 8.1% For FY22
Good News For Employees As Expectation Was Status Quo Or Light Cut
EPFO Interest Rate Trajectory? @CNBCTV18Live @socialepfo #EPFO #Retirement #InterestRates pic.twitter.com/BEOzBJ5m5D
— Yash Jain (@YashJain88) March 28, 2023
What is EPFO?
EPFO is a social security organization that is responsible for providing social security benefits to the organized workforce of the country in the form of Provident, Pension and Insurance Funds.
In January 2023, a total of 14.86 lakh net members were added, the provisional payroll data showed. Out of these total members who were added in the first month of this year, around 7.77 lakh new members have come under the ambit of EPFO for the first time.
The highest enrolment registered in the EPFO is in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members.
