The rate of interest on the deposits for 2022-23 might be despatched to Ministry of Finance for concurrence. (File)
New Delhi:
Retirement fund physique EPFO (Staff’ Provident Fund Organisation) fastened 8.15 per cent charge of curiosity on staff’ provident fund (EPF) deposits for 2022-23 at its assembly at this time.
In March 2022, EPFO had lowered the curiosity on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about 5 crore subscribers, from 8.5 per cent in 2020-21.
This was the bottom since 1977-78, when the EPF rate of interest stood at 8 per cent.
The Staff’ Provident Fund Organisation’s apex decision-making physique Central Board of Trustees (CBT) has determined to supply 8.15 per cent charge of curiosity on EPF for 2022-23 at its assembly on Tuesday, the Ministry of Labour and Employment mentioned.
The 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by CBT in March 2021.
After the CBT’s choice, the rate of interest on EPF deposits for 2022-23 might be despatched to Ministry of Finance for concurrence.
After the federal government’s ratification, the rate of interest on EPF for 2022-23 might be credited into accounts of over 5 crore subscribers of EPFO.
EPFO gives the speed of curiosity solely after it’s ratified by the federal government by means of the finance ministry.
In March 2020, EPFO had lowered the rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent offered for 2018-19.
EPFO had offered 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18. The speed of curiosity was barely increased at 8.8 per cent in 2015-16.
The retirement fund physique had given 8.75 per cent charge of curiosity in 2013-14 in addition to 2014-15, increased than 8.5 per cent for 2012-13.
The speed of curiosity was 8.25 per cent in 2011-12.
(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
